2 COVID-19

COVID-19

How Does Work from Home Affects NRI Working from India

Income Tax - Many non-resident Indians (NRIs) came to India just as COVID-19 had started to spread and were stuck in India for a longer period. The main concern after the pandemic was regarding the treatment of their tax liabilities. However, the government has come up with various rules about the residential status of these people. Benefits In [&hell...

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FAQs on Resolution Framework for Covid-19 related stress

Income Tax - Does invocation under the Resolution Framework require the borrowers to submit any specific resolution plan and the lenders to agree on implementation of the same before December 31, 2020?...

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Analysis of CBDT notifications to claim exemption on amounts received for COVID-19 treatment

Income Tax - Money received by individuals for Covid-19 treatment or ex-gratia received by family members on death due to Covid-19 would be exempt from income tax....

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How to value your business during COVID times?

Income Tax - Valuation under Income Approach and its preference during COVID-19 times: The income approach of business valuation is based on the idea of valuing the present value of future benefits. This approach estimates business value by considering the future income accruing over a period of time. There are two major methods that fall under this c...

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Effect of Covid-19 Pandemic on Insurance Industry

Income Tax - As you are aware that with the advancement of technology , our standard of life has been improved. We have developed a lot on technological front ,which help us to spend our life with ease and hassle-free. The modern technologies have provided us everything which will provide us comfort and advantage. Our wealth and earnings […]...

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Representation against Extension of time limit under section 54 to 54GB without extension of Income Tax Return due date

Income Tax - Representation against Extension of time limit under section 54 to 54GB without extension of Income Tax Return due date Vidarbha Industries Association has made a Representation against recent CBDT Circular No. 1/2023 Dated 06.01.2023 by which time limit for compliance to be made for claiming any exemption under Section 54 to 54GB of the ...

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Extend due dates of Income tax returns from 31.07.2022 to 31.08.2022

Income Tax - Request for Extension of due dates of Income tax returns for salaried and non-corporate (not subject to audit) taxpayers from 31.07.2022 to 31.08.2022 GUJARAT CHAMBER OF COMMERCE AND INDUSTRY Pathik S. Patwari President Ajay H. Patel Sr. Vice President Yogesh D. Parikh Vice President 8th July, 2022 To, The Hon’ble Chairman, Central ...

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Govt increases premium rates for PMJJBY and PMSBY

Income Tax - Premium rates of  Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) revised for PMJJBY from Rs. 330 to Rs. 436 and PMSBY from Rs. 12 to Rs. 20....

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Measures taken by Govt to reduce compliance burden for corporates

Income Tax - Ministry of Corporate Affairs has taken various measures to reduce the compliance burden considering the impact of COVID-19 pandemic:-The Companies Fresh Start Scheme, 2020 was launched to make a fresh start for companies to become fully compliant by allowing them to file belated documents in MCA 21 registry without any additional fees fr...

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Many State Govts requested for extension of GST compensation payment period

Income Tax - Whether the Government has received proposals from the State Governments requesting for extension of payment of Goods and Services Tax(GST) compensation to the States for another five years keeping in view the difficulties caused by Covid-19 Pandemic...

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ITAT condones delay in appeal fling due to outbreak of COVID 

Sri Sivajothi Spinning Mills Private Limited Vs DCIT (ITAT Chennai) - Sri Sivajothi Spinning Mills Private Limited Vs DCIT (ITAT Chennai) ITAT heard both the sides, perused the materials available on record and gone through the orders of authorities below. The ld. CIT(A) (NFAC) has rejected the appeal filed by the assessee on the ground that the due date for filing th...

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Article 21 encompasses right to individual to refuse vaccination

Jacob Puliyel Vs Union of India (Supreme Court of India) - Jacob Puliyel Vs Union of India (Supreme Court of India) Facts- The Petitioner was a member of the National Technical Advisory Group on Immunization (NTAGI) and was advising the Government of India on vaccines. In the Writ Petition, the Petitioner highlighted the adverse consequences of emergency ap...

