In the video conference on 24.03.2020 following relief has been provided:
Direct tax:
- Due date for filing ITR for F.Y. 2018-19 has been extended from 31.03.2020 to 30.06.2020.
- Due date for linking PAN and aadhar has been extended from 31.03.2020 to 30.06.2020.
- Due date for opting Vivad se Vishwas scheme has been extended from 31.03.2020 to 30.06.2020 without additional 10% amount for payment after 31.03.2020.
- Interest on delayed payment of Income Tax for F.Y.2018-19 reduced to 9% instead of 12%.
- Interest for Late payment of TDS has been reduced from 18% to 9%.
- Due dates for Notice Intimation / Notification / Sanctioning order / Filing of Appeals and ALL documents and savings related schemes (include Chapter VI-A) and Investments for Rollover benefit of capital gains along with Wealth Tax / Black Money Act / STT Law /CTT Law/ Equalisation Levy Law : extended to 30th June 2020 time limit of which is expiring between 20th March 2020 to 29th June 2020.
Indirect Tax
- Due date for GST return due in March, April and May month has been extended to 30.06.2020 in a staggered manner.
- No interest shall be charged for business with turnover below 5 crore for making late payment of tax in GST however for business with turnover above Rs. 5 crore shall be charged a reduced rate of 9%.
- Date for opting composition scheme has also been extended to 30.06.2020.
- Date for payment under Sabka Vishwas – (Legacy Dispute Resolution) Scheme has been extended from 31.03.2020 to 30.06.2020.
Companies and other Act:
- CARO, 2020 shall be applicable from F.Y. 2020-21 instead of F.Y. 2019-20.
- MCA-21 registry – moratorium from 01.04.20 to 30.09.20 – there shall be no additional fees for late filings.
- For FY 2019-20 : Independent Directors who were not able to hold a meeting the same shall not be seen as a violation.
- Custom officers shall work 24*7 to provide smooth functioning of business.
- Board meetings are relaxed for 60 days for next 2 quarters.
- For newly incorporated companies – Commencement of business is to be filed within 6 months, which is now extended for another 6 months.
- For a director in any company, less than 182 days minimum residency shall not be treated as violation.
- No bank charges for keeping minimum balance or withdrawing amount from another bank ATM for next 3 months.
You can view the Press release HERE.
Detailed notification shall follow.
This article is just for information purpose it is always advisable to hire a professional for practical execution. If you need assistance you can ask a question to our expert and get the answer within an hour or post a comment about your views on the post and also subscribe to our newsletter for latest weekly updates.
Comments 3