Important Direct and Indirect tax related updates from Honorable Finance Minister Video conference on 24.03.2020

written by ADMIN | March 24, 2020

In the video conference on 24.03.2020 following relief has been provided:

Direct tax:

  • Due date for filing ITR for F.Y. 2018-19 has been extended from 31.03.2020 to 30.06.2020.
  • Due date for linking PAN and aadhar has been extended from 31.03.2020 to 30.06.2020.
  • Due date for opting Vivad se Vishwas scheme has been extended from 31.03.2020 to 30.06.2020 without additional 10% amount for payment after 31.03.2020.
  • Interest on delayed payment of Income Tax for F.Y.2018-19 reduced to 9% instead of 12%.
  • Interest for Late payment of TDS has been reduced from 18% to 9%.
  • Due dates for Notice Intimation / Notification / Sanctioning order / Filing of Appeals and ALL documents and savings related schemes (include Chapter VI-A) and Investments for Rollover benefit of capital gains along with Wealth Tax / Black Money Act / STT Law /CTT Law/ Equalisation Levy Law : extended to 30th June 2020 time limit of which is expiring between 20th March 2020 to 29th June 2020.

Indirect Tax

  • Due date for GST return due in March, April and May month has been extended to 30.06.2020 in a staggered manner.
  • No interest shall be charged for business with turnover below 5 crore for making late payment of tax in GST however for business with turnover above Rs. 5 crore shall be charged a reduced rate of 9%.
  • Date for opting composition scheme has also been extended to 30.06.2020.
  • Date for payment under Sabka Vishwas – (Legacy Dispute Resolution) Scheme has been extended from 31.03.2020 to 30.06.2020.

Companies and other Act:

  • CARO, 2020 shall be applicable from F.Y. 2020-21 instead of F.Y. 2019-20.
  • MCA-21 registry – moratorium from 01.04.20 to 30.09.20 – there shall be no additional fees for late filings.
  • For FY 2019-20 : Independent Directors who were not able to hold a meeting the same shall not be seen as a violation.
  • Custom officers shall work 24*7 to provide smooth functioning of business.
  • Board meetings are relaxed for 60 days for next 2 quarters.
  • For newly incorporated companies – Commencement of business is to be filed within 6 months, which is now extended for another 6 months.
  • For a director in any company, less than 182 days minimum residency shall not be treated as violation.
  • No bank charges for keeping minimum balance or withdrawing amount from another bank ATM for next 3 months.

You can view the Press release HERE.

Detailed notification shall follow.

 

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