The CBDT has vide Circular No.10 /2020 dated 24th April, 2020 stated that in view of the prevailing situation due to COVID-19 pandemic across the country, the reporting under clause 30C and clause 44 of the Tax Audit Report shall be kept in abeyance till 31 st March, 2021
Some eager-beaver IRS officers have landed themselves in hot water by circulating a document titled “FORCE 1.0” (Fiscal Options & Response to COVID-19 Epidemic). Essentially, the recommendations are that since there will be a loss of revenue due to the Covid-19 Pandemic, more taxes should be imposed on the taxpayers, especially the affluent category.
The CBDT has vide Circular No. 9/2020 dated 22nd April 2020 provided important clarification to several queries raised by taxpayers in connection with the Vivad Se Vishwas Act, 2020
The CBDT has issued an Office Order dated 31st March 2020 u/s 119 of the Income-tax Act in which it has issued various directions and clarifications on the issue of certificates for lower rate/ nil deduction/collection of TDS or TCS u/s 195, 197 and 206C (9) considering the constraints of the Field Officers in disposing of the applications for lower or nil rate of TDS/ TCS and to mitigate hardships of payees and buyers /licensees /lessees
In order to give effect to the announcements made by the Union Finance Minister vide Press Release dated 24.03.2020, regarding several relief measures relating to statutory and regulatory compliance matters across sectors in view of COVID-19 outbreak, the govt has brought in an Ordinance on 31.03.2020 which provides for extension of various time limits under the Taxation and Benami Acts. It also provides for extension of time limits contained in the Rules or Notification which are prescribed/ issued under these Acts
The Ministry of Finance has issued a press release dated 1st April 2020 answering several FAQs relating to the decision of the Reserve Bank of India to allow Banks to declare a three-month moratorium on all term loans outstanding
The Ministry of Finance has issued a clarification of the subject of extension of the financial year ended 31st March 2020