4. With reference to the ‘Vivad Se Vishwas’ bill, which of the statement(s) given below is/are correct?
- 1.The Bill provides a mechanism for resolution of pending tax disputes related to direct taxes in simple and speedy manner.
- 2.In case of payment of tax, a taxpayer would be required to pay only the amount of the disputed taxes and will get complete waiver of interest, penalty and prosecution provided he/she pays by March 31, 2020.
- 3.It is similar to the ‘Sabka Vishwas Scheme’, which was brought in to reduce litigation in direct taxes in the year 2019 which resulted in settling over 1, 89,000 cases.
Select the correct answer using the code given below: