MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, 5th August, 2022 S.O. 3703(E).—In exercise of the powers conferred by sub-clause (c) of clause (ii) of the first proviso to clause (2) of section 17 of the Income-tax Act,1961 (43 of 1961),the Central Government hereby notifies the following conditions, namely:- 1. The employee shall submit the following documents to the employer, – (i) the COVID-19..
Any family receiving ex-gratia amount on account of death of a family- member due to Covid 19 from his employer or other person will be able to claim exemption only if the death was within a period of six months from his testing positive. Read the official notification below: MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 5th August, 2022 S.O. 3705(E).— In exercise of the powers conferred by ..
As you are aware that with the advancement of technology, our standard of life has been improved. We have developed a lot on technological front ,which help us to spend our life with ease and hassle-free. The modern technologies have provided us everything which will provide us comfort and advantage. Our wealth and earnings have been increased as well as our greed. The greed in human being is the most dangerous habit developed in recent time. The people never satisfied with what they have and tr..
The government has notified the amendment in EPF scheme rules regarding withdrawal of funds from the EPF account to deal with coronavirus-related financial exigencies. The government had allowed employees to withdraw from their provident fund account in case they needed emergency funds due to financial stress caused by the covid-19 pandemic. According to the amended rules, Under the provision, a member of the Employees’ Provident Fund Organisation (EPFO) can withdraw up to 75% of his/he..
As per the provisions of the GST (Compensation to States) Act, 2017, GST compensation for financial years 2017-18, 2018-19 and 2019-20 has already been paid to the States. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Rajya Sabha today. The Minister further stated that the economic impact of the pandemic has led to higher compensation requirement due to lower GST collection and at the same time lower collection of GST compensa..
Union Budget 21-22 provided capital outlay of Rs. 5.54 lakh crore, an increase of 34.5% over Budget Estimate of FY 2020-21, to boast economy after COVID-19 pandemic To initiate infrastructure development to boost the economy after COVID-19 pandemic, Union Budget 2021-22 has provided a capital outlay of Rs. 5.54 lakh crore, an increase of 34.5% over Budget Estimate of FY 2020-21. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Lo..
COVID-19 is likely to materially impact the financial position and statutory Compliances of many Corporates in India. It is therefore important for directors, whether executive, non-executive or independent directors and the management of each company to consider whether there are additional circumstances to assess before they signing on financial statements and report by the Board of Directors (“Board") for the financial year (FY) 2020-21, especially considering the impact that COVID..
The COVID 19 pandemic has bought unprecedented changes and uncertainties in the in the business environment. It had disrupted lives / labour force, business operations, insolvency risks, resulted in inflation and supply chain. Although the companies are gearing up after a prolong lockdown and uncertainty, from the perspective of internal audit, there are certain additional risks which the internal auditors need to consider while doing the audit of any organization. In most of the cases, it is im..
Dear Friends We are going through an turbulent and unprecedented period of COVID-19 pandemic. This deadly virus have claimed more than 42.9 lakhs lives all over World. All over world has affected and loss of lives ,loss of employment, closure of various organization, business brought economies of various countries at their knees. India has also suffered badly and we have seen in cities and towns panic situations in hospitals of the people fighting with this deadly virus. The death toll ..
Corporate Laws & Corporate Governance Committee The Institute of Chartered Accountants of India 31st July, 2021 ANNOUNCEMENT Sub: Clarification on spending of CSR funds for COVID-19 Vaccination The Ministry of Corporate Affairs had earlier clarified vide its circular dated 23.03.2021 that spending of CSR funds for CoVID-19 is an eligible CSR Activity. In view of the continued spread of Corona Virus and in continuation to the aforesaid clarification, the Ministry has further cla..
The COVID-19 epidemic has temporarily affected various sectors including Micro, Small and Medium Enterprises in the country. Economic activity contracted due to the strict lockdown measures imposed by the Government. This contraction has also had impact on the MSME sector. Studies have been conducted by National Small Industries Corporation (NSIC) and Khadi and Village Industries Commission (KVIC) to assess the impact of COVID-19 Pandemic on MSMEs including units set up under Prime Minister&r..
