Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill 2020 gets Parliament’s nod

Finance Minister Nirmala Sitharaman proposed a bill that seeks replacement of the Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020 which was promulgated on March 31 this year.

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Finance Minister Nirmala Sitharaman proposed a bill that seeks replacement of the Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020 which was promulgated on March 31 this year. Now the Bill got a nod from the house.

The acts considered in the Bill are

(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

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