INSUBCONTINENT EXCLUSIVE:
Taxation Bill 2020: The bill will also give tax exemption for contributions made to the PM-CARES Fund.Lok Sabha on Saturday passed a
taxation bill that seeks to provide various reliefs in terms of compliance requirements for taxpayers amid the coronavirus pandemic
The reliefs include extending deadlines for filing returns and for linking PAN and Aadhaar.The Taxation and Other Laws (Relaxation and
Amendment of Certain Provisions) Bill, 2020, will replace the Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020,
wake of the coronavirus pandemic.Replying to the debate on the bill, Finance Minister Nirmala Sitharaman said the ordinance was necessary to
defer various compliance deadlines under GST and Income Tax (I-T) Act during the COVID-19 times.Further, the bill seeks to make faceless
assessment applicable to at least eight processes under the I-T Act, including for collection and recovery of tax and gathering of
information."To ensure there is transparency in tax administration, that is why we are putting it (faceless scheme) in law," Sitharaman
