FM NIRMALA SITHARAMAN ANNOUNCEMENTS TODAY ONCOMPLIANCES
Amidst coronavirus outbreak (COVID-19) where the whole country is on the lockdown mode, Finance ministry, Government of India has extended the statutory & regulatory compliance requirement.
1. INCOME TAX
· Last date of filing Income Tax Return FY 2018-19 increased to 30.06.2020
· Interest Rate delayed payment reduced from 12% to 9%
· Delayed deposit of TDS interest rate 9% till 30.06.2020
2. Goods & services tax [GST]
· Last date of March, April, and May of GST Return filing extended to 30.06.2020
· Companies less than 5 Crore: No late fees, interest, penalty
· Companies more than 5 Crore: No late fees, penalty; Interest @ 9%
· Avail Composition Scheme up to 30.06.2020
3. Customs and Central Excise
· Sabka Vishwas extended to 30.06.2020
· Customs Clearance will work 24*7 up to 30.06.2020
4. Ministry of Corporate Affairs [MCA]
· Board meeting holding relaxed for 60 days for the next 2 Quarters
· CARO Applicability postponed to FY 2020-21
· No violation even if the Independent Director held no meeting
· Newly incorporated company - Commencement of business certificate: additional 6 months
· Resident Director requirement not violation
· Deposits Repayment Reserve requirement and 15% Debenture repayment investment to be invested: till 30.4.2020 extended to 30.6.2020
5. Insolvency & bankruptcy code [IBC]
· Default threshold increased from Rs. 1 lakh to Rs. 1 crore
· Section 7, 9, 10 may be suspended for 6 months
6. Due date extended to 30.06.2020
· Aadhar- Pan Linking
· “Vivad se Vishwas Scheme”
· Sanction/Appeal/ Certificate/ Order/ Application etc. including Investment in Saving Scheme, Capital Gain, Prohibition of Benami, Benami Law where due dates between 20th March to 29th June: All extended till 30.6.2020
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