Budget 2020 Current Affairs - 2020

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Parliament passed Direct Tax Vivad Se Viswas Bill, 2020

On March 14, 2020, Parliament passed the Direct Tax Vivad Se Viswas Bill, 2020. The bill aims to reduce the number of litigation that are associated with direct tax payments. The Direct Tax Vivad Se Viswas concept was introduced by the Finance Minister Nirmala Sitaraman during the Union Budget 2020-21.

Key Features of the bill

Though the bill deals with tax payments, it is in no way connected with the Income-Tax Act, 1961. However, it aims to bring the appeals filed by the Income Tax Department under the act. And for the taxpayers, the bill says that if the tax payment is made after March 31, 2020, the tax payer has to pay 110% of the disputed tax. And if the tax is paid before the date, the tax payer has to pay full amount of the disputed tax and there will be no penalty applied.

Concerns

The bill raised concerns that it treats honest and dishonest people in equal way. Also, it attracted comments for its hindi name in a country which is diversified culturally to great extent. However, the English version of the bill is “No Dispute, But Only Trust”

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India-Portugal sign 7 agreements

The Portugal President Marcelo Rebelo de Sousa is on a 4-day visit to India. During his visit, he held talks with PM Modi. After their meeting 4 agreements were signed between the countries

Highlights

The countries signed agreements on culture, transport, investment, industrial and intellectual property rights. Agreements were also signed on developing a world class national maritime heritage complex at Lothal.

The GoI also allocated funds for this joint venture in the Budget 2020-21

Budget 2020-21

The Fund allocated in Budget 2020-21 for the Ministry of Culture was 3,150 crores and for that of Ministry of Tourism was 2,500 crores.

The Fund is partly to be used for construction of a maritime museum at Lothal with the help of Portugal Government.

The funds will also be used in developing 5 archaeological sites.  They are Adichanallur in Tamil Nadu, Sivasagar in Assam, Hastinapur in Uttar Pradesh, Dholavira in Gujarat and Rakhigarhi in Haryana

Also, a tribal museum is to be set up at Ranchi, Jharkhand.

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