We all are aware that our honorable Prime Minister has called for ‘AATMA NIRBHAR BHARAT’ which is a big leap of faith taken by him to announce 20 Lac crore Economic Package; which is third largest in the world; which has something for every sector of economy.
Our Finance Minister has given details of “AATMA NIRBHAR BHARAT ABHIYAN- PART-1” announced on 13.05.2020. We are focusing over here for all kind of relaxations in compliances provided for various sectors in detail as below:
RELAXATION for DIRECT TAX
1. The Government has extended various due dates with respect to compliance’s in Direct Tax which are as follows:
| PARTICULARS | EARLIER DUE DATE | REVISED DUE DATE |
| Filing of Income Tax Return for Non Audit assessee for FY 2018-19 | 31/03/2020 | 30/06/2020 |
| Filing of Income Tax Return for Non Audit assessee for FY 2019-20 | 31/07/2020 | 30/11/2020 |
| Filing of Income Tax Return for Audited assessee for FY 2019-20 | 31/10/2020 | 30/11/2020 |
| Filing of Tax Audit Report | 30/09/2020 | 31/10/2020 |
| Vivad se Vishwas Scheme (without additional amount payment) | 30/06/2020 | 31/12/2020 |
| Assessment getting barred on | 30/09/2020 | 31/12/2020 |
| Assessment getting barred on | 31/03/2021 | 30/09/2021 |
2. All pending refund to Charitable Trust, Non Corporate business & Profession shall be issued immediately
3. Provisions for TDS/TCS:
- In order to provide more funds to the tax payer the rate of TDS for Non-Salaried specified payments made to residents and rate of TCS for specified receipts shall be reduced by 25% of existing rates w.e.f. 14/05/2020 to 31/03/2021.
- Revised rates for TDS is being issued by government in following link https://pib.gov.in/PressReleasePage.aspx?PRID=1623745
- In case of Non PAN furnishing assessee wherein TDS is being charged at highest rate i.e. 20%, this relaxation of rate is not applicable
- In case of TDS, it is to be deducted at the time of payment/credit getting due or actual payment whichever is earlier & In case of TCS, it is to be collected at the time of receipt/debit or actual receipt whichever is earlier. However, it is clarified in press release that rate reduction will be applicable on amount paid/credit in TDS or amount received/debited in TCS during the period of 14/05/2020 to 31/03/2021. In simple language we can understand it as following:
| Sr No | Situation | Reduced rate benefit applicability |
| 1 | If invoice received/raised or Payment made/collected before 14.05.2020 | No |
| 2 | If invoice received/raised before 14.05.2020 and Payment made/collected after 14.05.2020 but before 31.03.2021 | Yes |
| 3 | If invoice received/raised and Payment made/collected between 14.05.2020 and 31.03.2021 | Yes |
| 4 | If invoice received/raised after 14.05.2020 and Payment made/collected after 31.03.2021 | Yes |
| 5 | If invoice received/raised before 14.05.2020 and payment made/collected after 31.03.2021 | No |
RELAXATION IN EPF:
| PARTICULARS | PMGKY ORGANISATION | NON PMGKY ORGANISATION |
| Eligibility | Organsations having less than 100 employees
AND 90% of the employees are being paid less than Rs. 15000/- as wages AND opted for the Scheme while filing monthly electronic challan cum return (ECR) |
> Organizations having more than 100 employees are not eligible OR
> Organization not opted for the scheme while filing ECR OR >If code of organization not shown in list of eligible establishment than no option available in ECR |
RELAXATION FOR REAL ESTATE SECTOR:
1. Treat Covid 19 as event of Force majeure (unavoidable & uncontrollable events) under RERA.
2. Registration & Completion date shall be extended Suo-moto (automatically) by 6 months for all registered projects on or after 25/03/2020 without individual application
3. Fresh Project registration certificate will be issued automatically with revised timeline
4. All the states may extend time lines for various statutory compliances according to their requirement concurrently
5. Loans by NBFC to Commercial real estate sector- additional time of one year have been given for the extension of date of commencement for commercial operations. This will not be considered as restructuring of loan
OTHER RELAXATIONS:
1. Mandatory board meeting time line is extended by 60 days till 30.09.2020
2. Extra ordinary general meeting shall be allowed through Video Conference with E voting or simplified voting facility
3. Extension of up to 6 months without cost to contractor to be provided by all central agencies- like railways, road transport & highways etc.
4. Government agencies to partially release bank guarantees to the extent contracts are partially completed
5. Workers registered under EPF can get nonrefundable advance of 75% of amount or 3 months of the wages whichever is lower from their EPF account
6. Woman self-help groups shall get collateral free loans up to Rs. 20 lacs
7. Debit card holders can withdraw cash without any ATM charges from any bank’s ATM for 3 months.
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