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of <h1>New Tax Act Amends Income-tax Act 1961: Changes in Residency, Exemptions, Trust Registration, and Faceless Assessments</h1> The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020, introduces significant amendments to the Income-tax Act, 1961, effective from April 1, 2021. Key changes include modifications in residency criteria, exemptions, and definitions related to taxation of non-residents and specified funds. The Act also revises procedures for registration and approval of trusts and institutions, emphasizing compliance and verification. Additionally, it introduces faceless assessment and inquiry processes to enhance efficiency and transparency, and mandates the use of technology to minimize direct interactions between taxpayers and authorities, aiming for a streamlined tax administration system.
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