As announced in the Statement of Developmental and Regulatory Policies on March 27, 2020, the Reserve Bank will conduct TLTROs of up to three years tenor of appropriate sizes for a total amount of up to ₹ 100000 crores. So far, TLTROs for ₹ 50,000 crores have been conducted in two tranches. It has now…
The spread of Novel Corona Virus (COVID-19) across many countries of the world, including India, has caused immense loss to the lives of people and resultantly impacted the trade and industry. In view of the emergent situation and challenges faced by taxpayers in meeting the compliance requirements under various provisions of the Central Goods and…
Due to the COVID-19 outbreak and lockdown situation prevailing in the Country, various provisions of the Companies Act, 2013 and rules made there under have already been relaxed by the Ministry of Corporate Affairs (MCA) for ease of compliance by the stakeholders. Few queries have been received from members of ISCI on the compliance of…
1. Extension of realization period of export proceeds Presently value of the goods or software exports made by the exporters is required to be realized fully and repatriated to the country within a period of 9 months from the date of exports. In view of the disruption caused by the COVID-19 pandemic, the time period…
“Keeping in view of the spread of novel Corona virus (COVID-19) in India, its declaration as a pandemic by the World Health Organization (WHO), and, decision of the Government of India to treat this as a notified disaster, it is hereby clarified that spending of CSR funds for COVID-19 is eligible CSR activity,” the notification…
Indian central bank’s monetary policy panel concluded an unscheduled meeting earlier this week to decide on measures it can take to tackle the fallout of the COVID-19. RBI cuts repo rate by 75 basis points to 4.40% and Reserve repo rate by 90 basis points to 4%to mitigate Covid-19 impact. That means that now commercial…
Finance Minister Nirmala Sitharaman announced an economic-financial package on 26th March,2020 worth Rs 1.70 lakh crore to help migrant laborers and daily wage laborers tackle the financial difficulties arising from Covid-19 outbreak. Sitharaman said: “A package is ready for the poor who need immediate help like migrant workers and urban and rural poor. No one…
In order to make regulatory regime for Nidhi Companies more effective and also to accomplish the objectives of transparency & investor friendliness in corporate environment of the country, the Central Government has recently amended the provisions related to NIDHI under the Companies Act and the Rules (effective from 15.08.2019). The amended provisions of the Companies…
Pr. DGIT (Systems) issued Notification on procedure to filing online Form 1 and Form 2 under Direct Tax Vivad Se Vishwas scheme. All the declarants filing declaration under sub section (1) of section 4 of the Direct Tax Vivad se Vishwas Rules, 2020 are required to file the declaration in Form-1 online on the e-filing…
80C came into force with effect from 1st April, 2006.Section 80C provides deductions to individuals or a Hindu Undivided Family (HUF) for savings under income tax Act 1961.Section 80C enables tax payers to claim a deduction up to Rs 150,000 from their total income earned during F.Y for those who have made suitable investment in…