Category: Others

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

An elite MNC CA firm has explained the strategy that it intends to follow to overcome the hurdles posed by the CoronaVirus slowdown

The Finance Act 2020 received the assent of the President on the 27th March, 2020, and is now available for download

The Finance Ministry has issued a press release in which it has detailed all of the several relief measures announced today relating to Statutory and Regulatory compliance matters across Sectors in view of COVID-19 outbreak

The Principal Chief Commissioner of Income-tax, Mumbai, has addressed a letter dated 22nd March 2020, requesting the CBDT to extend the due date of limitation under the Income-tax Act, 1961, in view of the disruption caused by the CoronaVirus

The AIFTP has announced that it will file a Writ Petition before the Hon’ble Delhi High Court to challenge the inaction of the Government in the matter of extending the due date of 31st March 2020 for making payment under the Vivad Se Vishwas Act. It is pointed out that as the Act was enacted on March 18, 2020 with less than 10 working days from the cut-off date, it is virtually impossible for taxpayers to receive a certificate under the VSV Act from the designated authority to make the payment in full and final settlement of tax disputes. This is not only unfair to the tax payers but also will defeat the intention and purpose of this legislation

The Income Tax Department has issued detailed instructions on how to fill up the declaration forms specified under The Direct Tax Vivad Se Vishwas Rules, 2020. A copy is available for download.

The AIFTP has addressed a letter dated 18th March 2020 to the Finance Minister in which it has requested for a three month extension of the due date for paying the disputed tax. It is pointed out inter alia that the spread of the Covid19 virus has adversely affected the morale of the taxpayers and their financial ability to make payment

The Ministry of Finance has vide Notification dated 18th March 2020 notified the Direct Tax Vivad Se Vishwas Rules, 2020 and the Form for filing declaration. A copy is available for download