FM NIRMALA SITHARAMAN - EXTENDED VARIOUS COMPLIANCES DEADLINE

 

As entire world including India is facing challenge to fight against COVID-19.Our Finance minister Nirmala Sitharaman has given few relief to various small, mid, and large companies in dealing with current Coronavirus lockdown and help people to remain in confinement for the time being by extending deadline for IT return filling, GST returns and various other compliances.

In this blog I tried to sum up all the announcement and relief given by our FM in simple language.

DIRECT TAXES

Income Tax:

1. Extend last date for income tax returns for the FY 18-19) from 31^st March, 2020  to  30^th June, 2020.

2. Aadhaar-PAN linking date to be extended from 31^st March, 2020 to 30^th June, 2020.

3. Vivad se Vishwas  scheme – no additional 10% amount, if payment made by June 30, 2020.

4. Due dates for  issue  of notice, intimation, notification, approval order, sanction order, filing of appeal, furnishing of return, statements, applications, reports, any other documents and time limit for completion of proceedings by the authority and any compliance by the taxpayer including investment in saving instruments or investments for roll over benefit of capital gains   under Income Tax Act,  Wealth Tax Act, Prohibition of Benami Property Transaction Act, Black Money Act,  STT law, CTT Law, Equalization Levy law, Vivad Se Vishwas  law  where the time limit is expiring between 20^th March 2020  to 29^th June 2020 shall be extended to 30th June 2020. 

5. For delayed payments of advanced tax, self-assessment tax,  regular tax, TDS, TCS, equalization levy,  STT, CTT  made between 20th March 2020  and  30^th June 2020,  reduced interest rate  at 9%   instead of 12 %/18 % per annum ( i.e. 0.75% per month instead of 1/1.5 percent per month) will be charged  for this period.  No late fee/penalty shall be charged for delay relating to this period

 

INDIRECT TAXES

GOODS AND SERVICES TAX (GST) :

 

1. Last date for filing GSTR-3B : Last date of March, April and May of GST Return filing extended to 30.06.2020.

 

Aggregate annual turnover	Changes
Companies less than 5 Crore	No late fees, interest, penalty
Companies more than 5 Crore	No late fees, penalty; Interest leviable at 9%

 

2. Composition scheme:

Compliances	Due Date
Date for opting for composition scheme	30th June 2020
Date for making payments for the Q4
Date for filing ofreturn for 2019-20 for Q4

 

3. Date for filing GST annual returns of FY 18-19, which is due on 31^st March, 2020 is extended till the last week of June 2020.

 

4. Due date for issue of notice, notification, approval order, sanction order, filing of appeal, furnishing of return, statements, applications, reports, any other documents, time limit for any compliance under the GST laws where the time limit is expiring between 20^th March 2020  to 29th June 2020 shall be extended to 30th June 2020. 

 

5. Payment date under Sabka Vishwas Scheme shall be extended to 30^th June, 2020. No interest for this period shall be charged if paid by 30^th June, 2020.

 

CUSTOMS AND CENTRAL EXCISE:

1. Sabka Vishwas extended to 30.06.2020

 

2. Customs Clearance will work 24*7 upto 30.06.2020

OTHERS

FINANCIAL SERVICES

 

1. Relaxations for 3 months
   • Debit cardholders to withdraw cash for free from any other banks’ ATM for 3 months
   • Waiver of minimum balance fee

Reduced bank charges for digital trade transactions for all trade finance consumers

• Board meeting holding relaxed for 60 days for next 2 Quarters

1. CARO Applicability postponed to FY 2020-21
2. No violation even if Independent Director held no meeting
3. Newly incorporated company - Commencement of business certificate : additional 6 months
4. Resident Director requirement not violation
5. Deposits Repayment Reserve requirement and 15% Debenture repayment investment to be invested : till 30.4.2020 extended to 30.6.2020.

IBC:

1. Default threshold increased from Rs. 1 lakh to Rs. 1 crore
2. Section 7, 9, 10 may be suspended for 6 months