Taxation Bill Not Introduced In Lok Sabha As Finance Minister Not Present
The Taxation Invoice, 2020, was once indexed to be offered within the Decrease Space on Thursday (Document)
New Delhi:
A invoice to provide impact to quite a lot of compliance aid measures for taxpayers, together with extending deadlines for submitting returns and linking PAN with Aadhaar, may now not be offered within the Lok Sabha as Finance Minister Nirmala Sitharaman was once now not provide within the Space.
The Taxation and Different Rules (Leisure and Modification of Sure Provisions) Invoice, 2020, was once indexed to be offered within the Decrease Space on Thursday.
Lok Sabha Speaker Om Birla referred to as for advent of the invoice. On the other hand, because the minister was once now not provide, the Space then took up dialogue on two farm sector similar legislations.
The invoice seeks to switch the Taxation and different Rules (Leisure of Sure Provisions) Ordinance, 2020, issued in March.
Giving aid to taxpayers following the COVID-19 outbreak, the federal government had during the ordinance prolonged the time limit for submitting of source of revenue tax returns for 2018-19 fiscal until September 30 and linking biometric Aadhaar with PAN until March 31, 2021.
Additionally, the due date for submitting source of revenue tax go back for 2019-20 has been prolonged to November 30, 2020.
Therefore, the returns of source of revenue which have been required to be filed through July 31 and October 31, 2020 can also be filed through November 30, 2020. Because of this, the date for furnishing tax audit record has additionally been prolonged to October 31, 2020.
Additionally, the point in time for making quite a lot of investments for claiming deductions beneath the I-T Act, together with segment 80C (LIC, PPF, NSC and so on), 80D (mediclaim), 80G (donations) for 2019-20 was once prolonged until July 31, 2020.
Amongst different issues, the date for furnishing of TDS/ TCS commentary and issuance of TDS/ TCS certificates relating the 2019-20 fiscal was once additionally prolonged to July 31, 2020 and August 15, 2020 respectively.
Additional, the date for passing of order or issuance of realize through government and quite a lot of compliances beneath direct tax and benami transaction regulations, which can be required to be handed/ issued through December 31, 2020, has been prolonged to March 31, 2021.
