The COVID-19 pandemic marks an unprecedented time in modern history that will require the best of humanity to overcome. Little would have we realised the unfolding of epidemic like this, which situation is yet unfolding, and have brought the economic momentum to a much lower trajectory. Situation like this would need support to collaborate with the government initiatives to scale up governmental efforts to help those in distress. At this moment, the affected people in India will need help to tide over the viral disease, and in this scenario, ICAI has decided to stand with our distressed fellow countrymen, and actively participate in the national effort to support them at this difficult time. Due to the ongoing lockdown, much needed on the ground of social distancing and therefore ‘stay home’ advisory from the government; some of our fellow countrymen will need extensive support from the government. Further, we need to contribute to the government initiatives to bolster necessary infrastructure and human ware to fight this epidemic.

To provide much-needed relief for the people affected by the viral disease and those who are in distress; ICAI appeals to all its Members and Students to donate generously for this noble cause through the link (click here).

Donations can be made through Demand Draft, Cheque, RTGS and online mode; offline collections in form of cheques/demand draft should be given in the name of “ICAI COVID 19 Relief Fund”. All such offline contributions can be made in the ICAI Bank Account having the following details:

https://www.icai.org/new_post.html?post_id=16403&c_id=240

 

 

    Instructions to Members for filing claims u/p 68 L
    A Eligibility to file online claim for the purpose “Outbreak of pandemic (COVID-19)”
    1. UAN should be activated.
    2. Verified Aadhaar should be linked with UAN
    3. Bank Account with IFSC code should be seeded with UAN
    B Eligible Amount
    Upto 75% of PF balance (Employee share and Employer Share) or 3 months PF wages or the claimed
    amount by the member whichever is the least.
    C. How to file online advance claim for the purpose “Outbreak of pandemic (COVID-19)”
    1. Login to Member Interface of Unified Portal (https://unifiedportal-
    mem.epfindia.gov.in/memberinterface)
    2. Go to Online Services>>Claim(Form-31,19,10C & 10D)
    3. Enter last 4 digits of your Bank Account and verify
    4. Click on “Proceed For Online Claim”
    5. Select PF Advance (Form 31) from the drop down
    6. Select purpose as “Outbreak of pandemic (COVID-19)” from the drop down
    7. Enter amount required and Upload scanned copy of cheque and enter your address
    8. Click on “Get Aadhaar OTP”
    9. Enter the OTP received on Aadhaar linked mobile.
    10. Claim is submitted

    https://unifiedportal-mem.epfindia.gov.in/memberinterface/

    (https://unifiedportal-mem.epfindia.gov.in/memberinterface)

    • IMG-20200329-WA0011
      IMG-20200329-WA0011

    Clarification on contribution to PM CARES Fund as eligible CSR activity under item no. (viii) of the Schedule VII of Companies Act,2013(40 KB)

    eF. No. CSR-05/1/2020-CSR-MCA
    GOVERNMENT OF INDIA
    MINISTRY OF CORPORATE AFFAIRS
    5
    th floor, A Wing, Shastri Bhawan,
    Dr. R.P. Road. New Delhi-110001
    28.03.2020
    OFFICE MEMORANDUM
    Subject: Clarification on contribution to PM CARES Fund as eligible CSR activity
    under item no. (viii) of the Schedule VII of Companies Act, 2013.
    The Government of India has set up the Prime Minister’s Citizen Assistance and
    Relief in Emergency Situations Fund’ (PM CARES Fund) with the primary objective of
    dealing with any kind of emergency or distress situation such as that posed by COVID
    19 pandemic.
    2. Item no. (viii) of the Schedule VII of the Companies Act, 2013, which enumerates
    activities that may be undertaken by companies in discharge of their CSR obligations,
    inter alia provides that contribution to any fund set up by the Central Government for
    socio-economic development and relief qualifies as CSR expenditure. The PM-CARES
    Fund has been set up to provide relief to those affected by any kind of emergency or
    distress situation. Accordingly, it is clarified that any contribution made to the PM
    CARES Fund shall qualify as CSR expenditure under the Companies Act 2013.
    3. This issues with the approval of competent authority.
    (Gyaneshwar Kumar Singh)
    Joint Secretary to Govt of India www.mca.gov.in

      I

      In a matter of months, the world has been transformed. Thousands of people have already died, and hundreds of thousands more have fallen ill, from a coronavirus that was previously unknown before appearing in the city of Wuhan in December 2019. For millions of others who have not caught the disease, their entire way of life has changed by it.

