The Finance Minister, Smt. Nirmala Sitharaman has introduced the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020 in the Lok Sabha 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.
The bill seeks to amend various sections of the Income-tax Act. The bill proposes amendment in the IT Act to provide that donations made by a person to the PM CARES Fund will be eligible for 100 per cent deduction in the taxable income.
The Bill also proposes to amend the Direct Tax Vivad se Viswas Act, 2020 to extend the date for payment without additional amount to 31st December, 2020 and to empower the Central Government to notify certain dates relating to filing of declaration and making of payment.
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