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

Insertion of new section “12AB” (VI) section 12AB shall be omitted and shall be deemed to have been omitted with effect from the 1st day of June, 2020; (VII) after section 12AA, the following section shall be inserted with effect from he 1st day of April, 2021, namely:— “12AB.Procedure for fresh registration– (1) The Principal […]

Amendment of section 12AA (a) sub-section (5) shall be omitted and shall be deemed to have been omitted with effect from the 1st day of June, 2020;(b) after sub-section (4), the following sub-section shall be inserted with effect from the 1st day of April, 2021, namely:— “(5) Nothing contained in this section shall apply on or after

Amendment of section 12A a)   in sub-section (1),— (i)   with effect from the 1st day of June, 2020, clause (ac) shall be omitted and shall be deemed to have been omitted; (ii)   with effect from the 1st day of April, 2021, after clause (ab), the following clause shall be inserted, namely:— “(ac)

Amendment of section 11 in sub-section (1), in Explanation 2, after the word, figures and letters “section 12AA”, the words, figures and letters “or section 12AB, as the case may be” shall be inserted with effect from the 1st day of April, 2021; (b)   in sub-section (7),— (i)   for the words, figures and letters “under

Amendment of section 10 (a)   in clause (4D), with effect from the 1st day of April, 2021,— (i)   for the words “convertible foreign exchange, to the extent such income accrued or arisen to, or is received in respect of units held by a non-resident”, the words and brackets ‘convertible foreign exchange or as

Amendment of section 6 In the Income-tax Act, 1961,— (I)   in section 6, with effect from the 1st day of April, 2021,— (a)   in clause (1), in Explanation 1, in clause (b), for the words “the citizen or person of Indian origin”, the words “such person” shall be substituted; (b)   in clause (1A), the

Relaxation of certain provisions of specified Act (1) Where, any time-limit has been specified in, or prescribed or notified under, the specified Act which falls during the period from the 20th day of March, 2020 to the 31st day of December, 2020, or such other date after the 31st day of December, 2020, as the

Definitions (1) In this Act, unless the context otherwise requires,— (a)   “notification” means the notification published in the Official Gazette; (b)   “specified Act” means— (i)   the Wealth-tax Act, 1957 (27 of 1957); (ii)   the Income-tax Act, 1961 (43 of 1961); (iii)   the Prohibition of Benami Property Transactions Act, 1988 (45 of 1988);

Short title and commencement (1) This Act may be called the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020. (2) Save as otherwise provided, it shall be deemed to have come into force on the 31st day of March, 2020.