Parliament passes bill providing relief to taxpayers on compliance front amid Covid

The reliefs in the bill include extending deadlines for filing returns and for linking PAN and Aadhaar.

Parliament passes bill providing relief to taxpayers on compliance front amid Covid

Parliament on Tuesday gave its approval to a taxation bill that seeks to provide various reliefs in terms of compliance requirements for taxpayers amid the coronavirus pandemic.

New Delhi, Septemeber 22 

Parliament on Tuesday gave its approval to a taxation bill that seeks to provide various reliefs in terms of compliance requirements for taxpayers amid the coronavirus pandemic.

The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020, which seeks to replace an ordinance and make few other changes in direct and indirect tax laws, was returned by a voice vote in Rajya Sabha. The bill was returned amid several opposition parties boycotted the House proceedings protesting the suspension of eight members. 

The Lok Sabha had cleared the bill on September 19.

The reliefs in the bill include extending deadlines for filing returns and for linking PAN and Aadhaar.

It also provides tax benefits on the donation made to the Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund (PM CARES FUND) set up in March in the wake of the pandemic. 

The Bill amends the provisions of the Income Tax Act to provide the same tax treatment to PM-CARES Fund as available to the Prime Minister's National Relief Fund. 

The Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020, was promulgated in March.

 Replying to a short debate on the bill, Finance Minister Nirmala Sitharaman said the ordinance was necessary to defer various compliance deadlines under the GST and Income Tax (I-T) Act during the COVID-19 times.

She said as a bill was being brought to replace the ordinance, the government incorporated other matters like facilitating investment in IFSC Gift City.

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.

Also, the bill amends the Finance Act, 2020 to clarify with regard to capping of the surcharge at 15 per cent on dividend income of the Foreign Portfolio Investor. PTI 

Top Stories

Fifth meeting between govt and farmer leaders ends inconclusively; call for Bharat Bandh on Dec 8 remains

Fifth meeting between govt and farmer leaders ends inconclusively; call for Bharat Bandh on Dec 8 remains

Govt proposes next meeting on Dec 9; seeks time from farmer ...

Farmers’ agitation: Protest sites named after historic personalities

Farmers’ agitation: Protest sites named after historic personalities

Legacy of protest motivates the protesters, say farmer leade...

'You have created history', Diljit Dosanjh tells protesting farmers at Delhi border

'You have created history', Diljit Dosanjh tells protesting farmers at Delhi border

Punjabi singer flies in from US; appeals to govt to accept d...

In second comments on farmers’ stir, Trudeau welcomes de-escalation

In second comments on farmers’ stir, Trudeau welcomes de-escalation

UNSG office backs right to demonstrate peacefully

Harsimrat Kaur Badal admitted to PGI after she complains of breathlessness

Harsimrat Kaur Badal admitted to PGI after she complains of breathlessness

An Akali Dal spokesperson said she had tested negative for C...

Cities

View All