Mar 24, 2020

Central Government relaxes statutory compliance’s under Income Tax , GST, Custom, Companies Act, banking services and commerce.

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    Income Tax

  • Last date for belated Income tax return for the financial year 2018-19, extended to 30th June, 2020. Previously, it was 31st March, 2020.
  • Interest rate for delayed payments reduced from 12% to 9%.
  • Interest rate for delayed deposits of TDS reduced from 18% to 9%.
  • Dates for issue of notice, intimation, orders, filing of return, appeal, rollover of Capital Gains tax, STT, CTT, order including making Investments, dates under PMLA, etc extended to 30th June, 2020.
  • Aadhar PAN linking date extended to 30th June, 2020.
  • Vivaad se Vishwaas Scheme extended to 30th June, 2020.
  • Goods and Services Tax

  • All GST returns with due dates in the months of March, April and May extended to 30th June, 2020.
  • Entities having turnover less than Rs. 5 crore, no interest, late fees will be charged.
  • Entities having turnover more than Rs. 5 crore, interest will be charged at 9%, no interest & penalty.
  • Custom & Central Excise

  • Sabka Vishwaas Scheme: last date extended to 30th June, 2020.
  • Custom clearance till 30th June, 2020 will operate 24*7 as essential service.
  • Companies Act, 2013

  • CARO implementation extended to FY 2020-21 instead of FY 2019-20.
  • Independent Directors meeting not held during FY 2019-20, will not be a violation.
  • No additional fees will be levied for any filing falling due during April 2020-September 2020.
  • Board meeting gap extended for 60 days i.e. now till 180 days during April 2020-September 2020.
  • Newly incorporated companies to file COB within 12 months of incorporation instead of 180 days.
  • Violation of Minimum residency requirement for director in a Company will not be violation.
  • Last date if creating DRR extended to 30th June, 2020.
  • Last date of investing 15% of debenture maturing during FY 20-21 in prescribed modes extended till 30th June, 2020
  • Insolvency and Bankruptcy Code

  • Threshold limit for filing application for insolvency increased from Rs. 1 Lakh to Rs. 1 Crores;
  • Further, if situation does not improve till 30th April, 2020, then Government may suspend using of sections 7, 9 and 10 of IBC
  • Bank related Compliances

  • Debit Card Holders allowed to withdraw cash from any ATM for 3 Months without additional charges;
  • No charge for Minimum balance charge;
  • Reduction of bank charges for e-payments;
  • For all commerce related matters, extension of time shall be allowed for procedural and eligibility timelines but not any modification of scheme guidelines.
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