Tax Practitioner Fraternity under threat – Problems & solutions

The rapidly escalating novel corona virushad claimed several thousands of victims and infected close to 42,00,000 people across132 country. Vowing not to follow in the lines of the heavily infected countries, the lockdown imposed by Indian government is an excellent move and should hopefully flatten the curve for India. The lockdown will prove to be particularly tricking for tax practitioners, Chartered accountants and company secretaries as organizations are still working from home and we professionals have minimal access to data before impending deadlines.

Few important decisions announced by our Finance minister like due date for issue of notice, notification, approval order, sanction order, filling an appeal, furnishing applications, reports, any other documents and the time limit for any complaince under the GST law, Customs Act and other Allied Laws where the time limit is expiring between March 2020 to June 2020 us extended to June 30,2020.

Tax Practitioner Fraternity under threat – Problems & solutions

Additionally, clearance under customs will be available on a 24*7 basis until June30,2020.

The Threshold like the default limit for filing insolvency and bankruptcy code has been raised from 1lakh to 1Crore.

After the lockdown ends there will be different parameters to be followed by big and medium sized companies. Certain things are non-negotiable .

There will be other elements that are easier for a small comapny, but pose significant challenges for a large company. That will put significant financial strain on a lot of organisations. So there will be a reduction of pace of Operations. So, in my view the planning we follow in making our clients more knowledgeable about the amendments and filing of the returns on time will surely make all our professionals to get bk to our normalcy of work soon.

With Best Regards,
Mr B.S.Seethapathi Rao,
Tax Consultants.

You May Also Refer:

• Corporate Compliance Calendar for the Month of May 2020
• Sale figure shown in books of accounts is not bogus Sale
• ICAI Announcement: CA exams postponed to 29th July
• Appellant eligible for TDS Credit if he has evidence of same
• Companies Appointment and Qualification of Directors Second Amendment Rules 2020
• RCM ON SALARY TO DIRECTORS