With the spread of COVID-19 causing delays in meeting various deadlines, Hon’ble Finance Minister Nirmala Sitharaman announced few significant reliefs on 24th March 2020.
INCOME TAX
- The last date to file a belated/revised income tax return for FY 2018-2019 extended from 31st March 2020 to 30th June 2020.
- Interest on late tax payment restricted to 9% instead of 12%.
- No extension in due date for payment of TDS. However, interest on late payment of TDS reduced to 9% from 18%
- Aadhar-PAN linking extended to June 30th.
- Vivaad se Vishwas Scheme 2020 extended to June 30th – No additional 10% charge.
- Due dates for issue of notices, intimation, notification, approval orders, filing of the appeal, furnishing of returns, applications, report or any other documents or any compliances INCLUDING INVESTMENTS IN SAVINGS SCHEME AND CAPITAL GAINS SCHEME, Equalisation levy, etc has been extended to 30th June 2020
GOODS & SERVICE TAX
- The last date for filing of GSTR-3B for the month of March, April, May extended to 30th June 2020.
- For businesses having turnover <= 5 Crores – no interest, penalty, the late fee shall be levied.
- For businesses having turnover > 5 Crores – interest at a reduced rate of 9% shall be charged but no late fees or penalty fees.
- The last date for opting for composition scheme extended till 30th June 2020.
- The due date for issue of notice, notification, approval order, sanction order, filing of an appeal, furnishing of return, statements,
applications, reports, any other documents, the time limit for any compliance under the GST laws where the time limit is expiring
between 20th March 2020 to 29th June 2020 shall be extended to 30th June 2020.
CUSTOMS AND CENTRAL EXCISE
- Payment date under Sab ka Vishwas scheme extended to 30th June 2020 – no interest to be levied.
- Customs clearance to work 24*7 as an essential service until 30th June 2020.
- Sanitary import permits for shrimp broodstock or any aquaculture which were to expire by 30th March now extended 30th June 2020.
MINISTRY OF CORPORATE AFFAIRS
- MCA21 – during the moratorium period from 01st of April until 30th September no additional late fees shall be levied.
- Currently, the maximum gap between the two board meetings is 120 days. This is not extended by 60 days making it 180 days.
- Applicability of CARO 2020 deferred to FY 2020-2021
- No violation if an independent director could not hold any meeting.
- Extension in the filing of INC 20A for the newly incorporated company from 6 months to 12 months
- Residency of the director not to be treated as a violation this year, even if he or she was not in India for a period 182 days or greater.
INSOLVENCY AND BANKRUPTCY CODE
- The limit of default increased from Rs.1,00,000/- to Rs.1,00,00,000/-
- If the situation continues as it is currently even beyond April 2020, then Ministry shall consider suspending Section 7,9 & 10 of Indian Bankruptcy Code for a period of 6 months.
BANKING RELIEFS
- Debit cardholders to withdraw cash from any bank without any additional charges for the next 3 months
- There shall be no minimum balance requirement for the next 3 months
- Bank charges to be reduced for all trade, finance
GENERAL COMMERCE PRINCIPAL
- There shall be no modification of any scheme guidelines, only the extension of the timeline allowed.
To know more about our services click here. For the original press release click here.
Best accounting firm in Bangalore.
No Comments