      The streets of Wuhan, China, are deserted after authorities implemented a strict lockdown. In Italy, the most extensive travel restrictions are in place since World War Two. In London, the normally bustling pubs, bars and theatres have been closed and people have been told to stay in their homes. Worldwide, flights are being cancelled or turning around in mid-air, as the aviation industry buckles. Those who are able to do so are holed up at home, practicing social distancing and working remotely.

      It is all aimed at controlling the spread of Covid-19, and hopefully reducing the death toll. But all this change has also led to some unexpected consequences. As industries, transport networks and businesses have closed down, it has brought a sudden drop in carbon emissions. Compared with this time last year, levels of pollution in New York have reduced by nearly 50% because of measures to contain the virus.

      In China, emissions fell 25% at the start of the year as people were instructed to stay at home, factories shuttered and coal use fell by 40% at China’s six largest power plants since the last quarter of 2019. The proportion of days with “good quality air” was up 11.4% compared with the same time last year in 337 cities across China, according to its Ministry of Ecology and Environment. In Europe, satellite images show nitrogen dioxide (NO2) emissions fading away over northern Italy. A similar story is playing out in Spain and the UK.

      Only an immediate and existential threat like Covid-19 could have led to such a profound change so fast; at the time of writing, global deaths from the virus had passed 20,000, with more than 400,000 cases confirmed worldwide. As well as the toll of early deaths, the pandemic has brought widespread job losses and threatened the livelihoods of millions as businesses struggle to cope with the restrictions being put in place to control the virus. Economic activity has stalled and stock markets have tumbled alongside the falling carbon emissions. It’s the precisely opposite of the drive towards a decarbonised, sustainable economy that many have been advocating for decades.

      A global pandemic that is claiming people’s lives certainly shouldn’t be seen as a way of bringing about environmental change either. For one thing, it’s far from certain how lasting this dip in emissions will be. When the pandemic eventually subsides, will carbon and pollutant emissions “bounce back” so much that it will be as if this clear-skied interlude never happened? Or could the changes we see today have a more persistent effect?

      You might also like:

      The first thing to consider, says Kimberly Nicholas, a sustainability science researcher at Lund University in Sweden, is the different reasons that emissions have dropped. Take transport, for example, which makes up 23% of global carbon emissions. These emissions have fallen in the short term in countries where public health measures, such as keeping people in their homes, have cut unnecessary travel. Driving and aviation are key contributors to emissions from transport, contributing 72% and 11% of the transport sector’s greenhouse gas emissionshttps://www.bbc.com/future/article/20200326-covid-19-the-impact-of-coronavirus-on-the-envi

      https://www.bbc.com/future/article/20200326-covid-19-the-impact-of-coronavirus-on-the-environment

      G

         

        f. No. : G/128/03/2020 March 25, 2020
        OFFICE ORDER NO. 74/2019-20
        Closure of all offices of the Institute to control the spread of Novel Coronavirus (COVID-19)
        Further to earlier Office Orders issued in this connection, in pursuance of Office Memorandum dated
        24th and 25th March, 2020 issued by the Ministry of Corporate Affairs, Government of India, it has
        been decided that all offices of the Institute viz. Headquarters, Delhi Office, all Regional Councils,
        Chapters, Centres of Excellence, Extension Centres, CMA Support Centres, ROCCs, offices of the IPA,
        RVO, AAT & MARF shall remain closed for a period of 21 days with effect from 25th March 2020, or
        until further orders. Officers/employees/outsourced/contractual personnel of all these offices shall
        continue to work from home and will be available on telephone and other electronic means of
        communications.
        However, officers/employees/outsourced/contractual personnel whose presence is absolutely
        required in the office for compliance of finance/cash related activities may attend office purely on
        absolute requirement to dispose off the work of utmost urgency. This Office Order along with official
        identity card shall be treated as an authorization to enable the concerned personnel to travel to the
        office and back by the law enforcement agencies. The office will arrange for necessary transport of
        the concerned personnel and opening of office as required. This arrangement will be subject to
        permission by the concerned State Government / Local Authority.

