To further ease the process of doing business and for lesser compliance under GST, The Central Board of Indirect Taxes & Customs on 10th of Nov, 2020 notified.

For every Charitable and Religious Organizations registered under whatever relevant Acts, the registration under section 12A was necessary to claim exemption under Income Tax Act.

The Ministry of Corporate Affairs (MCA) has granted 3 months extension to Companies for holding Annual General Meeting (AGM) for the Financial Year 2019- 20.

Vide the Notification No. 35/2020 dated 24.06.2020 Central Board of Direct Taxes extended various time limits under the Direct Tax & Benami laws related to AY 2019-20 and 2020-21. .

There is no change in the due date i.e. 30 April 2020 for payment of TDS for the month of March 2020.

As part of direct tax measures under Aatmanirbhar Bharat Abhiyaan, Finance Minister Ms. Nirmala Sitharaman has announced Reduction in Rates of Tax Deduction at Source (TDS) and Tax Collected at Source (TCS).

Delivering the economic package, part of the Aatmanirbhar Bharat Abhiyaan, Finance Minister Ms. Nirmala Sitharaman today announced revisions in the definition of Micro Small and Medium Enterprises (MSME).

Union Finance Minister Nirmala Sitharaman announced different measures as part of the Prime Minister Narendra Modi’s Rs. 20 lakh crore ‘Atmanirbhar Bharat (self-reliant India)’ package to help the country fight back the economic standstill, caused due to the COVID-19 pandemic.

Key demands/suggestions across the sectors and industry at this current standstill or rather worsening economic conditions obviously include: improving liquidity; cutting duties and taxes; expediting tax refunds; halt on tax scrutinies; pausing of tax litigations; and extension of tax returns filing timelines.

31 March 2020 - The last date of 31 March 2020 for filing the income tax return for AY 2019-20 (FY 2018-19) has been extended to 30 June 2020. The extension applies to the filing of original return and revised returns.

Vide the Ministry’s Circular No. 12/2020, dated 30th March 2020, in order to facilitate the companies registered in India to make a fresh start on a clean slate the Ministry of Corporate Affairs (MCA) has introduced a scheme named ‘COMPANIES FRESH START SCHEME 2020’ (CFSS 2020) the salient features of which could be dotted down as follows:

Finance Minister Nirmala Sitaram announced several relief measures relating to Statutory and Regulatory compliance matters in view of COVID-19 pandemic. In order to give effect to these announcements, the government has brought in an Ordinance on 31.03.2020 which provides for extension of various time limits under Income Tax, GST, Customs & Central Excise.

With a view to ease the financial stress caused by COVID-19 disruptions and to help borrowers tide over the liquidity issues due to the pandemic, Reserve Bank of India (RBI) instructed all banks and other financial institutions to provide a moratorium of three months for all Term Loan Equated Monthly Instalments (EMIs) which are due for payment between 1 March and 31 May 2020.

On 3rd January 2020 Central Board of Direct Taxes has notified two forms ITR-1 and ITR-4 for the ensuing Assessment Year 2020-21.