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Govt to decriminalise Income Tax Act, PMLA
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SME Times News Bureau | 21 Jan, 2020
The NDA government is moving to decriminalise the Income Tax Act and the
Prevention of Money Laundering Act (PMLA) as part of steps towards
restoring business confidence.
These are among the steps being
taken to catapult the country to a $5 trillion economy, Finance Minister
Nirmala Sitharaman has said.
In her address on the "roadmap to a
$5 trillion economy" at the Nani Palkhivala centenary celebrations in
Chennai on Sunday, the Minister said that decriminalising corporate
laws, settling tax disputes and rapid privatisation of state-run firms
were among the steps that the government was taking to achieve the
target.
The government has spoken about changes to be made in the
Companies Act to decriminalise several procedural lapses and those that
do not affect public interest to ease compliance.
As part of
this exercise, around 46 penal provisions will be amended to either
remove criminality, or to restrict the punishment to only fine.
The next step is to extend this exercise to laws dealing with income tax and money laundering.
"I
have gone through this (Companies Act) with a comb. We are working to
decriminalise companies and ensure that no other Acts including Income
Tax Act and PMLA, have such provisions," Sitharaman said.
The assurance of rationalising penalty provisions in Income Tax Act comes just over a week before she presents the union budget.
The
Minister's assurance that the government was trying to ensure that
businesses are not looked with suspicion, is in line with Prime Minister
Narendra Modi's statement in his Independence Day speech last year that
wealth creators should not be viewed with suspicion as wealth can be
distributed only when it is created.
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