Extensions / relaxations up to 30.06.2020 for regulatory/statutory compliance of deadlines falling due in the month of March 2020 under Income Tax /GST etc
Union Finance Minister Nirmala S Sitharaman in a press conference has given various extensions and relaxations for various regulatory and statutory compliance of deadlines falling due in the month of March 2020 under Income Tax Act, GST due Corporate Laws etc. to the Corona Virus.
Note: CBIC has issued Notifications and Circular clarifying the relief have Read more>>
various extensions and relaxations announced in the Press Conference were as under:
A. Extensions for compliance and deadlines under Income Tax Act:
1. For FY 1918-19 the last date for furnishing income tax return extended to 30.06.2020. For delayed payment made up to 30.06.2020 interest rate reduced to 9% from 12%.
2. No extension for delayed deposit of TDS but reduced interest @ 9% to be charged till 30.06.2020 on belated deposits.
3. Various other dates for notice/filing /intimation/notification/sanction /filing of appeal/furnishing return/applications/any other report or any compliance by the taxpayers including investment in tax benefit instruments etc extended to 30.06.2020.
4. Aadhaar PAN linking date extended to 30.06.2020
5. Vivad se Vishwas Scheme extended to 30.06.2020 and from now to 30.06.2020 there is no additional charge of 10%.
B. Extensions for Compliance and deadlines under GST Laws:
1. Last date for filing all returns form March to May 2020 and Composition returns extended to 30.06.2020
2. Companies with less than 5 crores turnover, no interest, no late fee no penalty. For companies with more then 5 crores turnover, no late fee, penalty but will have to pay interest @ reduced rate of 9%
3. Date for opting for composition scheme extended to 30.06.2020.
C. Extension for Compliance and deadlines under Corporate Laws:
1. MCA Registry (MCA21) morotorium issued from 1st April to 30.09.2020. No additional fee for late filing fee.
2. Holding Board Meetings extended to 60 days up to next two quarter.
3. Applicability of CARO 2020 to be made applicable from FY 2020-21.
4. For FY 2019-2020 if the Independent Directors have not been able to hold any meeting it shall not be considered as violation.
5. For newly incorporated companies, additional 6 months time to file commencement.
6. Residency requirement of 182 days for company director relaxed.
7. Requirement of deposit reserve of 20% of deposits maturing is allowed to be complied with by 30.06.2020.
8. Requirements to invest 15% of debentures maturing is extended to 30.06.2020
D. Extension for Compliance and deadlines under Excise and Custom Laws:
1. Custom clearance up to 30.06.2020 to operate 24×7
D. Extension for Compliance and deadlines under Insolvency and Banking Code (IBC):
1. Threshold of Rs. 1 lakhs for default is raised to Rs. 1 crores to protect MSMEs.
2. If situation prevails after April 2020, Govt. May consider suspending section 7 9, and 10 of IBC for a period of 6 months to save companies.
For details download Press Note Click Here >>
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