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HC Refuses to Order Rs. 1 Crore Compensation for Covid-19 Deaths

DR Vidyottma Jha Vs Govt of NCT of Delhi & Anr. (Delhi High Court) - DR Vidyottma Jha Vs Govt of NCT of Delhi & Anr. (Delhi High Court) In our view, it is not for this Court to direct payment of ex gratia compensation of Rs.1 Crore to all families whose members died due to Covid-19. The GNCTD has already formulated a uniform policy for the payment of ex […...

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SC guidelines for payment of ex gratia of Rs 50000 to families of those who died due to Covid-19

Gaurav Kumar Bansal Vs Union of India and others (Supreme Court of India) - Hon’ble Supreme Court has made clear that irrespective of the cause of death mentioned in the death certificate, if a family member satisfies the eligibility criteria mentioned in paragraphs 11(i) to 11(iv) as above shall also be entitled to the ex-gratia payment of Rs. 50,000/- on production of r...

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SC Restores Limitation Extension & excludes Period From 15.03.2020 to 28.02.2022 From Limitation

In Re: Cognizance For Extension of Limitation (Supreme Court of India) - The order dated 23.03.2020 is restored and in continuation of the subsequent orders dated 08.03.2021, 27.04.2021 and 23.09.2021, it is directed that the period from 15.03.2020 till 28.02.2022 shall stand excluded for the purposes of limitation as may be prescribed under any general or special laws i...

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Extension of time limit for compliance under section 54 to 54GB

Circular No. 1 of 2023-Income Tax - (07/01/2023) - For claiming exemption Section 54 to 54 GB of the Act, for which last date falls between 01st April. 2021 to 28th February, 2022 may be completed on or before 31st March 2023....

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No CS was willing to join hospital after Covid-19 pandemic – Penalty reduced

F.No:9/68/ADJ/SEC.203/2013/ANDHRA PRADESH /RD(SER)/2022/6075 - (10/11/2022) - After the Covid-19 pandemic no Company Secretary from far of places shown interest to come and join in a hospital business as the company is engaged in Covid-19 pandemic related treatment. Authorised representative requested to waive the penalty as no mens rea could be proved on the part of the Comp...

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CBDT notifies conditions for exemption to money received from employer or other person in Covid cases by family of deceased

Notification No. 92/2022-Income Tax, [S.O. 3705(E).] - (05/08/2022) - CBDT specifies conditions for exemption to money received from employer or other person in Covid cases by family of deceased ide Notification No. 92/2022-Income Tax | Dated: 5th August, 2022. Clause (XIII) of the first proviso to clause (x) of sub-section (2) of section 56 of the Income-tax Act, 196...

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Amount received for Covid-19 Treatment from any person- CBDT notifies conditions & Forms

Notification No. 91/2022-Income Tax [S.O. 3704(E).] - (05/08/2022) - Clause (XII) of the first proviso of clause (x) of sub-section (2) of section 56 of the Income-tax Act, 1961 provides that any sum of money received by an individual, from any person, in respect of any expenditure actually incurred by him on his medical treatment or treatment of any member of his fa...

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Document to be submitted by employee to claim exemption on sum received for COVID-19 treatment

Notification No. 90/2022-Income Tax, [S.O. 3703(E).] - (05/08/2022) - CBDT specifies Document to be submitted by employee to claim exemption on sum received for COVID-19 treatment vide Notification No. 90/2022-Income Tax, Dated: 05.08.2022 Ministry of Finance (Department of Revenue) (Central Board of Direct Taxes) New Delhi Notification No. 90/2022-Income Tax | Dated:...

