LOK SABHA GIVES NOD TO TAXATION AND OTHER LAWS (RELAXATION & AMENDMENT OF CERTAIN PROVISIONS) BILL, 2020

Lok Sabha gave its nod to the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020 today. Earlier, in her reply Finance Minister Nirmala Sitharaman said the bill aims at providing relaxations related to compliance by extending time limit and waiving penalty in relation to certain specified laws. These laws include the Income Tax Act, 1961 (IT Act), some Finance Acts, the Central Excise Act, 1944, the
Customs Act, 1962, and the Prohibition of Benami Property Transactions Act, 1988. The bill will replace the ordinance which was promulgated in March this year. The bill also extends the deadline for filing declaration and due amount under the Vivad Se Vishwas Scheme till 31st December.

You May Also Like :- GST Offline Tool for Comparing ITC between GSTR-2B and Purchase Register

TAX CONCEPT APP : Click Here to Install