Important Update by Finance Minister on 24th March 2020

Some Big announcements made by Finance Minister for Compliance and taxation relief. Most awaited relief given.

Have a look at it.

COVID19 Relief

Compliance and Regulation Related Announcements:

Income Tax:

• Last date for Returns for FY 2018-19 extended to 30th June 2020
• Delayed Payments made till 30th June – Interest Rate reduced from 12% to 9%
• No Extension; However, on delayed deposit of TDS, Reduced Interest from 18% to 9% Only till 30th June 2020
• Aadhar PAN Linking date extended to 30th June 2020
• Vivad Se Vishwas Scheme extended to 30th June 2020. No 10% additional Charge for the period of extension.
• Due Dates for issue of notice, intimation, notification, approval, sanction, filing of appeal, reports, application or any other documents or compliance including investment in saving instruments for roll over benefit of Capital Gains under various Acts, where time limit expiring on March 2020 extend to 30th June 2020.

GST:

Last Date for Filing March April and May 2020 returns and composition Returns extended to 30th June 2020. Different staggered dates will be applicable based on regions.

Companies which have less than 5Cr Turnover, No Interest, No Late fee and Penalty. For bigger companies above 5Cr, only Interest of 9% reduced Rate.

Date for option for Composition Scheme is extended to 30th June 2020.

Customs and Excise:

Sab Ka Vishwas Scheme last date extended to 30th June 2020 and during this period no interest will be levied if Paid upto the extended period

During this period of lockdown, don’t want any importer or exporter to be effected. Custom clearance will operate 24/7 upto 30th June 2020

MCA:

MCA 21 Registry – Moratorium issued from 1st April to 30th Sept 2020 – No additional fee for late Filing.

Also, for holding Board Meetings, Relaxed by a period of 60 days till next two quarters.

Applicability of the CARO 2020 shall be made applicable from 2020-21 instead of 19-20.

For the 2019-20, if independent directors have not been able to hold even one meeting the same shall not be a violation.