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24-03-2020
FMs relief announcements in the time of Covid 19
Compliance and deadlines related to
Income tax
Itr's Financial year 2018-19 to be extended to 30th June 2020
Delayed Tax payments interest from 12 to 9%
extension on delayed TDS deposit to 30th June 2020 - intt rate to be 9%
Various other dates for notices/ intimations/ approval orders/ sanction orders/ furnishings of reports / appeal filings/ tax savings investments, investment for roll over under income tax act, wealth tax act, black money act, ctt act.... extended to 30th June
Aadhaar pan linking date extended to 30th June
Vivaad se Vishwas scheme extended to 30th June. No additional interest charge till 30th June instead of earlier 31st march 2020
Gst
March April and May 2020 gst and composition returns extended to 30th June 2020. Different staggered dates will remain but Month will be June 2020
Companies with below 5 crore turnover- no late fee or penalty
Companies with above 5 crores turnover - only intt to be charged at 9%
Composition option date extended to 30th June 2020
Customs and excise
Sabka Vishwas scheme last date extended to 30th June from 31st march 2020. No interest to be levied
Exporter and importer not to placed under difficulties. Custom clearance remain operational 24x7
Mca provisions
Mca 21 registry - moratorium issued from 1st April till 30th Sep 2020. No late/ additional fees on such
Board meetings relaxation to 60 days for two quarters
CARO applicable from financial year 2020-21 instead of 2019-20
If independent director didn't hold even a single meeting, such not to be a violation for 2019-20
For newly incorporated companies, 6 more mnths (making 12 months) given to file commencement of business requirement
Director not complying with minimum residency 183 days, to be relaxed for 2019-20
Deposit reserve of 20% extended to 30th June from 30th April for financial year 2020-21
Debentures investment of 15% date extended to 30th June from 30th April 2020
IBC related matters
Threshold of 1 lac rupees increased to 1 crores to prevent trigger of IBC and to be monitored.
Section 7,9,10 can be suspended for 6 months in April 2020 after reviewing the situations (giving relief to MSMEs)
Fisheries Compliances
Sanitary import permits and other acqua permits which were to expire in March/ April 2020 extended to 3 more months
Delay upto one month in imports to be condoned
Rebooking of quarantine bookings for cancelled bookings - no additional charges on them in chennai
Verification of docx and grant of NOC to be reduced to 3 days from 7 days
Bank related Compliances
Debit card holders withdrawing cash from ATMs will be free of charge from any other banks ATM for next three months
Minimum balance fee in banks being waived
Bank charges for digital trade transactions reduced
Commerce related regulations
Principle to be adopted for commerce related entities or departments- for procedural and eligibility point , extension of time line to be given but guidelines remain the same |
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