This is for all the taxpayers who must know that the financial year19 is ending on 31st March only. And also, we will let you know about Corona Relief.
A: Our Government is providing relief because of the outbreak of COVID-19. What kind of relief has been provided?
B: COVID-19 has severely impacted the business all over the country. So the Finance Minister of India has announced various relief measures regarding statutory and regulatory compliance matters in different sectors. Our discussion is based on the available press release details. We should wait till the circular or final notification gets released.
A: What is the relief offered by the Government regarding income tax in the wake of the Corona Virus?
B: March ending is extremely important for income tax. But Corona Virus is widespread across the country and the world during this time. Hence, different types of significant relief measures have been introduced by the Union Finance and Corporate Affairs Minister Smt. Nirmala Sithraman. Let’s have a look:
A: What relief has the Government provided for GST because of Corona Virus?
B: Following are the reliefs offered by our Government in the wake of COVID-19:
A: What can a taxpayer learn from this situation?
B: The financial year will close on 31st March, just like previous years. But for RBI the year-end is 30th June. Taxpayers should keep this fact in mind. They should be thankful that our Government has provided them with several preventive measures because of the COVID-19 outbreak.