Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill 2020

Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill 2020 introduced in Lok Sabha Highlights (Bill no- 116 of 2020) Few important proposed amendment in The Taxation And Other Laws (Relaxation And Amendment of Certain Provisions) Bill, 2020 1. Amendments are proposed in the sense of registration provisions which were to come into effect from 1.6.2020 are now proposed to come into effect from 1.4.2021 and accordingly, appropriate amendments are proposed to be carried out at all relevant sections including section 80G. 2. Power to notify scheme on the lines of faceless assessment is proposed to be taken in respect of faceless TP proceeding u/s 92C, faceless jurisdictions conferring provisions of section 120,124,127, faceless information calling power under section 133, 133B, 133C, faceless enquiry, special audit & valuation power under section 142(1)(2)(2A), 142A, faceless DRP proceeding, faceless reassessment proceeding, faceless rectification proceeding, faceless recovery proceeding, faceless revision proceeding under section 264. 3. Revision power under section 263 is proposed additionally to be given Principal CCIT or CCIT also. 4. Amendment is proposed in section 133A to confer survey approval power to Principal DGIT, DGIT, Principal CCIT, CCIT in place of existing authorities & also proposed further that only such income tax authorities who are subordinate to Principal DGIT(Investigation), DGIT(Investigation), Principal CCIT(TDS) or CCIT(TDS) alone would be the ‘income tax authority’ for conducting survey. [caption id="attachment_91598" align="aligncenter" width="824"] Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill 2020[/caption] 5. Extension of time limits for various actions etc. contained in the Ordinance are proposed to be enacted 6. Power to notify Scheme is also proposed to be taken by Government in the matter of Tribunal on the lines of faceless assessment/faceless CIT(A)/ faceless penalty proceeding except in relation to elimination of interface. Tags: Income Tax