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Budget 2020: Companies Act to be amended to decriminalise civil offences

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New Delhi, Feb 01: Finance Minister Nirmala Sitharaman on Saturday said the government plans to amend the Companies Act to decriminalise civil offences.

In her second Budget presentation, the Finance Minister asserted that "tax harassment" would not be tolerated.

Finance Minister Nirmala Sitharaman

"We are willing to put in law that tax harassment cannot be tolerated when we are talking about citizens," added the FM.

New Income Tax slabs after Union Budget 2020New Income Tax slabs after Union Budget 2020

She said a taxpayer's charter would be institutionalized to ensure citizens were free from tax harassment.

Welcoming the move, Biocon's Kiran Mazumdar Shaw, tweeted "Finance Minister Promises end to tax harassment to India inc. correcting Companies Act to decriminalise many non-compliances. A much-needed message to infuse trust."

Reports suggest that offences that could be decriminalized would include corporate social responsibility (CSR) violations and non-filing of returns.

Budget 2020: Insurance cover for bank depositors to be raised to Rs 5 lakh, says SitharamanBudget 2020: Insurance cover for bank depositors to be raised to Rs 5 lakh, says Sitharaman

Prime Minister Narendra Modi had earlier said that the government was working to decriminalise parts of the Companies Act to make it easier to do business in the country.

Many provisions of the law had already been decriminalised and work was on to bring in more changes, PM Modi had said.

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