COVID-19

Amendments in the Finance Act 2020 passed in Parliament

Income Tax - It is a known fact that the global pandemic of COVID-19 has brought grave losses to humanity as well as the tax collections this year as per the Government reports. However, it may also be considered as a “year of resolutions” as the Union Government has made continuous efforts to improve traditional corporate practices and evolving...

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How Accounting Advisors helping Corporates reach their Financial Goals

Income Tax - It’s not a good idea to embark on a journey without a proper plan. It’s unusual to begin something potentially costly and time-consuming without seeking some advice and taking the suitable instruction beforehand. Still, many small business owners neglect to speak to a financial advisor or are reluctant to try to so when they are [...

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Insure Your Life in 100% Cashless Way!!

Income Tax - Max Bupa Health Insurance has come up with a Brand New Max Bupa ReAssure Health Insurance Plan. which will give you complete coverage not only against COVID-19 but for all medical needs....

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Indian response: Draft regulatory guidelines for COVID-19 vaccine

Income Tax - The draft guidelines, for COVID – 19 were released by the Central Drugs Standard Control Organization (CDSCO), Government of India. on September 21, 2020., which is reproduced from their web site as follows: https://cdsco.gov.in/opencms/opencms/system/modules/CDSCO.WEB/elements/download_file_division.jsp?num_id=NjUwMA== A 40-page docume...

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Section 80D Deduction – Medical Insurance Premium

Income Tax - In the present scenario, due to arise of Covid-19, many people are purchasing Health Insurance policies. Premiums paid on such policies are eligible for deduction u/s.80D of Income Tax Act, which is discussed in detail below:- In Case of Individual:- (i) Deduction in respect of insurance premium paid for family:- Deduction to the extent o...

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Corona Kavach Policy – FAQs

Income Tax - Frequently Asked Questions on ‘Individual Covid Standard Health  Policy: Corona Kavach Policy’ Q.1 Whether all the insurers shall offer ‘Corona Kavach Policy’? Ans. All the General and Standalone Health Insurers are mandated to offer Individual Covid Standard Health Policy “Corona Kavach Policy”. Q.2 How many ...

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Impact of Covid-19 Pandemic on Textile Industry

Income Tax - Textile sector is highly unorganized sector. The government has initiated special measures to help ameliorate the conditions in textile sector due to Covid pandemic and to boost production, marketing and job opportunities in the sector....

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Imapact of Covid-19 on Start-UPS

Income Tax - The number of jobs self-reported by DPIIT Recognized startups, as on 6th September 2020, year-wise, for the last three years is as follows. No data on contribution to GDP by Start-ups is maintained by the Department for Promotion of Industry and Internal Trade....

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Extend timeline for filing of Return, Tax & Transfer Pricing audit

Income Tax - Due date for filing of returns for all the taxpayers for A.Y. 2020-21 be extended to 31st March, 2021 and the due date for filing the tax audit report also be extended to 28th February, 2021. Consequently, the timeline for filing all the reports and certificates under the Act which fall due alongwith or in connection with the ITR filing d...

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ICSI Request for extension of timelines due to COVID-19

Income Tax - As your good self is aware that impact of COVID-19 pandemic has been harsh and the economy is struggling to come out of the crisis. The corporates are facing challenging times to meet the ends and function smoothly. Considering the current crisis, we request your esteemed office to consider further relaxations in due dates of the followin...

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SC Refuses to transfer Money from PM CARES Fund to NDRF

Centre for Public Interest Litigation Vs Union of India (Supreme Court) - The issue under consideration is whether the Supreme court will grant permission for transferring the money collected in PM Cares fund to the National Disaster Relief Fund?...

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GST Liability – Payment In Installments

Pazhayidom Food Ventures (P) Ltd Vs Superintendent Commercial Taxes (Kerala High Court) - It is held by the honourable Kerala High Court that the petitioner, who is an assessee under the GST Act, is not disputing his liability to tax, or the quantum thereof, for the period in question. It only seeks an installment facility to pay the admitted tax, together with interest thereon, in view ...

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COVID-19: HC allows 6 Month to pay tax dues: Defreezes bank account

Shree M. Revathi Printers Vs DCIT (Madras High Court) - High Court states that by taking into consideration the situation of COVID-19 pandemic, court directed officer to de-freeze the bank account maintained by the petitioner....

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Punjab & Haryana HC directs Subordinate Courts to use Video conferencing facilities

Anuj Bansal Vs State of Punjab and others (Punjab and Haryana High Court) - Video conferencing facilities can be used in all matters including remands, bail applications and in civil and criminal trials where a witness is located intrastate, interstate, or overseas....

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Factors to consider for Payment of Rent during Lockdown

Ramanand & Others Vs Dr. Girish Soni and Another (Delhi High Court) - Temporary non-use of premises due to the lockdown which was announced due to the COVID-19 outbreak cannot be construed as rendering the lease void under Section 108(B)(e) of the TPA. The tenant cannot also avoid payment of rent in view of Section 108(B)(l)....

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Last date of filing QPRs/APRs by SEZ units/EOUs/Developers extended

No. K-43022/7/2020-SEZ - (22/09/2020) - I am directed to refer to this Department's letter of even number dated 30.03.2020 (Copy enclosed) on the subject cited above and to state that keeping in view of hardship due to COVID-19, this Department has further decided to extend the time period for filing APRs/QPRs by SEZ Units/Developers/EOUs...

