COVID -19 PANDEMIC&RELIEF UNDER INCOME TAX ACT: AN ANALYSIS

  • Dr. Jyoti M. Bhatia

Abstract

Corona virus Covid -19 has been the first Global health scare of the new decade and declared Pandemic by WHO. Post detection of Covid- 19, India invoked Section 2 of Epidemic Diseases Act and enforced advisories issued by the Union Ministry of Health & Family welfare across the country. Since the spread of Pandemic has been through community transmission, lock down was enforced Nationwide to restrict the infection amongst people. Lock down barring necessities being enforced with immediate effect has impacted 1.3 billion people. Considering the situation globally & in India, relief measures in Finance are required to revive the Economy. In the present Lockdown situation, Finance Minister came up with a relief package for tax payers and companies to tackle challenge of Corona Virus. The Financial year in India ends on March 31 every year, thereby considering Under Sec 139(1) of Income tax Act, due date of filing Income Tax return for salaried assessee is July 31 of the Assessment year. However, since the COVID-19 pandemic has led to a nationwide Lock down, it raises difficulty for Professionals and assesses to finalise financial statements and get them audited. Number of Tax payers in India is reported by CBDT to be 1.46 crores as on 2020. This paper reflects the array of measures listed to bring relief to tax payers and the assesses in the present situation.
Published
2021-08-24
How to Cite
Dr. Jyoti M. Bhatia. (2021). COVID -19 PANDEMIC&RELIEF UNDER INCOME TAX ACT: AN ANALYSIS. ACCENT JOURNAL OF ECONOMICS ECOLOGY & ENGINEERING ISSN: 2456-1037 IF:8.20, ELJIF: 6.194(10/2018), Peer Reviewed and Refereed Journal, UGC APPROVED NO. 48767, 6(6), 119-122. Retrieved from https://ajeee.co.in/index.php/ajeee/article/view/2076