Legal Updates- IMPACT OF COVID 19

Income tax

1. The due date of TDS/TCS Return for Q4 (FY 2019-20) has been extended from 15.05.2020/31.05.2020 to 30.06.2020.

2. CBDT has clarified that for the purpose of TDS on Salary for FY 2020-21, employer is required to obtain a declaration from each employee about opting of scheme of taxation (with deductions OR without deduction) and deduct TDS for whole year basis such declaration.

3. CBDT has further extended the applicability of reporting under Clause 30C and clause 44 of the Tax Audit Report and the same shall be kept in abeyance till 31 -Mar-2021.

4. The order under section 119 of the IT Act,1961 for lower deduction of TDS/TCS u/s 195/197/206C(9) states that Forms filed for FY 2019-2020 shall also be valid for the first quarter of FY 2020-21 except for application for New /different TANs.

Clarification regarding short deduction of TDS/TCS due to increase in rates of surcharge by Finance (No.2) Act, 2019.

It is clarified a person responsible for deduction/collection of tax under any provision of the Income-tax Act shall be considered to be an assessee in default if the person fails to fulfill any of the conditions as laid down below, Further, if the deductor/collector has deducted/collected shortfall of tax after 5th of July, 2019 from the transaction(s) made subsequently after the said date, interest, if any, for delay in deduction/collection of such tax shall not be levied.

Rates in force

Due Dates for Payments/Returns,Forms Relaxation

Nature of Compliance Tax
period
Without interest
/late fees
With interest @9% but without late fees Consequences Post 30-Jun-2020
TDS deposit Mar-20 30-Apr-20 30-Jun-20 With Interest @12%/ 18% and late fees
Apr-20 7-May-20 30-Jun-20
May-20 7-Jun-20 30-Jun-20
TCS deposit Mar-20 07-Apr-20 30-Jun-20 With Interest @12%/ 18% and late fees
Apr-20 7-May-20 30-Jun-20
May-20 7-Jun-20 30-Jun-20
Advance tax
(First in stalment for FY 2020-21)
FY 2020-21 15-Jun-20 30-Jun-20 With Interest @ 1% p.m. or for part of month

Due Dates for Payments/ Returns, Forms Relaxation

Nature of Compliance Period Due Date
Income tax return FY 2018-19 30-Jun-20
Investment for rebate in income tax return (Deductions, Sec. 54 Exemptions FY 2019-20 30-Jun-20
Vivad se Vishwas Scheme For any Assessment year where appeal is pending at any forum as on Jan 31, 2020.

 

30-Jun-20
Linking of Aadhar with PAN NA 30-Jun-20
Issue of notices, orders, filling of appeals, furnishing of return, statements, applications and reports and any other document and Benami Laws Between March 20, 2020 to June 29, 2020 30-Jun-20
Form G/ H Order u/s 119 dated April 3, 2020 FY 2020-21 30-Jun-20

GOODS AND SERVICE TAX (GST)

GST

1. CBIC has clarified that application of refund can be filed till 30.06.2020 where the period of two years is expiring between 20.03.2020 to 29.06.2020.

2. CBIC has clarified that application for Letter of Undertaking (LUT) for export without tax payment can be filed till 30.06.2020 for F.Y. 2020-21. CBIC has clarified that where the taxes have been paid in relation to any supply which got returned/cancelled subsequently, taxpayer can raise a refund claim in Form GST RFD-01 if no subsequent output liability exist for adjustment of Credit Note.

3. Form GST PMT-09 is now available on GST Portal which can be used to transfer cash ledger balances from one tax head to another tax head.

4. Composition Taxable Person to file CMP-08 for Q4 (2019-20) by 07.07.2020 instead of 18.04.2020 and file GSTR-4 for FY 2019-20 by 15.07.2020 instead 30.04.2020.

5. The tax-payers whosoever furnished Form GSTR-3B to save themselves from late fees and interest. For them the requirement to furnish Form GST CMP-08 and GSTR-1 for financial year 2019-20 has been waived off through notification 12/2020 dated March 23, 2020.

S. No. Return / Form Period Due Date Revises Due Date Remarks
1 GSTR3B (Turnover more than 5 Cr.) Feb, Mar, Apr

Month

20th of next month 24th Jun 2020 CBIC Notification no.32/2020 dt. 03.04.2020 – Late fee waived only if filed before this date
CBIC Notification no. 31/2020 dt. 03.04.2020 – Interest payable will be @NIL for first 15 days from original due date and @9% thereafter (this rate will be applicable only if filed before this date)
2 GSTR3B (Turnover more than 1.5 Cr. but upto 5 Cr.) Feb, Mar Month 20th of next

month

29th Jun 2020 CBIC Notification no. 32/2020 dt. 03.04.2020 for late fees & CBIC Notification no.31/2020 dt. 03.04.2020 for interest Both Interest and Late fee waived only if filed before this date.
Apr Month 20th of next

month

30th Jun 2020
3 GSTR3B (Turnover upto1.50 Cr.) Feb Month 20th of next month 30th Jun 2020
Mar Month 20th of next month 3rd Jul 2020
Apr Month 20th of next month 6th Jul 2020
4 GSTR1 – Monthly Filings Mar, Apr, May Month 11th of next month 30th Jun 2020 CBIC Notification no. 33/2020 dt. 03.04.2020 Late fee waived only if filed before this date.
5 GSTR1 – Quarterly filings quarter ended qtr. 30th Apr 2020 30th Jun 2020

