scorecardresearch
Follow Us:
Tuesday, August 09, 2022

Lok Sabha passes taxation bill

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.

By: PTI | New Delhi |
September 19, 2020 9:46:03 pm
Nirmala Sitharaman, Nirmala Sitharaman interview, Nirmala Sitharaman Indian Express interview, Nirmala Sitharaman on farm bills, India news, Indian ExpressUnion Finance Minister Nirmala Sitharaman speaks in Lok Sabha during the ongoing Monsoon Session of Parliament. (Photo: Screengrab @ LSTV via PTI Photo)

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.

Subscriber Only Stories
Delhi Confidential: Raghav Chadha strikes a lyrical note as he bids farew...Premium
PM’s Office declares assets of Ministers, Modi donates share in only prop...Premium
9 FIRs, many notices: Shrikant Tyagi’s long record of notorietyPremium
Post pandemic, employees reluctant to return, firms take offices to small...Premium

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.

TWO IS ALWAYS BETTER | Our two-year subscription package offers you more at less

📣 Join our Telegram channel (The Indian Express) for the latest news and updates

For all the latest India News, download Indian Express App.

  • Newsguard
  • The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.
  • Newsguard
First published on: 19-09-2020 at 09:46:03 pm
0 Comment(s) *
* The moderation of comments is automated and not cleared manually by indianexpress.com.

Featured Stories

Advertisement
Advertisement
Advertisement
Advertisement