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IMPACT OF COVID-19 ON FINANCIAL REPORTING

COVID-19, an infectious disease caused by a novel Coronavirus is exponentially spreading illness and causing deaths to citizens throughout the globe and has been recognized as a global pandemic by the WHO. COVID-19 has not only affected the health of people across the globe and it has also caused severe disturbances in the global economic environment which has consequential impact on financial statements and reporting.


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Taxation Scheme for Salaried Employees (Financial Year 2020-21)

As you all must be well aware of the New Taxation Regime introduced by the Finance Act, 2020 by insertion of section 115BAC in the Income Tax Ac, 1961. Now, there is a lot of confusion going around regarding this and a number of questions produced below remained unanswered as of now-


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Tax Deducted at Source (TDS) Rates Applicable from 01st April, 2020

The concept of TDS was introduced with an aim to collect tax from the very source of income. As per this concept, a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government. The deductee from whose income tax has been deducted at source would be entitled to get credit of the amount so deducted on the basis of Form 26AS or TDS certificate issued by the deductor.


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GST due date extension and other relief due to COVID-19

Keeping in view the preventive measures taken to contain the spread of Novel Coronavirus (COVID-19) and the difficulties being faced by the GST taxpayer, Ministry of Finance, Department of Revenue, Central Board of Indirect Taxes & Customs, has provided relief to taxpayers and also extended the due date for Filing GST Returns


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COVID-19 Relaxation to Businesses and individuals

Keeping in view the preventive measures taken to contain the spread of Novel Coronavirus (COVID-19) and the difficulties being faced by the taxpayers and Companies, Our Union Finance Minister Nirmala Sitharaman has provided relief in due dates relating to various statutory, regulatory compliance such as Income Tax, GST, and Corporate Affairs, Export, Customs, Call to Action on PM Cares Fund. The key announcements are as follows:


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Corporate Social Responsibility (CSR) under Section 135 of Companies Act 2013

The Ministry of Corporate Affairs has notified Section 135 and Schedule VII of the Companies Act 2013 as well as the provisions of the Companies (Corporate Social Responsibility Policy) Rules, 2014 to come into effect from April 1, 2014. Corporate Social Responsibility (CSR) defines as an organization’s sense of responsibility towards the environment and community which it operates. Companies can fulfil this responsibility by contributing to CSR funds.


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Compliance Calendar 20-21

As we proceed towards new Financial Year, Radiwis Consulting brings you the year-round compliance calendar for 2020. This article lists out the important due dates for all statutory and regulatory compliances for private limited company, LLP and Individuals. Not sticking to compliance can damage both the company and its customers. Click on link below to add Google Calendar of important due dates for all statutory and regulatory compliances. Stay alert and stay updated.


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LLP Settlement Scheme, 2020

Ministry of Corporate affairs vide its General Circular No. 6/2020 dated 04th March,2020 notified ‘LLP settlement Scheme, 2020‘ in continuation with the same MCA has Modified the said Scheme vide its General Circular No. 13/2020, dated 30th March, 2020, to allow Limited Liability Partnerships registered in India in filing statutorily required documents with the Registrar.


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