Customs Act 1962 Current Affairs - 2020

Ordinance passed for 100% Tax Exemption on donations to PM Cares Fund

On March 31, 2020, the Government of India passed an ordinance to allow 100% exemption on donations made on PM Cares Funds. The ordinance has also extended the time limit of direct and indirect tax filings to June 30, 2020.

Key Features on Direct Taxes

  • The last date for filing Income Tax returns has been extended to June 30, 2020
  • The Aadhaar-PAN linking that has been made mandatory has been extended to June 30, 2020. If not linked the GoI had earlier warned about cancelling such PAN registrations.
  • The deadline of Vivad se Vishwas Scheme has also been extended to June 30, 2020.

Key Features on Indirect Taxes

The last date for indirect taxes of the following has also been extended to June 30,3030

  • Central Excise Returns
  • Taxes paid under Customs Act, 1962
  • Taxes paid under Sabka Vishwas Legal Dispute Resolution Scheme, 2019.

PM Cares Fund

The funds donated to PM Cares Fund are to be 100% exempted from tax under Section 80G of Income Tax Act.

February 24: Central Excise Day

Every year, on February 24, the Central Excise Day is being celebrated by Central Board of Excise and Customs all over India. The day is being celebrated to honour the service of Central Board of Excise and Custom (CBEC) to the country.

Highlights

The day is also celebrated to honour the officers associated with CBEC and their services. This is done to encourage the officers to carry out their duties with utmost sincerity. The officers, every year perform checking of corruption in goods from manufacturing sector.

History

The say is celebrated to commemorate the legislation of Central Excise and Salt act in 24 February, 1944.

CBEC

The CBEC operates under Ministry of Finance. It deals with policy formulation related to collection of service tax and central excise and duties. It is also responsible for the checking the implementation of Customs act, 1962, Central Excise Act 1944, Customs Tariff Act 1975 and Service Tax Act.