25/03/2020
Hon’ble Finance Minister on 24.03.2020, has made the following announcements:
1. Income Tax Related Compliance Related Measures:
a. For Financial Years 2018-19 :-
i. ITR last date extended to 30th June 2020
ii. Tax payment made till 30Th June- Interest reduced from 12% to 9%
iii. Delayed deposit of TDS till 3oth June- Reduced interest 9%.
b. For Others :-
i. Aadhaar-PAN linking date to be extended from 31st March, 2020 to 30th June, 2020.
ii. Vivad se Vishwas scheme – no additional 10% amount, if payment made by June 30, 2020.
iii. Due dates for issue of notice, intimation, notification, approval order, sanction order, filing of appeal, furnishing of return, statements, applications, reports, any other documents and time limit for completion of proceedings by the authority and any compliance by the taxpayer including investment in saving instruments or investments for roll over benefit of capital gains under Income Tax Act, Wealth Tax Act, Prohibition of Benami Property Transaction Act, Black Money Act, STT law, CTT Law, Equalization Levy law, Vivad Se Vishwas law where the time limit is expiring between 20th March 2020 to 29th June 2020 shall be extended to 30th June 2020. For delayed payments of advanced tax, self-assessment tax, regular tax, TDS, TCS, equalization levy, STT, CTT made between 20th March 2020 and 30th June 2020, reduced interest rate at 9% instead of 12 %/18 % per annum ( i.e. 0.75% per month instead of 1/1.5 percent per month) will be charged for this period. No late fee/penalty shall be charged for delay relating to this period.
2. GST Related Compliance Related Measures:
a. Last date for GSTR 3B :
i. Last date for filing GSTR-3B in March, April and May 2020 will be extended till the last week of 30th June, 2020 for those having aggregate annual turnover less than Rs. 5 Crore. No interest, late fee, and penalty to be charged.
ii. For any delayed payment made between 20th March 2020 and 30th June 2020 reduced rate of interest @9 % per annum ( current interest rate is 18 % per annum) will be charged. No late fee and penalty to be charged, if complied before till 30th June 2020.
iii.
b. Date for opting for composition scheme is extended till the last week of June, 2020. Further, the last date for making payments for the quarter ending 31st March, 2020 and filing of return for 2019-20 by the composition dealers will be extended till the last week of June, 2020.
c. Due date for issue of notice, notification, approval order, sanction order, filing of appeal, furnishing of return, statements, applications, reports, any other documents, 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.
3. Custom/Central Excise Compliance Related Measures:
a. Sabka Vishawas scheme (Indirect Taxes) extended from 31st March 2020 to 30th June 2020, no interest will be levied at all.
b. Custom clearance till 30th June 2020 will be 24*7.
4. MCA Compliance Related Measures:
a. From 1st April till 30th September, 2020, no additional fees for late filings.
b. Holding board meetings period of 60 days relaxation till next 2 quarters.
c. Applicability of CARO 2020 will be from FY 2020-2021 instead of 2019-2020.
d. 2019-2020, if no meeting held with Independent director, no violation.
e. For newly incorporated companies, commencement of business form can befiled with additional time of 6 months.
f. If company director not comply with minimum mandatory period to be stayed in India u/s 149 of Companies act, it will not be treated as violation.
5. Insolvency and Bankruptcy Code 2016 Related Measures:
a. Threshold of default raised from Rs. 1 Lacs to 1 Cores.
b. If situation of COVID-90 continues like this, after 30th April, 2020, may suspend section 6 months section 7, 9 and 10 of IBC for next 6 months.
