{"id":17099,"date":"2020-09-30T14:05:53","date_gmt":"2020-09-30T08:35:53","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=17099"},"modified":"2020-09-30T14:19:54","modified_gmt":"2020-09-30T08:49:54","slug":"lok-sabha-clears-the-taxation-and-other-laws-relaxation-and-amendment-of-certain-provisions-bill-2020","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/lok-sabha-clears-the-taxation-and-other-laws-relaxation-and-amendment-of-certain-provisions-bill-2020\/","title":{"rendered":"Lok Sabha clears the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020"},"content":{"rendered":"\n<p class=\"has-drop-cap\">The lower house of the parliament i.e. Lok Sabha has passed the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020. The Taxation Bill 2020 was introduced by the honorable finance minister Nirmala Sitharaman. The ordinance renders a handful of relaxations in regards to compliance, such as wavier of penalty and extension of the time limit in the context of certain specified laws such as the Customs Act, 1962, IT Act, 1961, Prohibition of Benami Property Transaction Act, 1988, Central Exercise Act, and some Finance Acts. The Ordinance renders aforesaid relaxations in the purview of the crisis created during the coronavirus pandemic.\u00a0\u00a0 <\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" width=\"667\" height=\"424\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/09\/image-117.png\" alt=\"Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020\" class=\"wp-image-17103\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/09\/image-117.png 667w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/09\/image-117-300x191.png 300w\" sizes=\"(max-width: 667px) 100vw, 667px\" \/><\/figure><\/div>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/lok-sabha-clears-the-taxation-and-other-laws-relaxation-and-amendment-of-certain-provisions-bill-2020\/#Extension_of_Periods\" >Extension of Periods<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/lok-sabha-clears-the-taxation-and-other-laws-relaxation-and-amendment-of-certain-provisions-bill-2020\/#Penalty_Interest\" >Penalty &amp; Interest<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/lok-sabha-clears-the-taxation-and-other-laws-relaxation-and-amendment-of-certain-provisions-bill-2020\/#GST_Oriented_Compliances\" >GST Oriented Compliances<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/lok-sabha-clears-the-taxation-and-other-laws-relaxation-and-amendment-of-certain-provisions-bill-2020\/#Donations_to_Prime_Minister_Cares_Funds\" >Donations to Prime Minister Cares Funds<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/corpbiz.io\/learning\/lok-sabha-clears-the-taxation-and-other-laws-relaxation-and-amendment-of-certain-provisions-bill-2020\/#Settlement_of_Issues_regarding_the_Direct_Taxes\" >Settlement of Issues regarding the Direct Taxes<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/corpbiz.io\/learning\/lok-sabha-clears-the-taxation-and-other-laws-relaxation-and-amendment-of-certain-provisions-bill-2020\/#Settlement_of_Issues_regarding_Indirect_Taxes\" >Settlement of Issues regarding Indirect Taxes<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/corpbiz.io\/learning\/lok-sabha-clears-the-taxation-and-other-laws-relaxation-and-amendment-of-certain-provisions-bill-2020\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Extension_of_Periods\"><\/span>Extension of Periods<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The time limits prescribed for the\ncompletion of certain tasks or compliance in the purview of specified laws,\nfalling during the time slab 20\/3\/2020 to 29\/6\/2020, has been extended. The\ntime for completing such tasks has been extended to 30\/6\/2020 or any other date\nrecommended by the central government via notification.<\/p>\n\n\n\n<p><strong><em>The aforesaid relaxation has been given to the certain actions mentioned below:<\/em><\/strong><\/p>\n\n\n\n<ul><li>Issuance of notification, Addressing legal proceedings, Passing order by Tribunal and Authorities<\/li><li>Appeal filing, application &amp; replies, and providing documentation, making investment or payment for availing tax benefits under Section 80C and 80 GGC of Income Tax Act.<\/li><\/ul>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/lok-sabha-passed-the-foreign-contribution-regulation-amendment-bill-2020\/\">Lok Sabha Passed the Foreign Contribution (Regulation) Amendment Bill, 2020<\/a><\/mark><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Penalty_Interest\"><\/span>Penalty &amp; Interest<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Any tax-related payment made after the due date\n(due between 20\/03\/2020 to 29\/03\/2020), but after 30\/06\/2020 or any other date\nrecommended by the government, will not be liable to prosecution or penalty.\nThe interest rate applicable to the delay in payment shall not surpass\n0.75%\/month.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"GST_Oriented_Compliances\"><\/span>GST Oriented Compliances<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Taxation Bill 2020 amends the Central\nGoods &amp; Services Tax Act, 2017 that permits the government to issue\nnotification regarding an extension to the period for several GST-oriented\ncompliances mentioned under the Act.