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With an aim to provide relief to small taxpayers, Union Finance Minister Nirmala Sitharaman has said that compliance burden of small taxpayers and medium-sized taxpayers has been reduced and an amnesty scheme has been recommended for reducing late fee payable.

According to the Union Finance Minster, taxpayers can now file their pending returns and avail the benefits of this amnesty scheme with reduced late fees. Late fees have also been rationalised. The rationalised late fee and the decision to reduce the maximum amount of late fee for small taxpayers will come into effect for future tax periods. This will provide a long-term relief to small taxpayers.

Finance Minister noted that due to rising cases of black fungus, Amphotericin B has also been included in the exemptions list. She also stated that issue of COVID-related equipment was one of the items on the agenda that was discussed.