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CGST Chennai detected Rs. 107 crore GST credit fraud

D.O.No.33/CH(IC)/2020 - (21/09/2020) - The CGST Chennai Outer Commissionerate has detected Rs. 107 crore GST credit fraud based on fake invoices valued at Rs. 740 crore issued through fictitious companies....

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Govt introduces Taxation Law Amendment Bill in Lok Sabha

Bill No. 116 of 2020 - (19/09/2020) - The outbreak of Novel Corona Virus (COVID-19) pandemic across many countries of the world, including India, has caused immense loss to lives of people and given rise to unprecedented humanitarian and economic crisis in the country. Due to vagaries of pandemic, a national lockdown was imposed which h...

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Uninterrupted supply of Medical Oxygen in country- Reg.

D.O. No. 40-3/2020-DM-I(A) - (18/09/2020) - As you are aware, availability of adequate and uninterrupted supply of Medical Oxygen is an important pre-requisite for managing moderate 86 severe cases of COVID-19. With increasing number of active cases of COVID-19, the consumption of oxygen is also expected to increase....

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Modified Protocol for Sealed Building in Mumbai

Notification No. A.M.C./ES/7595-A - (15/09/2020) - As the COVID-19 eases are increasing in Mumbai, since I week of September 2020. Issue of revising the guidelines for sealing building/wing/tower was discussed in V.C. meeting of Hon'ble Municipal Commissioner on 15.09,2020. Earlier guidelines were issued on 13.05.2020. Accordingly, revised guideline...

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Recent Posts in "COVID-19"

Amendments in the Finance Act 2020 passed in Parliament

It is a known fact that the global pandemic of COVID-19 has brought grave losses to humanity as well as the tax collections this year as per the Government reports. However, it may also be considered as a “year of resolutions” as the Union Government has made continuous efforts to improve traditional corporate practices and evolving...

Read More
Posted Under: Company Law |

Corona Kavach Policy – FAQs

Frequently Asked Questions on ‘Individual Covid Standard Health  Policy: Corona Kavach Policy’ Q.1 Whether all the insurers shall offer ‘Corona Kavach Policy’? Ans. All the General and Standalone Health Insurers are mandated to offer Individual Covid Standard Health Policy “Corona Kavach Policy”. Q.2 How many ...

Read More
Posted Under: Company Law |

How Accounting Advisors helping Corporates reach their Financial Goals

It’s not a good idea to embark on a journey without a proper plan. It’s unusual to begin something potentially costly and time-consuming without seeking some advice and taking the suitable instruction beforehand. Still, many small business owners neglect to speak to a financial advisor or are reluctant to try to so when they are [...

Read More
Posted Under: Company Law |

Impact of Covid-19 Pandemic on Textile Industry

Textile sector is highly unorganized sector. The government has initiated special measures to help ameliorate the conditions in textile sector due to Covid pandemic and to boost production, marketing and job opportunities in the sector....

Read More
Posted Under: Company Law |

Imapact of Covid-19 on Start-UPS

The number of jobs self-reported by DPIIT Recognized startups, as on 6th September 2020, year-wise, for the last three years is as follows. No data on contribution to GDP by Start-ups is maintained by the Department for Promotion of Industry and Internal Trade....

Read More
Posted Under: Company Law |

Extend timeline for filing of Return, Tax & Transfer Pricing audit

Due date for filing of returns for all the taxpayers for A.Y. 2020-21 be extended to 31st March, 2021 and the due date for filing the tax audit report also be extended to 28th February, 2021. Consequently, the timeline for filing all the reports and certificates under the Act which fall due alongwith or in connection with the ITR filing d...

Read More
Posted Under: Company Law |

Insure Your Life in 100% Cashless Way!!

Max Bupa Health Insurance has come up with a Brand New Max Bupa ReAssure Health Insurance Plan. which will give you complete coverage not only against COVID-19 but for all medical needs....

Read More
Posted Under: Company Law |

ICSI Request for extension of timelines due to COVID-19

As your good self is aware that impact of COVID-19 pandemic has been harsh and the economy is struggling to come out of the crisis. The corporates are facing challenging times to meet the ends and function smoothly. Considering the current crisis, we request your esteemed office to consider further relaxations in due dates of the followin...

Read More
Posted Under: Company Law |

Extend CFSS 2020 & LLP Settlement Scheme 2020

Request for Extension of Companies Fresh Start Scheme i.e. CFSS 2020 by at least by 3 months i.e. until 31st December, 2020 and a further request for similar relief for LLP Settlement Scheme 2020 in view of genuine hardships which have arisen due to Covid-19 pandemic. KARANATAKA STATE CHARTERED ACCOUNTANTS ASSOCIATION (R.) Date: 17th Sept...

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Posted Under: Company Law |

Covid-19- India registers a Record of Highest Single day recoveries

In an unprecedented surge, India has recorded the highest number of single day Covid-19 recoveries.  More than 1 lakh (1,01,468) new recoveries have been registered in the last 24 hours in the country....

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Posted Under: Company Law |

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