In view of the challenges faced by taxpayers due to the outbreak of Novel Corona Virus (COVID-19), the Government of India has taken several taxation measures to extend tax exemptions received by the industries.
The Government had announced a Rs. 1.70 lakh crore 'Pradhan Mantri Garib Kalyan Yojana' relief package on 26.03.2020 to combat the economic impact of COVID-19 on the poor and needy and to help them in the fight against Corona Virus.
Insurance Regulatory and Development Authority of India (IRDAI) has informed that the total number of lives covered under health insurance business (excluding Personal Accident & Travel Business) in Financial Year 2019-20 was 49.87 crore.
The Government has been contemplating on infusing more investments prioritising growth of infra and health sectors to streamline the economy. Since 2016, Government has 'in principle' approved strategic disinvestment in 35 cases.
CGST Commissionerate, Ghaziabad arrests 2 persons which led to unearthing of GST fraud involving taxable value of Rs.93 Crores (approx.) and passing of fake ITC of Rs.16 crores(approx.) involving more than 25 firms.
ICSI releases Tentative schedule for physical mode one day orientation program (ODOP) of RC / chapter of ICSI for the month of March / April 2021.
The Central Board of Direct Taxes has released the Income-tax (4th Amendment) Rules, 2021 and has made various amendments with respect to pre-filling the return of income under Rule 114(E) of the Income Tax Rules, 1962.
Department of Economic Affairs, Ministry of Finance has released the Securities and Exchange Board of India (Annual Report) Rules, 2021 and have laid down various rules with respect to the Annual Report.
The Institute of Chartered Accountants of India has extended the Condonation Scheme to regularize UDINs to 31st March 2021. Thus, all the missed UDINs between the period 1st February 2019 to 10th March 2021 can now be generated up to 31st March 2021.
The Central Board of Indirect Taxes and Customs, on receiving representations from various associations, has released a clarification on some of the issues relating to GST refunds in case of Deemed Export Supplies, Zero-Rated Supplies, and Section 89(4).
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