Relaxations granted by SEBI during COVID-19

COVID-19 – Relaxations granted by the Securities Exchange Board of India (SEBI)

The global outbreak of coronavirus (COVID-19) is an unprecedented event and it has led to lockdowns and unexpected restrictions on the public as well as the corporate sector across the world. Regulatory authorities have granted several relaxations to assist businesses to cope with the compliance burden and economic distress. Let’s discuss herein below a few relaxations granted by the Securities and Exchange Board of India (SEBI) 1. Extension for Disclosure Filings under the SEBI Takeover […]

COVID-19: Relaxation on Residential Status under IT Act

COVID-19: Relaxation on Residential Status under Income Tax Act, 1961

The Central Government vide Circular dated May 8, 2020 has provided relaxation on residential status of the individuals under Income-tax Act, 1961 Section 6 of the Income Tax Act deals with the provisions determining the residential status of a person based on his/her stay in India. Any Individual who stays for a period of 182/ 60 days (Subject to other conditions) or more in any year becomes resident of India and liable to become taxable […]

COVID-19: Relaxations introduced by the Ministry of Corporate Affairs (MCA)

The Government of India (GOI), in order to control the spread of COVID-19, has announced complete lockdown in entire nation since March 24, 2020. Keeping in mind the consequences of COVID-19, the Ministry of Corporate Affairs (MCA) has also introduced certain relaxations and extension of timelines for filing to the companies. Mostly Companies has provided ‘Work from Home’ facility. But due to difficulties faced in co-ordination and lack of office facilities, timely statutory compliance by […]

Relaxations for GST return filing

COVID-19: Government announces relaxations for GST return filing

Taxpayers are facing many difficulties in meeting their regular compliances due to COVID-19 pandemic. Keeping into consideration the severe consequences of COVID-19, the Government of India (GOI) has announces relaxations and several relief measures for GST Return filing to lower the compliance burden on the taxpayers. In the context of the same, the Government has introduced following relaxations in relation to GST return filing, due dates, wavier of late filing fees and penalty, revised return, […]

PM Modi Launches CHAMPIONS: Technology Platform to empower MSMEs

COVID-19: Relaxations introduced by Government relating to the Income Tax and Insolvency & Bankruptcy Code, 2016

The spread of COVID-19 is increasing daily severely affecting the economy and lives of the people worldwide. The Government of India is working on relief measures and benefit packages to overcome the impact of the COVID-19 on the economy. The Finance Ministry has granted some regulatory relaxations related to both Direct and Indirect taxation which are stated as below: 1. Deadline extended for income-tax filing: Timeline for filing delayed and revised tax returns for FY […]