We are currently in unprecedented times and fighting constantly with a virus which cannot be seen. The fight is also unique because we are asked to do the same by staying at home. The virus even though cannot be seen with naked eye, the impact it can create is being experienced. The aftermath is going to cost many of our dreams. Times like these, call for indomitable positivity and only such measures can help us navigate through this pandemic. I wish and pray that every one of us should be impacted at the minimum possible and situation may be restored to normalcy at the earliest.
At times like these, in order to demonstrate the positivity and optimism, I have asked our team to work on the journal. In this edition, we have discussed the provisions of ‘Corporate Social Responsibility’ in COVID times. The said article deals with the CSR Obligations and also deals with recent notifications/clarifications issued by MCA.
I am glad that the MCA has clarified that the donations made to PM CARES Fund, will be eligible as amounts spent under the CSR Obligations. Further, the Ministry of Finance also amended the provisions of Section 80G, thereby allowing donations to PM CARES Fund as eligible as deduction. Both the said moves are in right direction and helpful in garnering resources for the country.
I also take this opportunity and appeal all our clients to contribute generously to the PM CARES Fund, Chief Minister’s Relief Fund and also not to forget to support who are dependent on us.
The article on LLP Settlement Scheme and Companies Fresh Start Scheme deals with various provisions of the said scheme and I urge all clients who were not complying with filing of various forms for various reasons to take this opportunity and get complied.
The article on Interest on Credit ‘availed’ but not ‘utilised’ – Resurrection of Conflict – ‘Or vs ‘And’ deals with the future litigation pertaining to cases where credit was availed but not utilised. The said issues acquired finality under the service tax era by way of amendment, but the said amendment was not carried in the GST laws. This takes us to the litigation which was existing in pre-amendment period in service tax era which has not been concluded as on date.
The article ‘Residence in India – A New Colour by Finance Act, 2020’ deals with amended provisions of Section 6 of Income Tax Act. The new provisions lays down a shorter duration test for a citizen or PIO to qualify as resident if his Indian total income exceeds specified limit. Further, the deeming provisions stating that an individual shall be treated as resident if he is not a resident of any jurisdiction is dealt in the article.
I hope that you will have good time reading this edition and please do share your feedback. I will also urge clients to mail us topics or issues on which you want us to deliberate in our future editions, so that we can contribute to the same.
Key Topics:
COMPANIES ACT
-
Corporate Social Resposibility (Csr) - The Need Of The Hour To Combat Corona
-
Companies Fresh Start Scheme, 2020 (Cfss) And LLP Settlement Scheme, 2020
DIRECT TAXATION
- Residence in India - A New Colour by Finance Act, 2020
GST
- Interest on Credit ‘availed’ but ‘not utilised’ — Resurrection of Conflict – ‘Or’ vs ‘And’
