INCOME TAX 

1) Financial Year 2018 – 2019 : The Last Date for IT Return is extended to 30th June, 2020; 

2) Interest Rate on Delayed payments reduced to 9% which earlier was 12%; 

3) On delayed deposit of TDS only reduced interest of 9% will be charged till 30th June, 2020 which earlier was 18%; 

4) The PAN and Aadhar Linking date extended till 30th June, 2020 – which earlier was 30th March, 2020; 

5) Vivaad se vishwas Scheme – extended till 30th June, 2020 and scrapped off the 10% additional charge which was imposed to file after the deadline of 31st March, 2020; 

6) The due date for issue of notification, filing of appeal, filing of any application, sanction report, for taking Capital Gain benefit, for benefit under SVTT and CTT, for benefit under Wealth Tax, etc. the dates are extended to 30th June, 2020. 

GST 

1) Last date for filing the GST returns for the months of March, April, May 2020 and composition return is extended to 30th June, 2020.Further, staggering dates shall be released as under the detailed program and Press Release to avoid the website crashing and panic amongst assesses 

2) Companies which have a turnover of less than 5 crores – no interest, late fee or penalty charged and for Companies having turnover of more than 5 crores – interest @ 9% but no late fee or penalty; AND 

3) Date for opting for composition – extended to 30th June, 2020. 

CUSTOMS & CENTRAL EXCISE 

1) Sabka Vishwas – Last date was 31st March, 2020 which is extended to 30th June, 2020. Further, No interest shall be levied irrespective of the amount having turnover is upto Rs. 1.5 Crores; AND 

2) During lockdown, efforts to not upset any exporter or importer have been taken and that is why the customs clearance shall be 

INSOLVENCY & BANKRUPTCY LAWS 

1)Threshold for default which earlier was Rs. 1 Lakh is being raised to Rs. 1 Crore in order to prevent triggering of Insolvency against MSMEs and is implemented immediately; AND

2) The current situation of Covid – 19 shall be observed and if it continues even after 31st April,2020, Section 7, 9 and 10 of the I&B Code shall be suspended for a period 6 months so that companies can be stopped from moving forward against companies under the I&B Code as a result of this Force Majeure event. 

MINISTRY OF CORPORATE AFFAIRS 

1) MCA21 registry, moratorium issued from 01st April, 2020 to 30th September, 2020. No additional fee for late filing; 

2) For holding board meetings, relaxation for 60 days till the next 2 quarters, for each quarter; 

3) Applicability of the company’s auditor’s report order 2020 shall be made applicable from FY 2020-2021 instead of FY 2019-2020; 

4) For the FY 2019-20, if the independent directors of the company have not been hold even one meeting, it shall not be seen as a violation; 

5) For newly incorporated companies, there is a requirement for commencement of business within 6 months. Now additional 6 months given; 

6) If there is a company director who does not comply with the minimum residency requirement in India of 182 days or more under Section 149 of the Companies Act, 2013 it shall not be treated as a violation; 

7) Requirement of creating of deposit of 20% to be complied with by 30th June, 2020 instead of 30th April, 2020; AND 

8) To invest in debentures @ 15% in specified instruments, which is a mandatory requirement, deadline extended to 30th June, 2020 from 30th April, 2020. 

FISHERIES 

1) All sanitary import permits (SIP) for which were expiring between 01st March, 2020 to 15th April, 2020 are all extended by 3 months. 

2) The delay upto one month in arrival of the consignment, would be condoned. 

3) Rebooking of quarantine cubicles for cancelled consignments in AQF, Chennai, there shall not be additional booking charge; AND 

4) The verification of documents and grant of NOC for quarantine would be reduced from 7 days to 3 days. 

COMMERCE 

1) Debit card holders who withdraw cash from any bank ATM can do it free of charge for the next 3 months; 

2) No minimum balance requirement fee will be levied; 

3) Bank charges for digital trade transactions for all trade finance consumers shall be reduced; AND 

4) For all practical purposes, the principle of any activity that shall be followed will be that for procedural and eligibility, extension of timeline will be given. No extension for any scheme guidelines 

Therefore the steps taken by the Union Finance Minister will keep the economy stagnant which will also help us to face such a massacre and will definitely act as a support measure to various taxpayers. 

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