        CMA Kaushik Banerjee
        Secretary

        https://icmai.in/icmai/

        • Screenshot_2020-03-27-13-31-29-52
          Screenshot_2020-03-27-13-31-29-52

        ICAI is concerned about the impact of Coronavirus disease (known as COVID-2019  or COVID-19) on the health of people worldwide as well as on the state of economy and commerce of the world in general and on India specifically. COVID-
        19 was first reported to the World Health Organisation…

         

        source : https://www.icai.org/indexbkp.html

         

         

         

        • Screenshot_2020-03-27-11-13-04-15
          Screenshot_2020-03-27-11-13-04-15

        Prime Minister Narendra Modi on Tuesday announced complete lockdown of the entire country, as part of government’s stringent efforts to tackle coronavirus disease Covid-19.

        “Today, I am going to announce a very important measure in our fight against Covid-19. The entire country will be under lockdown from today. The complete lockdown will come into effect from midnight tonight,” PM Modi said in his address to the nation.

        This lockdown will be in place for 21 days and more stringent than Janta Curfew, he added.

        https://m.hindustantimes.com/india-news/pm-modi-to-address-nation-on-coronavirus-shortly/story-aR7ugx57A8sRiXX5MHAcpL_amp.html

          Big Four firm PwC announced on Monday that its PwC Charitable Foundation will donate new grants totaling $2.85 million to organizations supporting communities impacted by COVID-19.

          Previously, the PwC Foundation made a $350,000 grant to Project HOPE in late February to supply protective equipment for healthcare workers in the Wuhan and Shanghai provinces of China.

          PwC’s grants include:

          • $500,000 to Feeding America’s COVID-19 Response Fund. The donation will assist in mobilizing the distribution of emergency food boxes through Feeding America’s network of national food banks.
          • $500,000 to Direct Relief. Funds will go towards containing the spread of COVID-19 by obtaining and delivering protective equipment to frontline health workers at community health centers and clinics, as well as increasing the support for CHCs’ management of patients with chronic illnesses.
          • $1.5 million to address challenges local cities are facing. Funds will go towards nonprofit organizations with needs across the U.S.

          “We have never experienced a crisis like COVID-19,” said Yolanda Seals-Coffield, president of the PwC Foundation, in a statement. “The illness itself and subsequent disruption to people’s lives is dramatic and exacerbated by social distancing precautions that prevent us from getting out to volunteer as we have in the past. These donations allow us to have an immediate, positive impact while we innovate around new ways of engaging our people to give back virtually.
          https://www.accountingtoday.com/news/pwc-donates-2-85m-to-coronavirus-related-efforts

           

           

            Nirmala Sitharaman LIVE: GST, ITR filing, Aadhaar-PAN linking deadlines extended to June 30

            • Modi government is working on an economic package for industries affected by coronavirus
            • A total of 32 states and union territories are under lockdown as the number of Covid-19 cases went close to 500
             

            NEW DELHI : Union Finance Minister Nirmala Sitharaman today addressed a press conference on various statutory and regulatory compliance issues amid a complete shutdown almost all over the country to control the spread of the highly contagious coronavirus or Covid-19 infection. The finance ministry is already working an economic package to mitigate the impact of coronavirus on the Indian economy. Prime Minister Narendra Modi has also announced setting up of a task force, to be headed by Sitharaman, to look at measures to limit economic hardship caused by the COVID-19 pandemic.

