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LOK SABHA PASSES COMPANIES (AMENDMENT) BILL TO DECRIMINALISE VARIOUS CORPORATE OFFENCES; ALSO PASSES TAXATION BILL TO PROVIDE RELIEF TO TAXPAYERS

LOK SABHA PASSES COMPANIES (AMENDMENT) BILL TO DECRIMINALISE VARIOUS CORPORATE OFFENCES; ALSO PASSES TAXATION BILL TO PROVIDE RELIEF TO TAXPAYERS

Context

Amendments to Companies (Amendment) Bill, 2020 & Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020.

Details about the Bill

  • Companies (Amendment) Bill, 2020
    • It decriminalises a number of technical and filing-related corporate offences.
    • It allows direct listing of Indian companies on foreign stock exchanges.
    • It seeks to decriminalise various penal provisions.
    • It also introduced a new chapter related to producer organisations in the legislation passed by the Lower House in its late night sitting.
    • 17 provisions in the Companies Act, 2013, amended to paves way for easy and user friendly fulfillment of statutory compliances.
  • Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020
    • It aims to  provide relaxation related to compliance by extending the time limit and waiving penalty in relation to certain specified laws.
    • These laws include the Income Tax Act, 1961 (IT Act), some Finance Acts, the Central Excise Act, 1944, the Customs Act, 1962, and the Prohibition of Benami Property Transactions Act, 1988.
    • It proposes an amendment in the IT Act to provide donations made by a person to the PM CARES Fund which will be eligible for 100 percent deduction in the taxable income.

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