Statutory / Regulatory relief announced
1. Income Tax
a. FY :18-19 – Last date for ITR extended to 30/6/20 from 31/3/20;
-For delayed payments against such IT Returns, interest rate, reduced to 9% from 12%;
-On Delayed deposit of TDS, no change in date but rate reduced to 9% from 18%
b. Extention of dates
-Dates for issue of notice, intimation, orders, filing of return, appeal, rollover of Capital Gains tax, STT, CTT, order including making Investments, dates under PMLA, etc extended to 30/6/20
-Aadhar PAN linking date extended to 30/6/20
-Vivaad se Vishwaas Scheme extended to 30/6/20 without any additional charge of 10%
2. GST
– March, April, May GST returns including composition returns extended by 30/6/20
– for companies having less than 5 cr Turnover, no interest, late fees would be charged;
– for others, only interest @9% would be charged;
– Date of composition scheme also extended till 30/6/20;
3. Custom/Excise
– Sabka Vishwaas Scheme extended to 30/6/20 without any interest
– During this period, Custom clearance till 30/6/20 will operate 24/7 as essential service
4. MCA
– Moratorium being issued from 1/4/20 till 30/9/20;
-No additional fees for late filing;
-Board Meeting relaxation by 60 days till next 2 quarters;
-Applicability of Companies Auditors Report Order deferred to 2020-21;
– For 2019-20, if Independent Directors have not been able to attend even 1 meeting, it would not be seen as noncompliance.
-For newly incorporated companies, declaration of commencement of business extended by 6 months;
– Minimum Residency for NR Director 182 days not be treated as violation;
– 20% Deposit Reserve investment extended till 30/6/20;
-Investment of 15% Debenture maturing in specified instruments deferred till 30/6/20.
5. IBC
– Limit for filing claim as Operational Debtor under IBC increased from 1 Lac to 1 Crores;
– Further, if beyond 30/4/20, the situation does not improve the Govt may consider suspending Sec 7,9,10 of IBC for 6 Months
6. Fisheries
– Import permit compliances (SIP) extended by 3 months;
– Delay in assignment upto 1 months shall be allowed;
– Reboking of AQF allowed in Chennai;
– Certification of documents.
7. Bank related Compliances
– Debit Card Holders allowed to withdraw cash from any ATM for 3 Months without additional charges;
– No charge for MInimum balance charge;
– Reduction of bank charges for e-payments;
-For all commerce related matters, Extention of time shall be allowed for procedural and eligibility timelines but not any modification of scheme guidelines.
With Kind Regards,
Vineet Rathi
#Kreston #Krestonopr #Stayhome #Staysafe
