The Hon’ble Finance Minister of India today announced several relief measures on statutory and regulatory compliance matters to mitigate large-scale economic distress caused by COVID 19 across the globe. In majority of the cases, the due dates falling in March 2020 have been extended till 30th June 2020. Key highlights for each compliance are summarized […]
Due to the lockdown and economic disruptions, Government is taken the following measure for providing relief to Companies and LLP in terms of compliance and penalty. 1. The government will not charge any late filing fee to companies for any form filing during the period April 1, 2020 to Sept 30, 2020. Hence the pending […]
On account of the shutdown in India due to Coronavirus, the Government has extended various compliance due dates. The announcement for the extension was made by the Hon’ble Finance Minister Smt. Nirmala Sitharaman on 24th March 2020 as under: Income Tax Due Date Extension FY18-19 last date for filing income tax return has been extended […]
Recent GST Notifications/Circulars Issued Pursuant to Decisions Taken at 39th GST Council Meeting CBIC has recently issues 20 GST Notification and 2 GST Circulars in pursuant to the decisions taken at the 39th GST council meeting. Author has analysed Important provisions related to these Notifications and Circulars. I. DUE DATES Return filing due dates already […]
GST related announcements by Finance Minister on 24.03.2020 in view of COVID-19 outbreak: Composition Scheme 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 […]
1. Notification 10/2020-Central Tax – Dated 21st March 2020 Prescribes manner of transition for persons who were registered in the erstwhile Union territory of Daman and Diu or Dadra and Nagar Haveli till the 26th day of January, 2020; and is in the merged union territory of Daman and Diu and Dadra and Nagar Haveli […]
However, due to lock down in most of the states, these year end activities were not undertaken by most of the Companies. In such situation, looking into the extension of Financial year would have helped or easing of some of these compliances. Further with 21 days lock down announced by Prime Minister, makes it clear that we do not have much options. Hope the same may come out as an announcement soon.
Many Corporates & Professionals has asked a question ‘Whether amount spent for for prevention or Spread CORONA Virus or CoVID-19 shall be considered as CSR Expense under Section 135 of Companies Act, 2013?’ To clarify the same MCA has issued a clarification on 23rd March, 2020 vide General Circular No. 10/2020, according to which spending […]
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 […]
1) The last date Up to which the Return for the Assessment Year 2019-20 can be filled is Up To 30th of June, 2020 Now, instead of 31/03/2020. 2) The Cumulative effect of reading of section 139(4) and 139(5) is that Return which is filled us 139(1) and 139(4) can be filed Up To the end of the assesment year . However for assessment year 19-20 it is now 30/06/2020.
