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Lok Sabha on Saturday clears The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020 in order to relax time limitations on compliance with tax laws filings GST payments due to COVID-19 pandemic
The will replace its corresponding ordinance and amend as many as it legislation namely Wealth Act,1957 and Income Tax Act, 1961 prohibition of Benami Property Transactions Act, 1988, three Finance Act and the Direct Tax, Vivad se Vishwas Act, 2020
The bill extends the deadline of for the various payment of taxes goods and service tax dues and exemption for donation made to the PM cares fund.
Time limits extension for compliance:
The present bill gives power to the central government to extend the time limit for compliance or completion of the following,
The bill states that an assessee or taxpayer shall not liable for prosecution or for any penalty on payment of tax after the due date but before the date so notified by the Central government.
It is clarified that the rate of interest on the delay for payment of text will not exceed 0.75% per month.
Compliance related to GST:
The bill states that the Central government has the power to extend the time limits for search GST related compliance and actions that can't be completed due to circumstances of Force Majeure.The decision of Central Government will be based on the recommendation of the GST Council.
Donations made to PM Cares fund:
The bills states that the donations made to PM cares fund shall be eligible for 100% deduction under IT Act
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