In the wake of Corona Virus attack on the economy, and due to which many companies might fail the deadline of statutory compliances, our finance minister has put some relief on that.
She has mentioned the statutory and compliance deadline which is required to maintain as per the norms has been relaxed.
Let us look at some points.
INCOME TAX
First of all filing of the income tax return for financial year 2018-19, the date has been extended till 30th June 2020 and delayed payment interest has been reduced to 9% instead of 12%.
There will be no extension on TDS deposit but for the delayed payment will be charged with 9% instead of 18% till 30th June 2020
Adhaar and Pan linking date to be extended to 30th June 2020 instead of 31st March 2020.
Vivaad se Vishwas scheme date has been extended till 30th June 2020. Previously it was 31st March 2020 and delayed payment was charged with 10% additional which has been removed.
Issue of notice, Intimation, Notification, Approval and Sanction Order, Filing of Appeals, Submission of Returns and so on the date has been extended to 30th June 2020 instead of 29th March 2020.
GST
Filing GST and composition return for the quarter of March, April and May 2020 the date has been extended to 30th June 2020. Company with less than 5CR turn over will not have any penalty ,late fee or interest, company with above 5cr turnover there will be no penalty or late fee however interest will be charged at the rate of 9% on the delayed payment.
The date of opting for composition schemes under GST has been extended to 30th June 2020.
Customs and Central Excise.
Sabka Vishwas was a scheme started to sort out all the matter related on payment to custom and central excise till 31st
March 2020, the date has been extended to 30th June 2020. During this period there will be no interest levied on the payment related to custom and central excise.
She has also assured that the custom will work for 24/7 in this situation upto 30th June 2020 so that the importer and exporter should not have any difficulty.
MCA 21 Registry
There is a moratorium issued from 1st April till 3oth September. There will be no additional fees for filing the registry. For holding board meeting relaxation of 60 days applicable till next two quarters. Company’s auditor report order will be applicable from financial year 2020/21 instead of 2019/20. Even for the year 2019/20 if the independent director of the company were not
able to conduct one meeting also will not be held as a violation of the rules. If any of the company director who do not complete the minimum residency requirement in India with minimum 182 days of residence will not be treated as
violation.
Over and above the points mentioned the finance minister has mentioned that they will be announcing some relief packages soon to strengthen the economy.
Disclaimer: All the views in the blog are personal of the author not attributing to any one