            Announcements by Nirmala Sitharaman:

            -MS Mani, Partner, Deloitte India, said the extension of GST return filing timelines together with the deferment of e-invoicing and new returns announced earlier would allow businesses to focus on resumption of business processes once normalcy resumes in future. “The waiver of interest, late fees and penalties for SME’s would enable them to focus on reviving their businesses once things are back to normal

            “The extension of the Sabka Vishwas scheme to 30th June, with zero interest would be beneficial to those businesses who have past liabilities which have significant accumulated interest liabilities “

            – Comments: Archit Gupta, Founder and CEO, ClearTax, said various filing extensions and relief in compliance is essential for businesses to tide over these difficult circumstances. “Businesses must also use this time to explore ways to become more and more tech focussed. They must now move compliance completely digitally, use cloud based services, and build strong controls and systems so teams can work digitally and remotely. The situation may not improve in the near future. Hopefully, the economic package in the works will help businesses recoup from fall in revenues, which is very much likely in the coming quarter,” Gupta said.

            -Minimum balance waiver is for three months at the moment: FM

            -We are consciously monitoring the stock market thrice in a day: Sitharaman

            -All regulators, the RBI and finance ministry working together to keep monitoring volatility in stock markets: FM

            -There was a lot of pressure on people to follow the March 31 deadline and so we have extended it: FM

            -Finance ministry is working on suggestions coming from the task force. Economic package is being worked out. Sooner we shall come with an announcement on that: FM

            -Every attention being given to the economy. PM is closely monitoring situation: Sitharaman

            – Bank charges reduced for digital trade transaction for all trade finance consumers: Sitharaman

            -Go to banks only when it is absolutely required. Do online transactions

            -Minimum balance charges waived off for bank accounts: FM

            -Debit card holders who withdraw cash from any ATMs can do it free of charge for 3 months: FM

            – IBC Section 7, 9 and 10 may be suspended for six months to stop companies being forced to insolvency: Sitharaman.

            -Insolvency and Bankruptcy Code: The existing threshold of 1 lakh hiked to 1 crore. This is being done to protect MSMEs.

            – For a director in any company, less than minimum residency of 182 days, shall now not be treated as a violation: Sitharaman.

            -For newly incorporated companies: 6 more months to file commencement of business report.

            – Vivad se Vishwas tax dispute resolution scheme extended by 3 months to June 30. Those availing the scheme by the extended deadline will not have to pay 10 per cent interest on the principal amount: Sitharaman.

            -Applicability of Companies Auditors’ Report Order 2020 shifted to 2020-21: FM

            -Board meeting rules relaxed for 60 days: FM

            -Customs clearance now an essential service, till June 30th, 2020 it will be working 24/7: FM

            -For bigger companies, only interest but no late fee and no penalty for GST: FM

            – For companies with less than 5 crore turnover, no interest, late fee or penalty will be charged: Sitharaman

            -Deadline for filing March, April, May GST returns extended to June 30: Sitharaman.

            – No move to impose financial emergency as was claimed by some reports: FM

            -Vivad Se Vishwas Scheme has been extended from April 1 to June 30. No additional 10% payment: FM

            -Aadhaar-PAN linking deadline extended to 30th June: FM

            -Delayed deposits of TDS, only reduced interest rate of 9% will be charged on delayed deposits till June 2020. No extension of deadline.

            -FY 2018-19, the last date for income tax returns will be now extended to June 30: Sitharaman.

            -For delayed payments, interest rates have been cut.

            -Sitharaman to announce on bank related compliance issues.

            -FM to announce relief related to tax return filing.

            -We are very close to announcing an economic package: FM

            -FM begins press briefing through video conferencing.

            -CII has written to Prime Minister Narendra Modi seeking a fiscal stimulus of 1 per cent of the GDP amounting to 2 lakh crore to needy citizens through Aadhaar-based direct benefit transfer.

            -Industry leaders have sought fiscal and monetary stimulus measures urgently to combat the impact of coronavirus on the economy.

            -Several industry bodies have requested the government to extend the last date for filing of income tax and GST returns.

            https://www.livemint.com/news/india/nirmala-sitharaman-live-announcements