Finance Minister Nirmala Sitharaman extends tax filing deadline. Here are all the announcements

Delhi: Finance Minister Nirmala Sitharaman announced relief for statutory compliance in a press meet today. She has extended the deadline to file IT returns to 30 June 2020.






Delhi: Finance Minister Nirmala Sitharaman announced relief for statutory compliance in a press meet today. She has extended the deadline to file IT returns to 30 June 2020. Here are the list of changes she has announced today:

INCOME TAX RELATED

  1. FY 2018-2019 | AY 2019-2020
  2. ITR last date extended to 30th June 2020
  3. Tax payment made till 30Th June- Interest reduced from 12% to 9% 
  4. Delayed deposit of TDS till 3oth June- Reduced interest 9%
  5. Extension of dates for various compliances
  6. Due date for all notices/orders/appeals/applications/reports/any other document/any compliance by taxpayers up-to 30th June, 2020
  7. All investments/Saving instruments for rebates can be made by 30th June 2020.
  8. Adhaar-PAN linking date extended to 30th June 2020
  9. Vivad Se Vishwas Scheme extended up-to 30th June 2020, No additional charge of 10% up-to 30th June 2020, earlier disputed tax has to be deposit by 31st March without additional charge of 10%.


GST RELATED

  1. March, April and May 2020 month GST returns & composition returns filing date extended up-to 30th June 2020.
  2. Companies with less than 5 Crore Turnover no interest, late fees or penalty.
  3. Other companies more than 5 Crore turnover, no Late fee and penalty, only interest at reduced rate of 9%
  4. Date for opting composition scheme extended to 30th June 2020.


CUSTOM /CENTRAL EXCISE

  1. Sabka Vishawas scheme (Indirect Taxes) extended from 31st March 2020 to 30th June 2020, no interest will be levied at all.
  2. Custom clearance till 30th June 2020 will be 24*7 MCA
  3. From 1st April till 30th September, 2020, no additional fees for late filings.
  4. Holding board meetings period of 60 days relaxation till next 2 quarters.
  5. Applicability of CARO 2020 will be from FY 2020-2021 instead of 2019-2020
  6. 2019-2020, if no meeting held with Independent director, no violation.
  7. For newly incorporated companies, commencement of business form can be filed with additional time of 6 months.
  8. If company director not comply with minimum mandatory period to be stayed in India u/s 149 of Companies act, it will not be treated as violation.


INSOLVENCY AND BANKCRUPTCY CODE, 2016

  1. Threshold of default raised from Rs. 1 Lacs to 1 Cores
  2. If situation of COVID-90 continues like this, after 30th April, 2020, may suspend section 6, 7, 9 and 10 of IBC for next 6 months.


BANKS RELATED (DFS RELATED)




  1. Debit card holders can withdraw cash from any bank ATM- No charge up-to next 3 months
  2. No minimum balance requirement fees for bank accounts
  3. Bank charges reduced for digitally transactions related to all trade finance.


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