FM Press conference update: Compliance relief

FM Press conference update: Compliance relief

Relief in terms of statutory and regulatory compliance: Relief in the following areas are announced by FM. Stay with this post. We are updating instantly.

Compliance related to income tax-related matters:

The last date of the income tax return for FY 2018-19 is extended 30th June 2020. Also, the interest rate is reduced from 12% to 9%.

• No extension, but on the delayed deposit of TDS till June 30, 2020, the interest rate is reduced from 18% to 9%
• AADHAR PAN linking date extended to 30 June 2020.
• Vivad se Vishwas Scheme is extended to 30th June 2020. No additional 10% Charge if declared till 30th June, earlier it was 31st March 2020.
• The due date for issue of intimation, notice filing of the appeal, approval order, Section order, Return, statements, applications, report or any other document. furnishing of returns including investment for capital gains or saving instruments under various laws is extended to 30th June 2020. Earlier it was 31st March 2020.

Compliances and deadlines related to GST: 

March, April and May GST return date of all returns is extended to 30th June 2020. Staggering of returns will still be there.

For companies having less than Rs. 5 cr turnover, No interest, late fees and penalty will be charged.

For companies having a turnover of more than 5 Cr. Upto 15 days there will be no late fees, interest or penalty. After that Only interest will be charged at a reduced rate of 9%.

The date for opting composition schemed is also extended to June 30 , 2020

Newly incorporated companies have a requirement to file a declaration of commencement of business within 6 months. Now, this is relaxed by further 6 months.

If NRI Directors stay for less than 180 days, it is not a breach.

The requirement to invest 15%  in debentures is also extended from 30th April to 30 th June 2020.

Customs and Central Excise related compliances:

Sabka Vishwas’ scheme last date is again extended to 30th June 2020. During this period people who will pay, wont have any interest levy.

Excise:  During this lockdown period, customs clearance up to 30th June will be on 24*7 basis.

Compliances related to MCA:

No additional fees for late filing.

For holding a board meeting, the period is relaxed by a period of 60 days till the next two qtrs.

Applicability of CARO 2020, is deferred till 2020-2021 (not 2019-20)

For FY 2020, If independent director are not being able to held even a single meeting, it will not be a violation.

Compliances related to  IBC matters:

The threshold of default is Rs. 1 lac rs. It is raised to Rs. 100,00,000. It is to protect MSME. Section 7,9 and 10 may be suspended if situation is worsening.  

Fisheries compliances:

Compliances related to certain import permits, sanitary import permits, expiring between 1st April 2020 and 15th April 2020 ..

Delay in the arrival of the consignment is condoned.

Rebooking of quarantined cubicles , shall be without additional booking charges

Bank related compliances: