Statutory Updates on COVID-19

Announcements and changes

Relaxations announced by Ministry of Corporate Affairs due to Covid-19 - Policy related changes

Relaxations announced by Reserve Bank of India due to Covid-19 – Policy related changes

Telecom Regulator Authority of India (TRAI) has initiated online Open House Discussions (OHDs) in the form of video conferencing

Date: 06 May 2020

The government plans to split the next telecom spectrum auctions by offering 4G airwaves sometime this year and 5G probably only in 2021

Date: 13 May 2020

Telecom Regulatory Authority of India (TRAI) has issued an Advisory to public for exercising due care while joining online conference platforms through audio calls

Date: 11 May 2020

Policy related changes announced under the Foreign Trade Policy

Relaxations announced by Securtities and Exchange Board of India due to Covid-19 – Changes in Law

Relaxations announced by Ministry of Corporate Affairs due to Covid-19 – Changes in Law

Relaxations under Foreign Exchange Management Act (FEMA) due to Covid-19 – Changes in Law

Relaxations announced by Reserve Bank of India due to Covid-19 – Changes in Law

SEBI increases creeping acquisition limit up to 10% for acquisition of shares by promoters through preferential issue without making an open offer under Takeover Code

Prime Minister lends helping hand to poor

Fiscal relief measures under GST due to COVID-19 outbreak

Fiscal relief measures announced under Customs due to COVID-19 outbreak

Restarting India: COVID-19 fiscal measures  

The Central Board of Direct Taxes, vide notification number 56/2020 dated 29 July 2020, has further extended the due date of filing revised/belated income-tax return for financial year 2018-19 from 31 July 2020 to 30 September 2020.

Government announces tax reliefs in first tranche of special economic, comprehensive package of INR 20,000 billion

Date: 14 May 2020

Glimpses of “The Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020”

Date: 2 April 2020

COVID 19 - Extension of Nil or Lower TDS /TCS Certificate to 30 June 2020

Date: 31 March 2020

Relaxation of tax and regulatory compliance timelines due to COVID-19 outbreak

Date: 25 March 2020

Relaxations announced by Ministry of Corporate Affairs due to Covid-19 – Compliance and Timelines

Relaxations announced by Securtities and Exchange Board of India due to Covid-19 – Compliance and Timelines

Relaxations announced by Reserve Bank of India due to Covid-19 – Compliance and Timelines

Relaxations under Foreign Exchange Management Act (FEMA) due to Covid-19 – Compliance and Timelines

Relaxations announced by Insolvency and Bankruptcy Board of India due to Covid-19 – Compliance and Timelines

Relaxations announced by Insolvency and Bankruptcy Board of India due to Covid-19 – Compliance and Timelines

Relaxations announced by Competition Commission of India (CCI) due to Covid-19

Telecom Alert | Delivering Clarity

The Department of Telecommunications (DoT) provides relaxation in the Terms & Conditions of Other Service Provider (OSP) regulations

Date: 15 April 2020

Telecom Alert | Delivering Clarity

The Department of Telecommunications (DoT) highlights preventive measures to contain the spread of COVID-19

Date: 17 April 2020

Telecom Alert | Delivering Clarity

Telecom Regulator Authority of India (TRAI) has recommended that Telecom Service Providers (TSPs) extend their prepaid offers

Date: 26 April 2020

Tax Alert | Delivering clarity

CBDT issues Circular relaxing residency conditions for individuals stranded in India due to COVID-19 lockdown

Date: 11 May 2020

Order extending the validity of Form 15G/15H

Tax Alert | Delivering clarity

Relief measures announced by FM on reduction in contribution of provident fund on account of COVID-19

Date: 20 May 2020

Pradhan Mantri Garib Kalyan Yojana (PMGKY)

Circular on partial withdrawal of PF

Extended time period for remittance of PF contributions and separation of ECR challan; No proceedings for levy of penal damages for delay in deposit of dues

Circular on partial withdrawal of NPS

Grant of consular services to foreign national stranded in India

Tax Alert | Delivering clarity

Relaxation of tax and regulatory compliance timelines due to COVID-19 outbreak

Tax Alert | Delivering clarity

Relaxation of tax and regulatory compliance timelines due to COVID-19

Tax Alert | Delivering clarity

Procedural relaxations and relief under the Customs due to COVID-19 outbreak

Tax Alert | Delivering clarity

Trade facilitation measures announced under the Foreign Trade Policy

Measures announced in India’s fight against COVID-19: 17 May 2020

ICAI releases COVID-19 FAQs on Ind AS on 6th May 2020

ICAI publishes accounting and auditing advisory on impact of COVID-19

Financial Reporting Considerations Related to COVID-19 and an Economic Downturn

Accounting considerations related to the Coronavirus 2019 Disease

Expected Credit Loss Accounting Considerations Related to Coronavirus Disease 2019

Reacting to COVID-19 in Internal Control over Financial Reporting

FASB Issues Staff Q&A on the Effects of the COVID-19 Pandemic on Cash Flow Hedge Accounting

COVID-19 accounting and reporting considerations for power, utilities, and renewables

Frequently asked questions about risks and controls in a time of crisis

Closing the books at a distance: Financial resilience during a crisis

Navigating the impact of COVID-19: Tactical financial close and reporting considerations

Accounting and Reporting Considerations for Forgivable Loans Received by Business Entities Under the CARES Act’s Paycheck Protection Program

IASB finalises amendment to IFRS 16 Leases regarding COVID-19-related rent concessions

Advisory on disclosure of material impact on COVID-19 pandemic on listed entities under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘LODR Regulations’/‘LODR’)

Extension of statutory time limits for compliances, inter alia, under income-tax law

Date: 26 June 2020

Specific changes to laws / policies

The Central Board of Direct Taxes, vide notification number 56/2020 dated 29 July 2020, has further extended the due date of filing revised/belated income-tax return for financial year 2018-19 from 31 July 2020 to 30 September 2020.

