Lok Sabha passes Taxation Bill

New Delhi, September 19

Lok Sabha on Saturday handed a Taxation Bill that seeks to offer numerous reliefs when it comes to compliance necessities for taxpayers amid the coronavirus pandemic.

The reliefs embrace extending deadlines for submitting returns and for linking PAN and Aadhaar.

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

Among others, the Bill seeks to offer tax exemption for contributions made to PM-CARES Fund, which was arrange in March within the wake of the coronavirus pandemic.

Replying to the talk on the Bill, Finance Minister Nirmala Sitharaman stated the ordinance was essential to defer numerous compliance deadlines beneath GST and Income Tax (I-T) Act in the course of the COVID-19 occasions.

Further, the Bill 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.

“To ensure there is transparency in tax administration, that is why we are putting it (faceless scheme) in law,” Sitharaman stated. PTI

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