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Recent Posts in "COVID-19"

Representation against Extension of time limit under section 54 to 54GB without extension of Income Tax Return due date

Representation against Extension of time limit under section 54 to 54GB without extension of Income Tax Return due date Vidarbha Industries Association has made a Representation against recent CBDT Circular No. 1/2023 Dated 06.01.2023 by which time limit for compliance to be made for claiming any exemption under Section 54 to 54GB of the ...

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Posted Under: Company Law | ,

Extension of time limit for compliance under section 54 to 54GB

Circular No. 1 of 2023-Income Tax 07/01/2023

For claiming exemption Section 54 to 54 GB of the Act, for which last date falls between 01st April. 2021 to 28th February, 2022 may be completed on or before 31st March 2023....

Read More

No CS was willing to join hospital after Covid-19 pandemic – Penalty reduced

F.No:9/68/ADJ/SEC.203/2013/ANDHRA PRADESH /RD(SER)/2022/6075 10/11/2022

After the Covid-19 pandemic no Company Secretary from far of places shown interest to come and join in a hospital business as the company is engaged in Covid-19 pandemic related treatment. Authorised representative requested to waive the penalty as no mens rea could be proved on the part of the Company and its officers in charge....

Read More

How Does Work from Home Affects NRI Working from India

Many non-resident Indians (NRIs) came to India just as COVID-19 had started to spread and were stuck in India for a longer period. The main concern after the pandemic was regarding the treatment of their tax liabilities. However, the government has come up with various rules about the residential status of these people. Benefits In [&hell...

Read More
Posted Under: Company Law |

FAQs on Resolution Framework for Covid-19 related stress

Does invocation under the Resolution Framework require the borrowers to submit any specific resolution plan and the lenders to agree on implementation of the same before December 31, 2020?...

Read More
Posted Under: Company Law |

Analysis of CBDT notifications to claim exemption on amounts received for COVID-19 treatment

Money received by individuals for Covid-19 treatment or ex-gratia received by family members on death due to Covid-19 would be exempt from income tax....

Read More
Posted Under: Company Law |

CBDT notifies conditions for exemption to money received from employer or other person in Covid cases by family of deceased

Notification No. 92/2022-Income Tax, [S.O. 3705(E).] 05/08/2022

CBDT specifies conditions for exemption to money received from employer or other person in Covid cases by family of deceased ide Notification No. 92/2022-Income Tax | Dated: 5th August, 2022. Clause (XIII) of the first proviso to clause (x) of sub-section (2) of section 56 of the Income-tax Act, 1961  provides that where any sum [&hellip...

Read More

Amount received for Covid-19 Treatment from any person- CBDT notifies conditions & Forms

Notification No. 91/2022-Income Tax [S.O. 3704(E).] 05/08/2022

Clause (XII) of the first proviso of clause (x) of sub-section (2) of section 56 of the Income-tax Act, 1961 provides that any sum of money received by an individual, from any person, in respect of any expenditure actually incurred by him on his medical treatment or treatment of any member of his family in […]...

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Document to be submitted by employee to claim exemption on sum received for COVID-19 treatment

Notification No. 90/2022-Income Tax, [S.O. 3703(E).] 05/08/2022

CBDT specifies Document to be submitted by employee to claim exemption on sum received for COVID-19 treatment vide Notification No. 90/2022-Income Tax, Dated: 05.08.2022 Ministry of Finance (Department of Revenue) (Central Board of Direct Taxes) New Delhi Notification No. 90/2022-Income Tax | Dated: 5th August, 2022 S.O. 3703(E).—In exe...

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Extend due dates of Income tax returns from 31.07.2022 to 31.08.2022

Request for Extension of due dates of Income tax returns for salaried and non-corporate (not subject to audit) taxpayers from 31.07.2022 to 31.08.2022 GUJARAT CHAMBER OF COMMERCE AND INDUSTRY Pathik S. Patwari President Ajay H. Patel Sr. Vice President Yogesh D. Parikh Vice President 8th July, 2022 To, The Hon’ble Chairman, Central ...

Read More
Posted Under: Company Law | ,

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