PM Modi Lok Sabha speech: The Prime Minister emphasised on the role of private sector in the growth of the country

The extension of timelines for filing tax returns and other related tax compliances is a well-thought-out measure, as due to lockdown it is difficult for individual taxpayers to obtain necessary documentation required for preparation of tax returns and file their returns on time

With the promulgation of the ordinance, the last date for filing income tax returns for 2018-19 as well as that for linking PAN with biometric ID Aadhaar has been extended by three months to June 30

It also extends date till June 30 for passing of order or issuance of notices by the authorities under various direct taxes and Benami law. Besides, date for 'Vivad Se Viswas' scheme has also been extended by three months till June-end

Parliament Winter Session: The winter session of Parliament is going to take up key economic bills for discussion including the Insolvency and Bankruptcy Amendment Bill, Taxation Law Amendment Ordinance and Competition (Amendment) Bill etc

The amendments provide for use of Aadhaar number for KYC authentication on voluntary basis under the Telegraph Act, 1885, and the Prevention of Money Laundering Act, 2002.

The amendment bill allows voluntary use of Aadhaar as proof of identity for users to open bank accounts and get mobile phone connections

The Special Economic Zones (Amendment) Bill, 2019 will replace the Special Economic Zones (Amendment) Ordinance, 2019, which was promulgated in March

To safeguard citizens, and their personal information, the amended bill may require more improvements

The bill which will be in form of amendment to Aadhaar Act 2016 and will replace an ordinance issued in March, 2019 also proposes stiff penalties for violation of norms. The government will also introduce a bill to amend the Indian Telegraph Act, 1885 and the Prevention of Money-laundering Act, 2002.

Promulgated during the inter-session period by Acts of Parliament, the ordinances will cease to operate by August 1, 2019. Of these ordinances, there are several ones of economic significance.

The Bill -- which will be in form of amendment to Aadhaar Act 2016 and other laws and will replace an ordinance issued in March, 2019 -- also proposes stiff penalties for violation of norms.

The Bill - which replaces the Aadhaar ordinance - seeks to give the effect to the changes in the Aadhaar Act such as giving a child an option to exit from the biometric ID programme on attaining 18 years of age.

The RBI introduces important amendments to the Master Direction on KYC along with updating its list of documents eligible for identification of individuals