Lawstreet Journal

Lok Sabha Clears the Taxationand Other Laws (Relaxation Of Certain Provisions) Bill, 2020 To Relax Tax Filings [READ BILL]

Lawstreet Journal 23 Sep 2020 12:25am

Image courtesy: Lawstreet Journal Executive Lok Sabha Clears the Taxationand Other Laws (Relaxation Of Certain Provisions) Bill, 2020 To Relax Tax Filings [READ BILL]

The Lok Sabha passed the Taxation and other laws (Relaxation of certain provisions) Bill, 2020 on Saturday, 19th September which was advocated to relax the time limit on compliance with tax laws, GST payment, filing, etc amid the Covid-19 pandemic. 

The Bill, already in force as an ordinance, amends as many as eight legislations viz. the Wealth-tax Act 1957, Income Tax 1961, Prohibition of Benami Property Transactions 1988, three Finance Act, the Black Money and Imposition of Tax Act 2015, and the Direct Tax Vivad se Vishwas Act 2000. Broadly, the amendment is regarding the extension of the deadlines for payment of taxes, GST dues, and grants exemption for donations made to the PM cares Fund. 

The discussion on the Bill ignited a debate about the transparency of the PM CARES Fund. Many of the members were asking for the justification as to why it was necessary to introduce a separate, private Fund when there was already a statutory National Disaster Relief Fund existing. It was further highlighted that the NDRF was audited by the Comptroller Auditor General of India, whereas there was no such thing mentioned for the PM CARES Fund and everything was still a mystery and they also pointed out that there was a lack of transparency regarding the donors' details or the public welfare work of the Fund being carried out. 

There were certain objections made with regard to permitting of CSR (Corporate Social Responsibility) donations to the PM CARES Fund but not to the CM Relief Funds. AITC… Continue Reading...

Tagged: lok sabha  
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