India will be a much more investment-friendly nation post COVID-19 thanks to reforms introduced by the Centre. Indian Prime Minister Narendra Modi approved the formation of a cabinet of empowered government officials whose main mission is to attract investment.
Despite its negative implications, many experts feel that the outbreak of the Coronavirus has created a unique opportunity to bring new business investments to India. They also contend that the country needs to put forth a concerted effort to attract new companies and investments that would create new jobs and generate economic wealth.
As the US continues blaming Beijing for the role it played in creating the COVID-19 virus and the Coronavirus pandemic, India is now looking to attract US companies away from China and promoting India company incorporation.
Considering the detrimental effect of the COVID-19 pandemic that has led to the lockdown for over 8 weeks, Prime Minister Narendra Modi recently announced a special economic package of Rs. 20 lakh crores.
As per the Income Tax Act, 1961 Section 6 provides for the residential status of the individual based on the stay during the financial year that commences from April to March every year.