The Taxation Laws (Amendment) Bill, 2021 was passed by the Rajya Sabha today. It had been passed by the Lok Sabha on 6th August, 2021. Salient features of the Bill:
Proposes to amend Finance Act, 2012 so as to provide that the validation of demand under section 119 of Finance Act, 2012 shall cease to apply on fulfillment of specified conditions & on furnishing of an undertaking.
Here are some of the intended key benefits of the Taxation Laws (Amendment) Bill, 2021.