Prez gives assent to amended Taxation Laws

The amended Income Tax Act prescribes filing of return by charitable entities with aggregate annual receipts below Rs 1 cr.

The Taxation Laws (Amendment) Bill, 2006 was enacted today after the President gave his assent to it.

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The legislation, which comes into effect after it's subsequent publication in the Gazette of India, seeks to amend, among other things, the Income Tax Act, 1961 to streamline the approval and monitoring process for certain charitable entities and scientific research associations, a Government of India release said on Monday.

The amended Income Tax Act prescribes filing of return by charitable entities with aggregate annual receipts below Rs one crore.

The Bill seeks to amend the Customs Act, 1962, Customs Tariff Act, 1975 and Central Excise Act, 1944 to facilitate voluntary payment of tax dues so as to provide a mechanism for early settlement of disputes to facilitate recovery of due amount as revenue to the government.

The Bill, incorporating measures to curb evasion of customs and central excise duties, also has amended the Central Sales Tax Act, 1956 to expeditiously resolve inter-state disputes regarding levy of Central Sales Tax by state governments.