Centre Notifies Bills To Relax Tax Filings; Allow RBI Supervision Over Cooperative Banks [Read Notifications]

It was passed by the Lok Sabha September 19, 2020 and was returned by the Rajya Sabha on September 22, 2020.

The Act amends as many as eight legislations viz. the Wealth-tax Act, 1957, Income Tax Act, 1961 (IT Act), Prohibition of Benami Property Transactions Act, 1988, three Finance Acts, the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, and the Direct Tax Vivad se Vishwas Act, 2020.

It empowers the Government to extend time limits for compliance or completion of the following, vis-à-vis the eight specified Acts:

• Issuing notices and notifications, completing proceedings, and passing orders by authorities and tribunals
• Filing of appeals, replies, and applications, and furnishing documents
• Making any investment or payment for claiming certain deductions or allowances under the IT Act.

To read further about the salient features of this legislation and the parliamentary debate, Click Here.

The Government has also notified the Banking Regulation (Amendment) Act, 2020 to protect the interest of the depositors and regulate functioning of Cooperative Banks by bringing them under regulatory framework of Reserve Bank of India. It therefore amends the Banking Regulation Act, 1949.

The law does not apply to:

• primary agricultural credit societies
• co-operative societies whose principal business is long term financing for agricultural development.

To read further about the salient features of this legislation and the parliamentary debate, Click Here.

Click Here To Download Notification [Taxation]

Click Here To Download Notification [Cooperative Banks]