Changing Role and Responsibility of CFOs – A Checklist
Covid-19 and the impact on businesses has increased the responsibilities of CFOs manifold due to the heightened risk of corporate failures, defaults in meeting financial and statutory obligations and litigation.
Reviving Indian Economy - Bold Tax Measures Required
The government has acted decisively to counter both Covid 19 crisis and protecting national sovereignty but needs to act similarly on the economic front.
In this backdrop, what should be India’s response?
The Coronavirus (COVID-19) has been rightly described as an unprecedented Human, Economic and Financial Crisis facing the world. This pandemic has resulted in widespread economic uncertainty and disruption of businesses. COVID-19 has and will have far reaching implications on financial reporting.
The The CBDT has released a series of order under Section 119 and clarification with respect to ambiguity surrounding the issue of Lower Rate / Nil Rate certificates for Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) under the provisions contained in Section 195, 197 and 206C(9) for FY 2020-21 & FY 2019-20.
The Government has issued various notifications, giving effect to relief measures recommended by Ministry of Finance vide Press Release dated 24th March 2020 in response to spread of COVID-19. The highlights as under:
The Union Finance & Corporate Affairs Minister Smt. Niramla Sitharaman announced several important relief measures taken by the Government of India in view of COVID-19 outbreak, especially on statutory and regulatory compliance matters related to several sectors.