The Covid-19 pandemic has hit the world like a storm. From months we have been facing losses of life on a day-to-day basis. These harsh times have taken a toll on every aspect of our lives and livelihoods. As lock downs and social distancing practices have been our tools to fight against this pandemic, the same have rendered unprecedented hardships to nations economically. As the pandemic has hit businesses all over the world hard, it is imperative to act and devise strategies for allowing a systematic recovery process so that the best improvisations and adaptations are practiced to result in regaining the pre-pandemic status. In India, the body governing the Chartered Accountants has constantly been discussing the essential moves and decisions that will help maintain the best accounting standards as we learn to “ Live with the Virus ”! Navigating through the challenges for accounting stability and post-pandemic pr...
With the virtual lockdown and closure of companies amid the COVID-19 pandemic, there has been a widespread financial impact on the business sector. Like with all crisis, the uncertainty and sudden surge of the global health and safety challenge has rendered businesses to suffer a halt to their operations. In view of the recent economic and financial crisis,the central government has announced economic packages so as to help the nation recover from the losses incurred during the COVID-19 outbreak. Regarding the statutory and regulatory compliance matters for the GST and ITR filing, the central government finance ministry has extended the deadlines for the same. Coming as a necessary relief to the business suffering from the economic impact of the global corona virus pandemic, the filing of return for the months of March, April and May have been extended till June 30. As the financial experts and strategists have su...