COVID19 RELIEF – BANK LOAN EMI MORATORIUM (DEFERMENT) PROCEDURE

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In accordance with the COVID-19 – Regulatory Package notification dated Mar 27, 2020 issued by Reserve Bank of India (“RBI”) and as may be updated from time to time (“Covid Regulation”), a moratorium of three months is available on payment/repayment of (i) principal and/or interest components; (ii) bullet repayments; (iii) equated monthly instalments; and/ or …

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RELIEF IN STATUTORY & COMPLIANCE UNDER GST, INCOME TAX ETC – DUE TO COVID19 OUTBREAK

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The Union Finance & Corporate Affairs Minister Smt. Niramla Sitharaman announced several important relief measures on 24-03-2020, taken by the Government of India in view of COVID-19 outbreak, especially on statutory and regulatory compliance matters related to several sectors. While addressing the press conference through video conferencing here today, Smt. Sitharaman announced much-needed relief measures …

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Reserve Bank of India (RBI) – Policy measures to address Financial Stress by Corona Virus : 27-03-2020

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Reserve Bank of India (RBI) has proactively announced several policy measures to address the stress in the Financial System as an impact of the Corona Virus (COVID19) including:- (i) expanding liquidity in the system sizeably to ensure that financial markets and institutions are able to function normally in the face of COVID-related dislocations; (ii) reinforcing …

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EQUALISATION LEVY ON E-COMMERCE OPERATORS – FINANCE ACT, 2020

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Equalisation Levy was introduced in the Finance Act, 2016, to charge/ levy tax, on consideration received or receivable on certain specified services like online advertising and marketing service, provided by non-resident service providers to a resident in india or non-resident having a permanent establishment in india. The liability for payment of Equalisation Levy was on …

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NOT FILLING GST RETURNS – WHAT ACTION DEPARTMENT WILL TAKE?

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The Central Board of Indirect Taxes and Customs (CBIC) have issued standard guidelines for the field formations of Goods and Services Tax, for dealing with cases where the Dealers or Registered Persons are not filling their GST Returns vide Circular No. 129/48/2019-GST dated 24-12-2019. (The verbatim of the Circular is reproduced below for ready reference) To, The Pr. Chief …

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NOT RECEIVED INCOME TAX REFUND : STEP-BY-STEP PROCESS FOR REFUND RE-ISSUE REQUEST

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This is a very common problem faced by many taxpayers, that they have not received their Income Tax Refund. There may be number of reasons for refund not issued or refund failure including (but not limited to) providing a wrong bank account details in the Income Tax Return. The Income Tax Department has issued a …

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TAX INCENTIVES FOR ACCELERATING ECONOMIC GROWTH : 20-09-2019

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The Government of India has decided to give a major boost to the Economy and revive the Economy from an impending Slow Down with an emphasis for promoting Make In India, manufacturing activities, boost to investor confidence in Equity Market and relief on Buy Back of Shares by the Company.   The government is firm in …

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FAQs on Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019

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Q 1. Who is eligible to file declaration under the SABKA VISHWAS (LEGACY DISPUTE RESOLUTION) SCHEME, 2019? Ans. Any person falling under the following categories is eligible, subject to other conditions under the Scheme, to file a declaration:- (a) Who has a show cause notice for duty or one or more appeals arising out of …

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