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 […]

Reliefs granted for GST & Tax Compliance Over COVID-19 Pandemic

The union finance minister Nirmala Sitharaman has finally taken some relief measures on the basis of currently widespread coronavirus pandemic. The decisions are taken to provide relaxation to the various sectors as well as to the taxation industry. In her video conference with all the state finance ministers and panel, she has talked on all the sectors including Income Tax, GST, Customs & Central Excise, Corporate Affairs, Insolvency & Bankruptcy Code (IBC), Banking Sector and […]