News

24
Mar, 2020

Comprehensive Announcement on relief for Statutory Compliance Regulations by Hon’ble FM on March 24 2020

Comprehensive Announcement on relief for Statutory Compliance Regulations by Hon’ble Finance Minister on 24/03/2020

❖ Income Tax

• IT Returns last date for FY 2018-19 (AY 2019-20) extended to 30th June, 2020
• Delayed payments till 30th June, 2020 - Interest reduced from 12% to 9% (AY 2019-20)
• Investment benefits under income tax act, capital gains reinvestments, Chapter VI-A deposit benefits to be extended to 30th June, 2020 (from 31st March, 2020)
• Due Dates For Issue of Notice, Intimation, Filing of Appeal, Furnish Returns, Sanctions, Applications and other compliances by Tax Payers also extended to 30th June, 2020
• VIVAD SE VISHWAS SCHEME – Date extended to 30th June, 2020 from 31st March, 2020. No 10% additional charge will be levied for all applications made till this date.

TDS
• No extension of TDS date. But on delayed deposit of TDS, reduced interest of 9% will be charged

Aadhar PAN linking
• Aadhar PAN linking date extended to 30th June, 2020 from 31st March, 2020

❖ GST compliance

• Last date to file GST returns extended to 30th June, 2020 for March, April & May. Specific staggered dates will be intimated
• No Late Fee, No Penalty for companies having turnover of less than Rs.5 crore
• Date for opting for composition scheme extended to 30th June, 2020.


❖ Customs:

• During this period of lockdown, Customs Clearance will be operational 24x7

❖ MCA 21 registry:

• No late fee - For board meeting requirements, relaxation of 60 days that is applicable for the next two quarters

• For newly incorporated companies, additional time of 6 more months to file declaration for commencement of business - For a director in any company, less than minimum residency of 182 days, shall now not be treated as a violation


❖ IBC Compliance

• We may suspend sections 7,9,10 for MSME for six months beyond April 30 depending on situation


❖ Bank Related Compliance

• Debit card holders can withdraw cash from any bank's ATM without additional charges for the next 3 months
• No minimum balance requirement fee
• Bank charges reduced for digital trade transaction for all trade finance consumers


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