Tax Bill to expand faceless assessment scheme, provide relief to taxpayers

The legislation provides tax exemption for contributions made to PM-CARES Fund, which was set up in March

The Lok Sabha has passed a taxation Bill aimed at expanding the faceless assessment scheme and to provide compliance-related relief to taxpayers. The legislation includes extension of deadlines for return filing and linking of PAN and Aadhaar. The Bill was passed by a voice vote after stiff opposition on issues pertaining to tax treatment and transparency of PM Cares Fund and the GST compensation issue.

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 promulgated in March under which time limits for statutory