The President of India gave his assent to the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020, which will extend compliance-related timelines for taxpayers while offering significant relief to foreign investors. The ministry of law and justice issued a notification to the effect. The bill, which now becomes an Act, was … Read more
Finance Minister Nirmala Sitharaman on Saturday defended ordinance to amend the tax laws saying it was needed to provide immediate relief to taxpayers from statutory compliances in wake of Covid19 pandemic. “There was an urgent need to give relief to the taxpayers… amendments in the clauses was needed to extend compliance dates, waive or defer … Read more
The Central Board of Direct Taxes (CBDT) has deployed two-third of its workforce to deal with the faceless assessment scheme. “Now, the National e-Assessment Centre (NeAC) which is headed by Principal Chief Commissioner of Income Tax is having a team of 32 Commissioners, 96 Principal Commissioner, 261 Assistant and Deputy Commissioners and 1274 Income Tax … Read more