Government announces tax reliefs in first tranche of special economic, comprehensive package of INR 20,000 billion

Date: 14 May 2020

Clarification - Nil or Lower TDS/ TCS Certificates for FY 2020-21 in view of COVID-19

Date: 11 April 2020

Glimpses of “The Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020”

Date: 2 April 2020

COVID 19 - Extension of Nil or Lower TDS /TCS Certificate to 30 June 2020

Date: 31 March 2020

Relaxation of tax and regulatory compliance timelines due to COVID-19 outbreak

Date: 25 March 2020

Extension of statutory time limits for compliances, inter alia, under income-tax law

Date: 26 June 2020

CBDT issues Circular relaxing residency conditions for individuals stranded in India due to COVID-19 lockdown

Date: 11 May 2020

Order extending the validity of Form 15G/15H

Relief measures announced by FM on reduction in contribution of provident fund on account of COVID-19

Date: 20 May 2020

Pradhan Mantri Garib Kalyan Yojana (PMGKY)

Circular on partial withdrawal of PF

Extended time period for remittance of PF contributions and separation of ECR challan; No proceedings for levy of penal damages for delay in deposit of dues

Circular on partial withdrawal of NPS

Grant of consular services to foreign national stranded in India

Relaxation of tax and regulatory compliance timelines due to COVID-19 outbreak

Fiscal relief measures under GST due to COVID-19 outbreak

Relaxation of tax and regulatory compliance timelines due to COVID-19

Procedural relaxations and relief under the Customs due to COVID-19 outbreak

Fiscal relief measures announced under Customs due to COVID-19 outbreak

Trade facilitation measures announced under the Foreign Trade Policy

Policy related changes announced under the Foreign Trade Policy

Measures announced in India’s fight against COVID-19: 17 May 2020

ICAI releases COVID-19 FAQs on Ind AS on 6th May 2020

ICAI publishes accounting and auditing advisory on impact of COVID-19

Financial Reporting Considerations Related to COVID-19 and an Economic Downturn

Accounting considerations related to the Coronavirus 2019 Disease

Expected Credit Loss Accounting Considerations Related to Coronavirus Disease 2019

Reacting to COVID-19 in Internal Control over Financial Reporting

FASB Issues Staff Q&A on the Effects of the COVID-19 Pandemic on Cash Flow Hedge Accounting

COVID-19 accounting and reporting considerations for power, utilities, and renewables

Frequently asked questions about risks and controls in a time of crisis

Closing the books at a distance: Financial resilience during a crisis

Navigating the impact of COVID-19: Tactical financial close and reporting considerations

Accounting and Reporting Considerations for Forgivable Loans Received by Business Entities Under the CARES Act’s Paycheck Protection Program

IASB finalises amendment to IFRS 16 Leases regarding COVID-19-related rent concessions

Advisory on disclosure of material impact on COVID-19 pandemic on listed entities under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘LODR Regulations’/‘LODR’)

Regulatory: Key announcements

Relaxations announced by Ministry of Corporate Affairs due to Covid-19 - Policy related changes

Relaxations announced by Ministry of Corporate Affairs due to Covid-19 – Changes in Law

Relaxations announced by Ministry of Corporate Affairs due to Covid-19 – Compliance and Timelines

Relaxations announced by Securtities and Exchange Board of India due to Covid-19 – Changes in Law

Relaxations announced by Securtities and Exchange Board of India due to Covid-19 – Compliance and Timelines

SEBI increases creeping acquisition limit up to 10% for acquisition of shares by promoters through preferential issue without making an open offer under Takeover Code

Relaxations announced by Reserve Bank of India due to Covid-19 – Policy related changes

Relaxations announced by Reserve Bank of India due to Covid-19 – Changes in Law

Relaxations announced by Reserve Bank of India due to Covid-19 – Compliance and Timelines

Relaxations under Foreign Exchange Management Act (FEMA) due to Covid-19 – Compliance and Timelines

Relaxations announced by Insolvency and Bankruptcy Board of India due to Covid-19 – Changes in Law

Relaxations announced by Insolvency and Bankruptcy Board of India due to Covid-19 – Compliance and Timelines

Relaxations announced by Insurance Regulatory and Development Authority of India due to Covid-19

Relaxations announced by Competition Commission of India (CCI) due to Covid-19

Measures announced in India’s fight against COVID-19: 13 May 2020

Measures announced in India’s fight against COVID-19: 15 May 2020

Measures announced in India’s fight against COVID-19: 16 May 2020

Measures announced in India’s fight against COVID-19: 17 May 2020