GST

Sr No. RETURN/FORM Period Due Date Revised Due Date Remarks
1 GSTR3B (Turnover more than 5
Cr.)
May Month 20th Jun 2020 27th Jun 2020 CBIC Notification No.36/2020 dt. 03.04.2020
2 GSTR3B (Turnover upto 5 Cr.) May Month 20th Jun 2020 12th Jul 2020
3 Form 9 and Form 9C 2018-19 31st Mar 2020 30th Jun 2020 CBIC Notification no. 15/2020
4 Exemptions from issuing e-invoicing and capturing QR code for the the following :

  • Insurance co, Banking co, Financial Institutions including NBFC.
  • Goods Transport Agency
  • Passenger Transport
  • Services

Services by way of admission to exhibition of cinematograph films in multiplex screens

01st Apr 2020 01st Oct 2020

 

CBIC notification 13/2020 and 14/2020

 

CORPORATE LAWS

RELAXATION UNDER VARIOUS PROVISIONS OF COMPANIES ACT,2013

VARIOUS PROVISIONS OF COMPANIES ACT,2013

RELAXATION UNDER VARIOUS PROVISIONS OF COMPANIES ACT,2013

VARIOUS PROVISIONS OF COMPANIES ACT,2013 images 1

PERIOD/DAYS OF EXTENSION FOR NAMES RESERVED AND RESUBMISSION OF FORMS

Names reserved for 20 days for new company incorporation. SPICe+ Part B needs to be filed within 20 days of name reservation.
  • Names expiring any day between 15th March 2020 to 3rd May would be extended by 20 days beyond 3rd May 2020.
Names reserved for 60 days for change of name of company. INC-24 needs to be filed within 60 days of name reservation
  • Names expiring any day between 15th March 2020 to 3rd May would be extended by 20 days beyond 3rd May 2020.
Extension of RSUB validity of companies.
  • SRNs where last date of Resubmission (RSUB) falls between 15th March 2020 to 3rd May 2020, additional 15 days beyond 3rd May 2020 would be allowed. However, for SRNs already marked under NTBR, extension would be provided on case to case basis.
Names reserved for 90 days for new LLP incorporation/change of name. FiLLiP/Form 5 needs to be filed within 90 days of name reservation.
  • Names expiring any day between 15th March 2020 to 3rd May would be extended by 20 days beyond 3rd May 2020.
RSUB validity extension for LLPs.
  • SRNs where last date of resubmission (RSUB) falls between 15th March 2020 to 3rd May 2020, additional 15 days would be allowed from 3rd May 2020 for resubmission. However, for SRNs already marked under NTBR, extension would be provided on case to case basis.

COMPANIES FRESH START SCHEME/LLPS SETTLEMENT 2020

ABOUT THE SCHEME

To enable the companies to make good any filing related defaults irrespective of the duration of the default and make a fresh start as a fully compliance entity. This Scheme incentivize compliance and reduce compliance burden during the unprecedented public health situation caused by COVID-19. The motive of both the schemes is a one-time waiver of additional filing fees for belated filings by the companies or LLPs with the Registrar of Companies.

Marotorium Period

Non -applicability of scheme

Non -applicability of scheme

Other laws

ESI CONTRIBUTION

  • Month: Feb’20 and Mar’20
  • Due Date: 15-03-2020 and 15.04.2020
  • Extended Due Date : 15-04-2020 and 15-05-2020
PF Contribution

Month: Mar,Apr,May,2020

Employer Contribution 12% + Employee 12% to be paid fully by government if the establishment employs less than 100 persons and 90% of such employees are drawing wages less than Rs.15000

FTP Amendments

The existing FTP 2015-20, which is valid up to March 31, 2020, is extended up to March 31 2021. Various other changes are also made — extending the date of exemption by one year and extending validity of DFIA and EPCG authorizations for import purposes

EPF CONTRIBUTION

Month: Mar’20

Due Date: 15.04.2020

Extended Due Date : 15-05-2020

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Qualification: CA in Job / Business
Company: Thakur,Vaidyanath Aiyar and Co.
Location: New Delhi, IN
Member Since: 28 Apr 2020 | Total Posts: 1

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