STOCK MARKET BSE NSE

Lok Sabha passes taxation bill, to provide reliefs to taxpayers

The reliefs include extending deadlines for filing returns and for linking PAN and Aadhaar.

Published: 19th September 2020 09:42 PM  |   Last Updated: 19th September 2020 09:42 PM   |  A+A-

Tax, Fraud, Property Tax, Income tax

Image for representational purpose

By PTI

NEW DELHI: Lok Sabha on Saturday passed a taxation bill that seeks to provide various reliefs in terms of compliance requirements for taxpayers amid the coronavirus pandemic.

The reliefs include extending deadlines for filing returns and for linking PAN and Aadhaar.

The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020, will replace the Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020, promulgated in March.

Among others, the bill seeks to give tax exemption for contributions made to PM-CARES Fund, which was set up in March in the wake of the coronavirus pandemic.

Replying to the debate on the bill, Finance Minister Nirmala Sitharaman said the ordinance was necessary to defer various compliance deadlines under GST and Income Tax (I-T) Act during the COVID-19 times.

Further, the bill seeks to make faceless assessment applicable to at least eight processes under the I-T Act, including for collection and recovery of tax and gathering of information.

"To ensure there is transparency in tax administration, that is why we are putting it (faceless scheme) in law," Sitharaman said.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp