Goods and Services Tax : GST limitation periods for issuing notices or completing assessments are mandatory. COVID extensions were for litigants, not tax a...
Corporate Law : This research paper delves into the employment law challenges associated with remote work arrangements in India, exploring the leg...
Income Tax : Explore key court rulings on reassessment under Section 148 post-2021 amendments, covering procedural changes, taxpayer rights, an...
Finance : Explore the complexities of India's central-state taxation conflicts, fiscal policies, and solutions to improve tax allocation and...
Income Tax : The Supreme Court upholds TOLA, validating extended income tax reassessment timelines despite previous High Court rulings on Secti...
Income Tax : Explore Income Tax Day 2024s history, significance, and key updates from Budget 2024-25, including enhanced deductions and revised...
CA, CS, CMA : Explore the challenges faced by Charitable Trusts due to delays or errors in submitting applications under Section 12A(1)(ac) of t...
Finance : Interim Budget Session 2024 sees high productivity with 12 Bills passed, Lok Sabha and Rajya Sabha exceeding performance targets....
Corporate Law : Stay vigilant against COVID-19 surge! Centre issues advisory to states, emphasizing vigilance, district-wise monitoring, and incre...
CA, CS, CMA : Join free BoS Live Learning Classes by ICAI for CA Final & Intermediate courses appearing in May 2024 exams. Get expert guidance a...
Income Tax : The Jodhpur ITAT condoned a 30-day delay in filing an income tax appeal after holding that the delay fell within the Supreme Court...
Goods and Services Tax : Dispute on ITC mismatch between returns was remitted after ex-parte order, allowing reconciliation upon 10% pre-deposit. Key takea...
Goods and Services Tax : The Court held that refund rejection on limitation grounds was invalid as authorities failed to consider the Supreme Court’s COV...
Income Tax : ITAT Hyderabad held that the Supreme Court’s COVID-19 limitation extensions apply only to judicial and quasi-judicial proceeding...
Company Law : The Appellate Tribunal upheld dismissal of a CIRP application after finding that the creditor’s own pleadings fixed the default ...
Income Tax : For claiming exemption Section 54 to 54 GB of the Act, for which last date falls between 01st April. 2021 to 28th February, 2022 m...
Company Law : After the Covid-19 pandemic no Company Secretary from far of places shown interest to come and join in a hospital business as the ...
Income Tax : CBDT specifies conditions for exemption to money received from employer or other person in Covid cases by family of deceased ide N...
Income Tax : 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...
Income Tax : CBDT specifies Document to be submitted by employee to claim exemption on sum received for COVID-19 treatment vide Notification No...
COVID 19- IMPACT KEY HIGHLIGHTS FOR RELIEF IN FINANCIAL SECTORS AND RETURN DUE DATES Ministry of Corporate Affairs Requirement to hold mandatory board meetings relaxed for 60 days for next two quarters The government on Tuesday, 24th March 2020 , said that the mandatory requirement of holding board meetings is being relaxed by a period […]
The Hon’ble Finance Minister of India today announced several relief measures on statutory and regulatory compliance matters to mitigate large-scale economic distress caused by COVID 19 across the globe. In majority of the cases, the due dates falling in March 2020 have been extended till 30th June 2020. Key highlights for each compliance are summarized […]
Due to the lockdown and economic disruptions, Government is taken the following measure for providing relief to Companies and LLP in terms of compliance and penalty. 1. The government will not charge any late filing fee to companies for any form filing during the period April 1, 2020 to Sept 30, 2020. Hence the pending […]
On account of the shutdown in India due to Coronavirus, the Government has extended various compliance due dates. The announcement for the extension was made by the Hon’ble Finance Minister Smt. Nirmala Sitharaman on 24th March 2020 as under: Income Tax Due Date Extension FY18-19 last date for filing income tax return has been extended […]
GST related announcements by Finance Minister on 24.03.2020 in view of COVID-19 outbreak: Composition Scheme Date for opting for composition scheme is extended till the last week of June, 2020. Further, the last date for making payments for the quarter ending 31st March, 2020 and filing of return for 2019-20 by the composition dealers will be extended till […]
However, due to lock down in most of the states, these year end activities were not undertaken by most of the Companies. In such situation, looking into the extension of Financial year would have helped or easing of some of these compliances. Further with 21 days lock down announced by Prime Minister, makes it clear that we do not have much options. Hope the same may come out as an announcement soon.
Many Corporates & Professionals has asked a question ‘Whether amount spent for for prevention or Spread CORONA Virus or CoVID-19 shall be considered as CSR Expense under Section 135 of Companies Act, 2013?’ To clarify the same MCA has issued a clarification on 23rd March, 2020 vide General Circular No. 10/2020, according to which spending […]
Developments arising due to the spread of the COVID-19 virus have warranted the need for temporary relaxations in compliance requirements and other facilitation measures. The measures undertaken by both, the Ministry of Corporate Affairs and the Securities and Exchange Board of India are placed hereinbelow:
MCA has deployed a simple web form for companies/LLPs to confirm their readiness to deal with the COVID-19 threat. The web form named CAR (Company Affirmation of Readiness towards COVID-19) is required to be filed by authorized signatory of company/LLP.
Some Big announcements made by Finance Minister for Compliance and taxation relief. Most awaited relief given. Have a look at it. COVID19 Relief Compliance and Regulation Related Announcements: Income Tax: Last date for Returns for FY 2018-19 extended to 30th June 2020 Delayed Payments made till 30th June – Interest Rate reduced from 12% to […]
