Addressing a unique mind challenge – Tracking the current statutory deadlines
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- Last Updated on 16 October, 2021
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Ketan Ved, Samir Parekh, Avani Shetty and Hema Mamgai – [2021] 131 taxmann.com 107 (Article)
The outbreak of the COVID-19 pandemic across the globe has raised many fundamental challenges for economies and administration of the world, the primary being that of saving human lives. India had also enforced a nationwide lockdown followed by regular state-wise guidelines on restrictions imposed. The partial lockdown is still in effect across many places.
The lockdown has severely affected various sectors of the economy. The pandemic has cast its shadow across various economic activities, resulting in dislocation of global production, supply chains and trade.
The restriction in movement and activities has also affected the ability to undertake regular compliances and meeting statutory deadlines. The government and various regulatory bodies have been mindful of these challenges and therefore, have liberally extended statutory and regulatory compliances on a need basis periodically. The relaxation granted includes postponement of deadlines for various statutory compliances, reduced interest rates for delayed payment of taxes, temporary reduction in withholding tax rates, etc.
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