The invoice additionally seeks to provide tax exemption for contributions made to the PM-CARES Fund.
Lok Sabha on Saturday handed a taxation invoice that seeks to offer numerous reliefs by way of compliance necessities for taxpayers amid the coronavirus pandemic. The reliefs embrace extending deadlines for submitting returns and for linking PAN and Aadhaar.
The Taxation and Different Legal guidelines (Leisure and Modification of Sure Provisions) Invoice, 2020, will change the Taxation and different Legal guidelines (Leisure of Sure Provisions) Ordinance, 2020, issued in March.
Amongst others, the invoice seeks to provide tax exemption for contributions made to PM-CARES Fund, which was arrange in March within the wake of the coronavirus pandemic.
Replying to the controversy on the invoice, Finance Minister Nirmala Sitharaman stated the ordinance was essential to defer numerous compliance deadlines beneath GST and Revenue Tax (I-T) Act in the course of the COVID-19 instances.
Additional, the invoice seeks to make faceless evaluation relevant to at the very least eight processes beneath the I-T Act, together with for assortment and restoration of tax and gathering of data.
“To make sure there’s transparency in tax administration, that’s the reason we’re placing it (faceless scheme) in regulation,” Sitharaman stated.
