NEW DELHI: Parliament has approved the Direct Tax (Vivad Se Vishwas) Bill 2020 that provides an opportunity to taxpayers to settle disputes by paying the tax dues with a complete waiver of interest and penalty till March 31. The bill was passed by voice vote on Friday and returned to Lok Sabha which had approved it on March 4.Replying to the debate on the bill in the Upper House, Finance Minister Nirmala Sitharaman said that under the proposed scheme, taxpayers willing to settle disputes shall be allowed a complete waiver of interest and penalty if they pay the entire amount of tax by March 31.Responding to whether the bill will provide amnesty to those who are covered under demonetisation-related cases, the minister said it is “not an amnesty scheme at all” but the taxpayer has to pay a certain amount and that the undisclosed cash deposit during demonetisation is liable to suffer a tax of 75 per cent.“Hence the taxpayer has to pay 75 per cent for settling the dispute regarding the cash deposits which have been made during the period of demonetisation. So it is not an amnesty for anybody,” she said.She said cases above Rs 5 crore have been excluded from the scheme so that large evasion-related cases and fraud cases are not able to take advantage.The minister clarified that only those disputes which pertain to or come under the Income Tax Act will be taken up under the scheme and not those which fall under the Wealth Tax Act.If the amount already paid by the taxpayer exceeds the amount paid under the scheme, refunds shall be granted, Sitharaman said. A large number of members said the bill is not a long-term solution to tax administration issues.M V Rajeev Gowda (Congress) termed the bill a “bandage solution” and wondered how can the Central Board of Direct Taxes ( CBDT ) issue a circular regarding the scheme before its passage in Parliament.