New Delhi, Septemeber 22
Parliament on Tuesday gave its approval to a taxation invoice that seeks to supply numerous reliefs by way of compliance necessities for taxpayers amid the coronavirus pandemic.
The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020, which seeks to exchange an ordinance and make few different adjustments in direct and oblique tax legal guidelines, was returned by a voice vote in Rajya Sabha. The invoice was returned amid a number of opposition events boycotted the House proceedings protesting the suspension of eight members.
The Lok Sabha had cleared the invoice on September 19.
The reliefs within the invoice embrace extending deadlines for submitting returns and for linking PAN and Aadhaar.
It additionally offers tax advantages on the donation made to the Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES FUND) arrange in March within the wake of the pandemic.
The Bill amends the provisions of the Income Tax Act to supply the identical tax remedy to PM-CARES Fund as obtainable to the Prime Minister’s National Relief Fund.
The Taxation and different Laws (Relaxation of Certain Provisions) Ordinance, 2020, was promulgated in March.
Replying to a brief debate on the invoice, Finance Minister Nirmala Sitharaman mentioned the ordinance was essential to defer numerous compliance deadlines beneath the GST and Income Tax (I-T) Act throughout the COVID-19 occasions.
She mentioned as a invoice was being introduced to exchange the ordinance, the federal government integrated different issues like facilitating funding in IFSC Gift City.
The invoice seeks to make faceless evaluation relevant to no less than eight processes beneath the I-T Act, together with for assortment and restoration of tax and gathering of knowledge.
Also, the invoice amends the Finance Act, 2020 to make clear with regard to capping of the surcharge at 15 per cent on dividend earnings of the Foreign Portfolio Investor. PTI