The Taxation and Other Laws (Relaxation & Amendment of Certain Provisions) Act 2020

The Taxation and Other Laws (Relaxation And Amendment of Certain Provisions) Act , 2020

The Taxation and Other Laws (Relaxation And Amendment of Certain Provisions) Bill, 2020 has received the assent of the President.

The Act shall be deemed to have into come into force on the 31st day of March, 2020.

The said Act seeks to provide relief in respect of the following Acts:

(i) the Wealth-tax Act, 1957;
(ii) the Income-tax Act, 1961;
(iii) the Prohibition of Benami Property Transactions Act, 1988;
(iv) Chapter VII of the Finance (No. 2) Act, 2004;
(v) Chapter VII of the Finance Act, 2013;
(vi) the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015;
(vii) Chapter VIII of the Finance Act, 2016; or
(viii) the Direct Tax Vivad se Vishwas Act, 2020

THE TAXATION AND OTHER LAWS (RELAXATION AND AMENDMENT OF CERTAIN PROVISIONS) ACT, 2020

Relaxation of provisions of specified Acts

According to the Bill, where, any time limit has been specified in, or prescribed or notified under, the above specified Acts which falls during the period from the 20th day of March, 2020 to the 31st day of December, 2020, or such other date thereafter, the Govt. may specify/extend such time limit for the completion or compliance of :

(a) completion of any proceeding or passing of any order or issuance of any notice, intimation, notification, sanction or approval etc.

(b) filing of any appeal, reply or application or furnishing of any report, document,return or statement or such other record, by whatever name called.

(c) With respect of Income Tax Act, 1961, 

(i) making of investment, deposit, payment, acquisition, purchase, construction for claiming any deduction, exemption u/s 54 to 54GB, or under any provisions of Chapter VI-A under the heading “B.-Deductions in respect of certain payments”  or any other provisions subject to fulfillment of notified conditions 

(iii) beginning of manufacture or production of articles or things or providing any services referred to in section 10AA etc.

(iv) relaxations have been given in dates for filing of return for AY 2019-20 and AY 2020-21

(v) relaxations have been given in dates for filing quarterly returns of TDS/TCS

(vi) Relaxation have been given for compliances u/s 203, 54GB, deductions for payments under Chapter VIA 

(vii) Time limit for furnishing of report of audit under any provision for the assessment year 2020-21 extended to 31st day of October, 2020.

(viii) Relaxations have been given under the provisions of section 12A with respect to registration of charitable trusts etc.

(ix) Provisions have been inserted for Faceless Assessment. Section 144B and rectification, amendment and issuance of notice or intimation, revision etc.

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