Economics

The Lok Sabha passed the Taxation and Other Acts Bill 2020

September 21, 2020
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About the Lok Sabha Taxation and Other Acts Bill 2020:

On the date of 19th September 2020, Lok Sabha passed the Taxation bill.
The bill has relaxed some of the issues related to compliance by waiving the fines by extending the time limit in relation to certain laws. The bill will replace an ordinance issued in March this year.

The deadline for payment under the Dispute Se Trust Scheme has been extended to December 31. The Income-tax Act, 1961 and the Financial Act; Central Excise Act, 1944; These include the Customs Act, 1962, and the Anonymous Property Transactions Prohibition Act, 1988. The bill would provide a 100 percent rebate from taxable income to donations made to the PM Care Fund.

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