CBDT notified the Finance Act, 2020 the assent of the President is received on the 27th March, 2020 and to incorporate the amendments in the Income Tax Act, 1961. The Act is notified as Act No. 12 of 2020.
Finance Minister Nirmala Sitaraman presented the Finance Bill, 2020 in the Lok Sabha on February 1, 2020.
Amid the outbreak of COVID-19 in the country, Lok Sabha has passed the Finance Bill, 2020 on 23-03-2020 without discussion. The Bill was passed on the same day in the Rajya Sabha. The Budget Session of the parliament was ended thereafter which was scheduled to end on April 3, 2020.
Finance Act, 2020 is an Act to give effect to the financial proposals of the Central Government for the financial year 2020-2021.
Finance Bill, 2020 would be remembered for mammoth 100-plus amendments in the Income Tax Act. Further, the Bill as passed by the Lok Sabha also amended 40-plus clauses of the original Bill as introduced in the Lok Sabha. The passed Bill also introduced certain new clauses which were not in the original Finance Bill, 2020 which are now part of the notified Finance Act, 2020.
The Finance Bill, 2020 contains 104 clauses to amend the Income Tax Act, 1961. Certain amendments are substantive provisions while some are procedural in nature. Some of the clauses of amendments are consequential in nature which means amendments in other provisions are made due to changes in one provision. The prominent example is the abolishment of Dividend Distribution Tax or DDT.
Some other notable amendments are new tax regime for individual taxpayers without certain specified deduction and exemption, new tax regime for resident co-operative societies without certain specified deduction and exemption in line of corporate assessees is introduced by the Finance Bill, 2020.
The amnesty scheme for direct tax Vivad se Vishwas Scheme 2020 is introduced by the Budget 2020 as separate legislation and is not a part of the Finance Bill, 2020.
Finance Act, 2020 also enshrined Taxpayers' Charter in the statute.
Read the Notified Finance Act, 2020. Download Copy of the Notified Finance Act, 2020.
Finance Act, 2020 also enshrined Taxpayers' Charter in the statute.
Read the Notified Finance Act, 2020. Download Copy of the Notified Finance Act, 2020.
Suggested
Readings on Finance Bill, 2020:
Lok Sabha passes the Finance Bill 2020 with amendments
Union Budget 2020-Income Tax announcements in Budget Speech
CBDT Clarification on Proposal in the Finance Bill 2020 related to TDS on Mutual Fund
Highlights of Key Income Tax Amendments by Finance Bill 2020-Union Budget 2020
New Income Tax Slab Rates after Union Budget 2020
CBDT Clarification on Proposal in the Finance Bill 2020 related to Indian Citizen deemed to be Resident in India
Summary of Amendments and Changes in the Direct Tax Provisions as per Finance Bill, 2020
Changes proposed in Income Tax by the Finance Bill 2020
Lok Sabha passes the Finance Bill 2020 with amendments
Union Budget 2020-Income Tax announcements in Budget Speech
CBDT Clarification on Proposal in the Finance Bill 2020 related to TDS on Mutual Fund
Highlights of Key Income Tax Amendments by Finance Bill 2020-Union Budget 2020
New Income Tax Slab Rates after Union Budget 2020
CBDT Clarification on Proposal in the Finance Bill 2020 related to Indian Citizen deemed to be Resident in India
Summary of Amendments and Changes in the Direct Tax Provisions as per Finance Bill, 2020
Changes proposed in Income Tax by the Finance Bill 2020
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