Taxpayers willing to avail the direct tax dispute resolution scheme 'Vivad Se Vishwas' (VSVS) can now submit their declarations on the income tax e-filing portal. Under VSVS, taxpayers willing to settle disputes will be allowed a complete waiver of interest and penalty if they pay the entire amount of disputed tax by March 31. After March 31, an additional 10% of disputed tax will have to be paid over and above the tax liability. However, disputes related to wealth tax, commodity transaction tax, securities transaction tax and equalisation levy are not covered. The scheme would remain open till June 30.
ITC on March 19 re-entered the list of top-10 most-valued companies by market capitalisation following a jump in its share price. At the close of trade, the company's market valuation stood at Rs 1,99,072.68 crore on the BSE. Currently, ITC is at the 10th place in the m-cap ranking. The company is ahead of State Bank of India and Bajaj Finance in terms of valuation. TCS is the most-valued Indian firm with a valuation of Rs 6,13,927.66 crore, followed by RIL whose market cap is at Rs 5,81,374.22 crore.
The market collapse may not allow the Employees’ Provident Fund Organisation (EPFO) to pay the promised 8.5 percent return to its 60 million subscribers in FY20. The EPFO failed to redeem a significant amount of its investment of Rs 95,500 crore in exchange traded funds (ETFs) before March 11, when the World Health Organisation (WHO) termed coronavirus as a pandemic. After the announcement, the stock market witnessed a bloodbath, touching fresh lows every single day. In 2015, the EPFO invested in equities for the first time, with the labour ministry capping the exposure at 5-15 percent of its corpus.
All NGOs, which receive foreign funding, have been given one-time exemption of 60 days up to May 18 by the Union Home Ministry to file their annual financial statement. Ever since the Narendra Modi government came to power in 2014, the Home ministry has cancelled the FCRA registration of over 14,800 NGOs, thus banning them from receiving foreign funds. Reasons for the cancellation of the FCRA registration include financial irregularities and non-filing of annual returns on time.
The coronavirus epidemic has posed serious challenges for the F&B sector. Restaurants have witnessed a drop of 20-25% in footfalls. In the backdrop of falling revenues and footfalls, restaurateurs have been struggling to maintain their fixed overheads and other expenses. Many states including Maharashtra had announced closure of all malls, pools, movie halls and gyms till March 31 amid the spike in the number of Covid-19 cases. Restaurant body National Restaurant Association of India (NRAI) had also urged its 500,000 members to down shutters till the end of the month after the virus outbreak.