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Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020

Part of: GS Prelims and GS-III – Economy

In News:

The Government of India promulgated the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020.
It was done to bring into effect various tax compliance related measures announced in the wake of COVID-19 pandemic.

Key takeaways:

Time limits related to direct and indirect tax filings, passing of order or issuance of notice by tax authorities have been extended to June 30.
Taxpayers can also avail the Sabka Vishwas Legal Dispute Resolution Scheme 2019 till June 30, giving more time to settle their indirect tax disputes.
Donations made to PM Cares fund will be 100% exempted of the income tax.
The limit on deduction of 10% of gross income shall also not be applicable for such donations.

Important value additions:

Sabka Vishwas Legal Dispute Resolution Scheme

The aim of Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 is to help taxpayers, including small taxpayers, in clearing the baggage of disputes under legacy taxes (Service Tax and Central Excise), which are subsumed in Goods and Service Tax.

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