COVID-19 pandemic is affecting worldwide major economic and financial markets, and virtually all industries and governments are facing challenges associated with the economic conditions resulting from efforts to address it. For example, many industries i. e. travel, hospitality, leisure, Education, and retail industries have seen sharp declines in revenues due to regulatory and organizational mandates and voluntary changes in humanbehavior. To address these economic challenges, some governments are pursuing laws or other related initiatives. This article discusses certain key revenue
Month: May 2020
Relaxation introduced by MCA in April 2020
In view of the situation emerging out of the outbreak of COVID-19, which requires adherence of social distancing norms, the stakeholders have pointed about various difficulties MCA after considering this fact granted certain relaxation few of them are briefed as under. Relaxation for holding Extraordinary General Meeting (EGM) through Video Conferencing (VC) or other Audio-Visual means (OAVM) Due to the pandemic caused by COVID-19, Companies are requested to take all urgent business, other than ordinary business or business where the
The Great Indian Policy Conundrum
India entered COVID-19 crisis with limited fiscal space, having breached the previous budget deficit target of 3.3% and raising 0.5%. with a dwindling fiscal outlook, any further fiscal easing will put pressure on india’s sovereign rating. Governments dedicate more than $8 tn to fight COVID_19 pandemic. India’s lockdown measures seem to be at par with developed countries. But while they are firing fiscal bazookas to stimulate the economy. India’s fiscal packages seem to be more like water pistols- reaching barely
Impactful Internal Audit – Post Lockdown
Role and position of Internal Audit function in an organization is going to witness major changes post Covid 19 as its working environment and expectations are likely to change significantly. This article is intended to highlight the ways internal audit can upgrade itself to effectively add value across the organization and maximize its influence on the company in a sustained manner. There is an attempt to outline key change drivers which the organizations must focus to prepare themselves for tomorrow.
Benefits introduced by the GST Authorities
In the times of pandemic, GST Authorities have extended few benefits to generals by relaxing late fees and interests on compliances, processing refunds at earliest, easing FTP guidelines pertaining to import and export. A few of relaxation and favorable amendments have been made by CBIC in past one month, few of them are briefed as under. Jharkhand High Court, Ruling-1 Mahadeo Construction Co. Issue Involved: Whether recovery procedures can be initiated without issue of proper Show Cause Notice Facts:
Tax residence in year of Corona
Due to travel restrictions on account of Coronavirus pandemic, those on foreign work tours cannot commute back to the country of their residence. Determining the tax residence of the stranded individuals/employees is questionable. Further, adding fuel to the fire, the Indian government has made the norms for determining the tax residency of individuals much more stringent for this FY 19-20. Important Statutory developments Important Judicial Precedents Jaipur ITAT held that tax liability under MAT provisions could not be created on