Constitution & Law Current Affairs - 2020
Summary of latest bill and acts passed or pending in 2019 in Parliament of India with their salient features and issues for Current Affairs 2019 preparation for various examinations such as UPSC, SSC, State Civil Services, CLAT, Judicial Services etc.
On March 14, 2020, Parliament passed the Direct Tax Vivad Se Viswas Bill, 2020. The bill aims to reduce the number of litigation that are associated with direct tax payments. The Direct Tax Vivad Se Viswas concept was introduced by the Finance Minister Nirmala Sitaraman during the Union Budget 2020-21.
Key Features of the bill
Though the bill deals with tax payments, it is in no way connected with the Income-Tax Act, 1961. However, it aims to bring the appeals filed by the Income Tax Department under the act. And for the taxpayers, the bill says that if the tax payment is made after March 31, 2020, the tax payer has to pay 110% of the disputed tax. And if the tax is paid before the date, the tax payer has to pay full amount of the disputed tax and there will be no penalty applied.
The bill raised concerns that it treats honest and dishonest people in equal way. Also, it attracted comments for its hindi name in a country which is diversified culturally to great extent. However, the English version of the bill is “No Dispute, But Only Trust”
Tags: Bills and Acts • Budget 2020 • Direct Tax • Finance Minister • Income Tax
On March 12, 2020, Insolvency and Bankruptcy (Amendment) bill, 2020 has been passed in the parliament. It was earlier passed by Lok Sabha and is now being passed by Rajya Sabha.
The amendments were earlier introduced as ordinances. Now after the Parliament session begun the ordinance was introduced as bill. And the bill has now been passed as an act in the parliament.
The amendment aims to protect the successful bidders of insolvent companies from risk of criminal proceedings. The criminal proceedings may be expected from previous promoters of the company.
The Ordinances are laws promulgated the President of India. The President issues ordinance on recommendation of Council of Ministers. An ordinance shall be issued only when the Parliament is not in session.
Ordinance in Constitution
Article 123 gives powers to the President of India to promulgate ordinance in India. An ordinance should be approved by the Parliament within 6 weeks of its reassemble. If not, the ordinance ceases to operate.
Tags: Amendment Bill • Article 123 • Bills and Acts • Council of Ministers • Insolvency