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    Lok Sabha passes taxation bill to provide reliefs for taxpayers

    Synopsis

    The Bill 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.

    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.
    New Delhi: 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.

    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.
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    7 Comments on this Story

    CA Mahesh Kumar Gupt40 days ago
    No extension for filing itrs & audit reports of AY 30-21, which is very much required.
    Iyer Venkatakrishnan40 days ago
    The BJP has accepted in principle that incometax dept is corrupt one which is getting cleansed through the introduction of faceless assessment scheme. The prima facie is that there is less harassment to tax-payers particularly in the segment of HNIs. For this new scheme, all the offices of Income-tax should get elevated in terms of digital technology. Whether our Telecom Minister is going to improve the speed for better signal all the while. The scheme success depends on goog system across India. I think the assessment disputes would pass through the critical path method and the revenue collections do not meet the targets set.
    Basant Raj Bhandari40 days ago
    FM should have included necessary relaxations for NRIs in the bill for this year instead of circular,which lacks legal force.
    The Economic Times