&nbsp;&nbsp;Such extensions would be given\nbased on the instructions of the GST Council. This will be done particularly in\nthe event of actions which cannot be fulfilled or complied with due to force\nmajeure (such as war, pandemic, or a natural catastrophe).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Donations_to_Prime_Minister_Cares_Funds\"><\/span>Donations to Prime Minister Cares Funds<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Income Tax Act permits an individual to avail certain deductions specified in the Act to lower down the taxable income. The taxpayers are eligible to avail tax benefits against the contribution made to certain charities or funds. The Taxation Bill 2020 amends the Income Tax Act to provide that contribution made by a taxpayer to <em><strong>Prime Minister Cares fund<\/strong><\/em><sup><a href=\"https:\/\/en.wikipedia.org\/wiki\/PM_CARES_Fund\"><em><strong>[1]<\/strong><\/em><\/a><\/sup> will be eligible for a 100% deduction. This gives an implication that an amount equivalent to the contributions made by a taxpayer to the fund can be subtracted from this earning while estimating his total income under the Income Tax Act.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Settlement_of_Issues_regarding_the_Direct_Taxes\"><\/span>Settlement of Issues regarding the Direct Taxes<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Ordinance amends the Direct Tax Vivad Se\nVishwas Act which renders a method for resolving the pending tax dispute\nrelated to corporation or income tax. In case if the payment is made after\n31\/03\/2020 then the taxpayers are required to pay an additional amount in\npursuant to prescribed norms. The Ordinance extends the aforesaid deadline to\n30\/06\/2020.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Settlement_of_Issues_regarding_Indirect_Taxes\"><\/span>Settlement of Issues regarding Indirect Taxes<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Taxation bill 2020\namends the Finance (No.2) Act, 2019 in order to extend the time limits\nprescribed for completing several tasks mentioned under Sabka Vishwas (Legacy\nDispute Resolution) Scheme. The scheme facilitates ways to settled pending\ndisputes regarding indirect taxes such as education cess or excise duty. In\norder to resolve particular disputes, an individual must file a declaration. <\/p>\n\n\n\n<p>Further, the designated authority will look\ninto the matter and figure out the amount payable as per the scheme and then\nfinally issue a declaration. The Ordinance omits the sixty days time limit and\nclarifies that the committee must issue the statement by 31\/05\/2020. In the\npurview of the scheme, the individual is liable to pay the amount (determined\nby the committee) within thirty days from the issuance date of the statement.\nThe Ordinance omits the aforesaid time limit and clarifies that the payment\nmust be made by 30\/06\/2020.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Taxation Bill, 2020 has brought plenty of much-needed relaxation for the taxpayers seeking help amid the coronavirus pandemic. Apart from deferring several deadlines related to IT Act and <a href=\"https:\/\/corpbiz.io\/gst-registration\"><strong>Goods and services tax<\/strong><\/a> the bill also focuses on giving relaxations for donations made to PM Cares.<\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/banking-regulation-amendment-bill-2020-passed-by-lok-sabha\/\">An Outlook on Banking Regulation (Amendment) Bill, 2020 Passed by Lok Sabha<\/a><\/mark><\/p>\n\n\n<a href=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/09\/THE-TAXATION-AND-OTHER-LAWS-RELAXATION-AND-1.pdf\" class=\"pdfemb-viewer\" style=\"\" data-width=\"max\" data-height=\"max\"  data-toolbar=\"bottom\" data-toolbar-fixed=\"off\">THE-TAXATION-AND-OTHER-LAWS-RELAXATION-AND-1<br\/><\/a>\n<p class=\"wp-block-pdfemb-pdf-embedder-viewer\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The lower house of the parliament i.e. Lok Sabha has passed the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020. The Taxation Bill 2020 was introduced by the honorable finance minister Nirmala Sitharaman. The ordinance renders a handful of relaxations in regards to compliance, such as wavier of penalty and extension [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":17122,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[153,152],"tags":[1053],"acf":{"service_id":"50"},"authorName":"Pankaj Tyagi","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2022\/01\/MicrosoftTeams-image-42.jpg","authorDescription":"Pankaj has a diverse experience of writing research papers, blog, and articles during his college time. Earlier, he was working as a tax consultant in a financial firm, but his interest in writing drives him to pursue a career in the writing field.","postViews":3068,"readingTime":3,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/17099"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=17099"}],"version-history":[{"count":10,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/17099\/revisions"}],"predecessor-version":[{"id":17125,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/17099\/revisions\/17125"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/17122"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=17099"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=17099"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=17099"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}