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Declarations made by Finance Minister in press conference as a result of COVID19 pandemic
INCOME TAX
-FY 18-19 last date for income tax returns extended to 30.06.2020. For the delayed payments interest rate reduced from 12 to 9 percent.
-Interest on delayed deposit of TDS reduced to 9 percent from 18 percent. 30.06.2020
-Aadhar and Pan Linking date extended to 30.06.2020 from 31.03.2020
-Vivad Se Vishwas Scheme extended to 30.06.2020. No additional 10 percent charge till 30.06.2020.
-Any due dates regarding issue of notice/intimation/approval/sanction order/applications/ reports/ filing of appeal/any compliance by taxpayers/ benefit of capital gains/ Benami Law which was getting over by 20.03.2020 has been extended to 30.06.2020.
GST
-Last date for filing returns for March ‘20, April ‘20, May ‘20 and composition returns extended to 30.06.2020.
-Companies having less than 5 crore turnover no interest, no late fees and no penalty. Bigger companies – no late fees and penalty – however, interest at 9 percent.
-Date for opting for composition scheme extended to 30.06.2020.
Customs and Central Excise
-Sabka Vishwas scheme further extended to 30.06.2020 from 31.03.2020. People who pay during the extended period will not have to pay any interest.
-Customs clearance till 30.06.2020 will operate 24/7 during COVID-19.
MCA
-In respect of MCA Registry 2020, a moratorium applicable 1.04.2020 to 30.09.2020. Moreover, no additional fees for late filing.
-For holding board meetings: time relaxed by a period of 60 days for next two quarters.
-CARO: Applicability of companies order 2020 shall be made applicable from FY 2020-21 instead of FY 2019-20.
-For the year 2019-20, if the independent directors have failed to hold even one meeting – it will not be considered a violation.
Newly Incorporated Companies
-Requirement to file declaration of commencement within 6 months of business – additional time of 6 more months.
-A company director who doesn’t comply with the requirement of minimum residency in India (has not stayed in India for 182 days or more) – it shall not be treated as a violation under Companies Act.
-Debentures: minimum requirement of 15% investment extended to 30.06.2020.
IBC
-Threshold for default of 1 lakh rupees has been increased to 1 crore rupees. In case the situation doesn’t improve till 30.04.2020, then the Finance Minister may consider suspending Sec 7, 9 and 10 of IBC for 6 months.
Bank
-ATM Withdrawals free of cost from any other banks ATM for next three months.
-No minimum balance requirement fees.
*Kindly confirm details from press note or from the respective notifications*.
