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We hereby state that pursuant to declaration of COVID-19 as a ‘Pandemic’ by the World Health Organisation (WHO), Government Of India (GOI) has invoked the provisions of Section 2 of the Epidemic Disease Act, 1897 in order to curb the spread of COVID-19. Further, as a precautionary measure, as required to arrest the spread, various State Governments have ordered complete shut-down of shopping centres, malls, multiplexes/cinema halls, hotels, industrial and warehouse parks and private / corporate offices except those providing essential services from March 20, 2020 onwards. This has been further extended due to complete lockdown by Central Government across India until Mid April, 2020, with a possibility of further extension as exact time frame for controlling this Pandemic cannot be defined.
Over the past 2 months, COVID 19 has progressed from a regional outbreak to an acclaimed pandemic. This has created havoc not only in the day to day lives of people but also in terms of the business operations of all scales. With a view to curb further contagion, Governments across nations have issued travel advisories and have imposed restrictions, besides localised measures like shut-down of malls, multiplexes/cinema halls, large gatherings etc., to name a few.
Download the Report Read MoreThe income tax framework for Business Trusts (BTs) was first introduced in Finance (No. 2) Act, 2014. Further amendments were undertaken in Finance Act, 2015 and Finance Act, 2016. The key principle that underpinned this framework was to provide for a single level of taxation on income from the underlying assets – this tax was to be assessed on the asset owning SPV’s income; thereafter, such income when distributed by the SPV to the BTs and by the BTs to its unitholders, would not attract any further tax.
Download the Report Read MoreOver the past 2 months, COVID 19 has progressed from a regional outbreak to a pandemic. This has created havoc not only in the day to day lives of people but also in terms of the business operations of all scales. Real Estate industry which was already reeling under the slowdown pressures is now staring at a complete shutdown. Even big business houses which have the ability to sustain this, are now creating reserves for the rainy day, with no visibility of the end of this phase. The employment and livelihood of the real estate workers at every level have also been adversely impacted due to the sudden slowdown of real estate construction.
Download the Report Read MoreThe novel coronavirus outbreak began in mid-Dec 2019 in the seventh-largest city of China - Wuhan, home to over 11 million people and the capital of Hubei province. The first suspected cases were reported on 31 December 2019, and to date, over 40,000 infections have been confirmed with a death toll of over 900. While scientists do not know how lethal the new coronavirus is, they agreed the virus is spreading more like influenza than Severe Acute Respiratory Syndrome (“SARS”) and Middle East Respiratory Syndrome (“MERS”).
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