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New Delhi : Union Finance & Corporate Affairs Minister Niramla Sitharaman on March 24, 2020, announced several important relief measures taken by the Government of India in view of COVID-19 outbreak, especially on statutory and regulatory compliance matters related to several sectors. Addressing a press conference through video conferencing here,, Sitharaman announced much-needed relief measures in areas of Income Tax, GST, Customs & Central Excise, Corporate Affairs, Insolvency & Bankruptcy Code (IBC), Fisheries, Banking Sector and Commerce.
Sitharaman said that the last date for income tax returns for (FY 18-19) has been extended from March 31, 2020, to June 30, 2020. Aadhaar-PAN linking date has also been extended from March 31 2020, to June 30, 2020. Vivad se Vishwas scheme – no additional 10% amount, if payment made by June 30, 2020, she said.
Due dates for issue of notice, intimation, notification, approval order, sanction order, filing of appeal, furnishing of return, statements, applications, reports, any other documents and time limit for completion of proceedings by the authority and any compliance by the taxpayer 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, Equalisation Levy law, Vivad Se Vishwas law where the time limit is expiring between March 20, 2020, to June 29, 2020, has been extended to June 30, 2020.
For delayed payments of advanced tax, self-assessment tax, regular tax, TDS, TCS, equalisation levy, STT, CTT made between March 20, 2020,and June 30, 2020, reduced interest rate at9% instead of 12 %/18 % per annum ( i.e. 0.75% per month instead of 1/1.5 percent per month) will be charged for this period. No late fee/penalty shall be charged for delay relating to this period.
Minister of State for Finance & Corporate Affairs Anurag Singh Thakur was also present besides A B Pandey, Finance Secretary, and Atanu Chakraborty, Secretary, Department of Economic Affairs.
GST/Indirect Tax : Those having aggregate annual turnover of less than Rs. 5 crore, can file GSTR-3B due in March, April and May 2020 by the last week of June, 2020. No interest, late fee, and penalty to be charged. Others can file returns due in March, April and May 2020 by last week of June 2020 but the same would attract reduced rate of interest @9 % per annum from 15 days after due date (current interest rate is 18 % per annum). No late fee and penalty to be charged, if complied before till June 30, 2020.
Date for filing GST annual returns of FY 18-19, which is due on March 31, 2020, has been extended till the last week of June 2020. Due date for issue of notice, notification, approval order, sanction order, filing of appeal, furnishing of return, statements, applications, reports, any other documents, time limit for any compliance under the GST laws where the time limit is expiring between March 20, 2020, to June 29, 2020, shall be extended to June 30, 2020.
Corporate Affairs : No additional fees shall be charged for late filing during a moratorium period from April 1 to September 30, 2020, in respect of any document, return, statement etc., required to be filed in the MCA-21 Registry, irrespective of its due date, which will not only reduce the compliance burden, including financial burden of companies/ LLPs at large, but also enable long-standing non-compliant companies/ LLPs to make a ‘fresh start’.
The mandatory requirement of holding meetings of the Board of the companies within prescribed interval provided in the Companies Act (120 days), 2013, shall be extended by a period of 60 days till next two quarters i.e., till September 30.