RELAXATION FROM RETURN FILING DATES, REGULATORY COMPLIANCES, ETC – Major updates from the Union Finance Minister’s due

INCOME TAX

  • Last date to file Income Tax (IT) Returns for the FY 18-19 has been extended to June 30, 2020.
  • The interest on delayed payment has been reduced to 9 per cent from 12 or 18 per cent earlier

GST

  • Last date to file March, April and May 2020 GST returns and composition returns extended to June 30.
  • Payment date under the ‘Sabka Vishwas’ scheme which was for settling disputes in the indirect tax regime, has been extended till June 30, 2020.
  • No 10 percent additional charge till June 30 on ‘Vivaad Se Vishwas’ scheme.
  • Vivaad Se Vishwas’ scheme extended to June 30, 2020.
  • For companies with less than Rs 5 crore turnover, no penalty or interest will be charged.
  • For over Rs 5 crore (bigger companies), interest at reduced rate of 9% will be charged.

  • Due dates has been extended till June 30, 2020 for –
  • issue of notice,
  • intimation,
  • notification,
  • approval order,
  • sanction order,
  • filing of appeal,
  • furnishing of return, statement, applications, reports, any other documents, and
  • time limit for completion of proceedings by the authority and any other compliance by the tax payer including investment in saving instruments or investments for roll over benefit of capital gains under Income Tax Act, Wealth Tax Act, Prohibition of Benami Property Transaction Act, Black Money Act, STT Law, CTT Law, Equalization Levy law, Vivad se Vishwas law; (if time limit is expiring between March 20, 2020 to June 29, 2020).

COMPANIES

  • For newly incorporated companies, there is a requirement to file declaration for the commencement of business within six months of incorporation. This has been extended to six more months.
  • If a company director who doesn’t comply with the minimum residency norm (staying in the country for 182 days or more), this won’t be treated as violation.
  • Mandatory requirement of holding board meetings is being relaxed by a period of 60 days, this relaxation is for the next two quarters.

OTHERS

  • Aadhaar-PAN linking deadline has also been extended to June 30, 2020.
  • Relief for imports and exporters: Customs clearance now an e now an essential service, till June 30, 2020 it will be work 24×7.
  • Debit card holders can withdraw cash from any bank ATMs without any additional charge for the next three months (till June 30).
  • No minimum balance is required for the next three months.
  • Bank charges have been reduced for all trade and finance consumers.

Regards,

VKJ Law Offices of Vinay K. Jain, Advocates & Solicitors.info@vkjlaw.com  |  T: +91 771 491 3535/ 36;  M: +91 79747 88338  |  www.vkjlaw.com

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