FM introduces Taxation (Relaxation & Amendment of Certain Provisions) Bill, 2020 in Lok Sabha

Finance Minister Nirmala Sitharaman introduced the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020 in the Lok Sabha today for consideration. The bill will replace the ordinance which was promulgated in March this year to provide relaxations related to compliance by extending the time limit and waiving penalty in relation to certain specified laws.

These laws include the Income Tax Act, 1961 (IT Act), some Finance Acts, the Central Excise Act, 1944, the Customs Act, 1962, and the Prohibition of Benami Property Transactions Act, 1988. The ordinance which was brought earlier also extended the deadline for filing declaration and due amount under the Vivad Se Vishwas Scheme.