Short Summary In this editorial, the author shall discuss the Quick bites on Annual General Meeting & Extension due to COVID 19. In this editorial we have attempted to clarify all those questions relating to the same. QUICK BITES 1. What is an Annual General Meeting (AGM)? An Annual General Meeting (AGM) is a mandatory yearly gathering of a company's shareholders. At an AGM, the directors of the company present an Annual report containing information for the shareho..
Short Summary Ministry of Corporate Affairs Due to COVID pandemic has given some relaxations to Companies. We are producing here all the relaxation at one place which are into effect as on date i.e. 25th June, 2021 Like: waiver of additional fees, extra time for filing of forms, holding of BM or GM through VC etc. Relaxation I A. Holding of EOGM through VC The MCA vide below mentioned circulars first time allowed Companies to hold their Extra Ordinary General Meeting throug..
The Ministry of Corporate Affairs (MCA) primarily administers the provisions of the Companies Act, 2013 (the Act), the Limited Liability Partnership Act, 2008 and the Insolvency and Bankruptcy Code, 2016. This was stated by Minister of State for the Ministry of Corporate Affairs Shri Rao Inderjit Singh in a written reply to a question in the Rajya Sabha today. The Minister enumerated various measures taken by the MCA to address the COVID-19 Pandemic are as under The Companies ..
The Government has decided to provide income tax exemption to the amount received by a taxpayer for medical treatment from an employer or from any person for treatment of COVID-19 during the financial year 2019-20 and subsequent years. This was stated by Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in the Lok Sabha today. The Minister stated that Income-tax exemption shall be provided to the amount received by a taxpayer for medical treatment from an em..
36,191 new companies incorporated from April to June 2021; an increase of 17,223 new Companies Several steps taken by Ministry of Corporate Affairs during COVID-19 Pandemic The number of new companies incorporated in the Country under the provisions of the Companies Act, 2013 from April 2021 to June, 2021 is 36,191 as compared to 18,968 number of new companies in the corresponding period of last year which is an increase of 17,223 number of new Companies. This was stated by Minis..
Recognizing that efficient and expeditious release of temperature-sensitive vaccines would be a critical requirement in the collective fight against the COVID-19 pandemic, CBIC has proactively put in place a COVID Response Plan (CRP) (Annexed herewith) for speedy clearances of COVID-19 vaccines at all major airports. CRP provides for setting up of wherein a COVID-19 Vaccine Response Team (CVRT) at each Air Cargo/Courier Terminal. The CVRT will function as a single point of..
The Union Finance Minister, Smt. Nirmala Sitharaman ji in a Press Conference held on 28th June, 2021 has announced the following economic relief packages: Rs 1.1 Lakh Crore Loan Guarantee Scheme for COVID Affected Sectors Additional Rs 1.5 Lakh Crore for Emergency Credit Line Guarantee Scheme (ECLGS) Credit Guarantee Scheme to Facilitate Loans to 25 Lakh Persons Through Micro Finance Institutions (MFIs) Reviving Tourism: Financial support to more than 11,000 Registered Tourist Guides..
NOTIFICATION Sub: Course Fee Waiver Scheme for CMA Students who lost earning parent/guardian due to COVID-19 The Council has granted a course fee waiver scheme in the form of scholarship to the aspiring CMA students at Intermediate and/or Final level who unfortunately lost their father or mother or guardian due to COVID 19, who were earning member of their family. The fee waiver scheme shall be applicable subject to production of proper evidence by the concerned CMA students in this regard..
Economic Relief From Pandemic 1.1 Lakh Cr Loan Guarantee Scheme for COVID Affected Sectors Health Sector: Rs. 50,000 crore Aimed at up scaling medical infrastructure targeting underserved areas. Guarantee cover for expansion and new projects related to health/medical infrastructure in cities other than 8 metropolitan Guarantee coverage: 50% for expansion & 75% for new projects For Aspirational Districts, guarantee cover of 75% for both new projects and Maximum loan: 100 ..