Tax Law Amended To Curb Customs Duty Evasion

New Delhi, July 24 (UNI) Tax law has been amended to curb evasion of customs and central excise duties and streamline approval and monitoring of some charities and science research bodies, the Law and Justice Ministry announced today.

Passed by Parliament in the previous session, the Taxation Laws (Amendment) Bill, 2006 has received Presidential consernt and been published in the Gazette, a Ministry statement said.

The enactment amended the Income Tax Act, 1961 to streamline the approval and monitoring process for certain charitable entities and scientific research associations, the statement said.

The law now prescribes filing of return by charitable entities with aggregate annual receipts below Rs one crore, the statement said.

It also makes amends the Customs Act 1962, Customs Tariff Act 1975 and Central Excise Act 1944 which facilitate voluntary payment of tax dues, the statement said.

The goal is to provide a mechanism for early settlement of disputes to facilitate recovery of due amounts as revenue to the government, it said.

The enactment has incorporated measures to curb evasion of customs and central excise duties.

It has also amended the Central Sales Tax Act 1956 to expeditiously resolve inter-State disputes over levy of central sales tax by State governments.

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