1.The last date for Income tax return for FY 2018-19 shall be extended from 31-03-2020 to 30-06-2020.
- Interest on delayed payment has been reduced from 12% to 9%
- No extension for TDS but for the delayed payment of TDS, interest @ 9% to be charged.
- Various other dates of notices, last dates etc have been moved to 30-06-2020.
- AADHAR linking date has been extended to 30-06-2020.
- Vivad se vishwas scheme has also been extended to 30-06-2020. From now on to 30-06-2020, there is no charge of 10% at all.
- Due date for issue of notice, intimation, notification, approval order, sanction order, filing of appeal, statements, report, any other document and any other compliance by the taxpayer inlcuding investment and roll over benefit for capital gain under Income Tax Act, Benami Act, STT law, Equalization law, Vivad se viswas law, it has been extended to 30-06-2020
- Last date for filing March, April, May 2020 GST returns and also compensation returns are being extended to 30-06-2020.
- Taxable persons which have less than 5cr turnover no interest no late fee no penlaty would be charged. Taxable persons having more than 5 cr no late fee no penalty only interest @ 9% will be charged.
- Date for opting compensation scheme has also been extended to 30-06-2020.
The GST returns date shall be extended in a staggering manner
- Scheme Sabka vishwas last date on 31-03-2020 has been extended to 30-06-2020. During this period assessee shall not pay any interest.
- During this period the Govt do not want to put importers and exporters in difficulty. Custom clearance will be operational 24X7 upto 30-06-2020.
- In respect of the MCA 21 registry, there is a moratorium issue from 1st April till 30th September 2020. There shall not be any additional fee for late filing. Also for holding Board meeting, the period has been relaxed for the period of 60 days
- Applicability of CARO2020 shall be applicable from FY 2020-21 instead of FY 2019-20.
- For the FY 2019-20, if the independent director of the company has not been able to hold even 1 meeting. He shall be not liable.
- For newly incorporated companies there is a requirement to file declaration for commencement of business within 6 month of incorporation, additional time of 6 months shall be given.
- Company director who shall not comply with the minimum residency requirement of 182 days or more under section 149 of Company shall not be treated as violation
- There is a requirement of deposit reserve of 20% by April has been shifted to June 2020
- Requirement to invest 15% debenture in specified securities maturing during a FY that deadlines has been shifted to 30th June 2020
- Threshold for default is Rs. 1 Lakhs has been increased to Rs. 1 Crore to prevent the trigerring of Insolvency against MSMEs. Beyond 30th April, the Government may suspend the section 7,9, 10 of IBC act depending upon the situation for 6 months.
- Compliance related to Sanitary Import Permits for Aquaculture inputs sanitary import permit which will be expired between 1st April to 15th April have been extended by 3 more months.
- The delay upto 1 month of arrival of consignment will be condoned
- Re booking of Quarantine cubicles for cancelled consignments will be allowed without additional booking charges
- Verification of documents and Grant of NOC for Quarantine has been relaxed from 7 days to 3 days
- Debit card holders who withdraw cash from any bank ATM can do free of charge for the next 3 months
- There shall not be any minimum balance requirement fee for the next 3 months.
- Reduction in bank charges for Digital trade transactions for all trade and finance
- For all practical purpose, the FM states that the principle that shall be followed will be extension of time line from procedural and eligibility guidelines but there shall not be an extension of scheme guidelines.
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