Amidst the COVID-19 situation where the entire nation is under shut down, our Finance Minister Nirmala Sitharaman addressed the nation to provide relief to various sectors.
Following are the Announcements for the major Law and Sectors of the Economy:
1. Income Tax
- The last date for filing Income Tax return for the Financial Year 2018-19 has been extended to 30th June, 2020. Earlier the due date was 31st March, 2020.
- Interest on delayed payment has been reduced from 12% to 9%.
- No extention but Interest rate on delayed deposit of TDS has been reduced from 18% to 9% provided the TDS is deposited upto 30th June 2020.
- The last date for Aadhar- PAN linking has been extended to 30th June 2020.
- Vivaad se Vishwas Scheme has been extended to 30th June 2020. No additional 10% charge from now till 30th June 2020.
- All last dates and deadline for submission of documents and compliance has been moved to 30th June 2020.
- Issue of notice intimation, notification, approval order, sanction order, filing of appeal, furnishing of returns, return statement, reports, any other documents, any compliance by taxpayer, including investment in savings instruments, for rollover benefits under I-T Act, Wealth Tax Act, Prohibition of Benami Transactions Act, Black Money Act, STT Law, CTT Law, Equalisation Levy Law and other Laws where the time limit was expiring on March 20 has been extended to 30th June 2020.
2. Goods and Service Tax (GST)
- Last Date for filing GST Returns due in the month of March, April and May have been extended to 30th June 2020. (Note: Staggered Due Dates for Different States to be notified soon)
- Interest, Late Fees and Penalty waived off for the companies with a turnover of less than or equal to Rs.5 crore.Those with a turnover of more than Rs.5 crores shall be liable to pay Interest at a reduced rate of 9%.
- The Due date for opting under Composition Scheme has also been extended to 30th June 2020.
3. Customs and Central Excise:
- Sabka Vishwas Scheme extended to 30th June 2020. No interest shall be charged for the payments made upto 30th June 2020
- Customs will be active on their duty 24*7
4. Ministry of Corporate Affairs (MCA)
- MCA-21 Registry, Moratorium issued from 01st April till 30th September 2020.
- There shall be no additional fees for late filing
- Relief of 60 days for the next two quarters provided in holding of Board Meetings.
- For newly incorporated companies, requirement of filing of commencement of business within 6 months of Incorporation has been extended by further 6 months.
- Independent Director meeting if not held in the year 2019-20, shall not be considered as a violation.
- The due date to create a deposit reserve of 20% till 30th April has been moved to 30th June.
- Director who has not stayed in India for 182 days or more shall not be held under violation under Companies Act,2013.
- Deadline to invest 15% of debentures maturing in a year has been moved from 30th April to 30th June.
5. Insolvency and Bankruptcy Code
- The default threshold that can trigger IBC Proceedings has been increased to Rs.1 Crore from Rs. 1 Lakh.
- Suspension of Section 7, 9 and 10 shall be considered by the Ministry for a period of six months, if the situation continues.
6. Fisheries Sector
- Extension by 3 months for all the Sanitary Import Permits which were to expire between 01st April to 15th April.
- Delay in arrival of assignments up to one month shall be overlooked.
- Rebooking of quarantined cubicles in Chennai Aquarium shall be free from additional charges.
7. Banking Sector
- Debit Cardholders may withdraw cash from any other Bank’s ATM without any charge for 3 months.
- Minimum Balance Requirement of Bank Account waived off. No penalty shall be levied on breaching the minimum balance.
- Bank Charges for Digital transactions are being reduced.