The Finance Bill 2020 that was presented in the Parliament on 1
February 2020 was passed by the Lok Sabha on 23 March with various
amendments. The key amendments are relating to tax residency,
enlarging the scope of tax equalization levy to cover e-commerce
supply or services, limiting the scope of tax collection at source
on remittances outside India by excluding remittance below INR 0.7
million and on sale of goods by excluding exports and imports,
tightening the provision relating to cash withdrawal for the
persons who have not filed the tax returns by levying tax on cash
withdrawal exceeding INR 2 million and other miscellaneous
amendments. The Key Amendments are as under:
As per recent reports, the government has notified the Lok Sabha
for moving amendments to the bill. Such amendments are expected to
be tabled in the Parliament soon.
