Introduction- At the time of submitting the TDS return a very common error that occurs is that...
Every individual would have to file tax returns. If the individual has to file tax returns then there would be a deadline for filing the respective tax returns. The Government has brought out the Taxation Bill 2020 to introduce key changes in ITR Filing.
The Government has brought out The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020.
Some of the provisions of this bill are as follows:
The above bill replaces the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 was brought out by the government at the beginning of 2020. This bill was brought out by the government to extend deadlines for filing ITR return. These dates were extended as the effect of Covid-19 and lockdown affected the entire country.
The following dates were brought as relief of this ordinance:
Faceless Assessment was a part of the Transparency Tax Update which the government brought out in August 2020. As a part of this amendment, the government wanted to increase transparency, governance, and accountability of tax paid by individuals and companies.
The faceless assessment scheme would only be operational from 25 September 2020.