Following are the decisions with respect to statutory and
regulatory compliance matters related to various sectors:
Income Tax
1.
Extend last date for income tax returns for (FY 18-19) from 31st March
2020 to 30th June 2020.
2.
Aadhaar-PAN linking date to be extended from 31st March 2020 to
30th June 2020.
3.
Vivad se Vishwas scheme – no additional
10% amount, if payment made by June 30, 2020.
4.
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, Equalization Levy law, Vivad Se Vishwas law where the time limit is
expiring between 20th March 2020 to 29th June 2020 shall be extended to 30th
June 2020.
5.
For delayed payments of advanced tax, self-assessment tax,
regular tax, TDS, TCS, equalization levy, STT, CTT made between
20th March 2020 and 30th June 2020, reduced interest
rate at 9% 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.
6.
Necessary legal circulars and legislative amendments for giving
effect to the aforesaid relief shall be issued in due course.
GST/Indirect Tax
1.
Those having aggregate annual turnover less than Rs. 5 Crore
Last date 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.
2.
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 30th June 2020.
3.
Date for opting for composition scheme is extended till the last
week of June, 2020. Further, the last date for making
payments for the quarter ending 31st March, 2020 and filing of return
for 2019-20 by the composition dealers will be extended till the
last week of June, 2020.
4.
Date for filing GST annual returns of FY 18-19, which is due on
31st March, 2020 is
extended till the last week of June 2020.
5.
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 20th March
2020 to 29th June 2020 shall be extended to 30th June 2020.
6.
Necessary legal circulars and legislative amendments to give
effect to the aforesaid GST relief shall follow with the approval of GST
Council.
7.
Payment date under Sabka Vishwas Scheme shall
be extended to30th June, 2020. No interest for this period shall be charged
if paid by 30th June, 2020.
Customs
1.
24X7 Custom clearance till end of 30th June, 2020
2.
Due date for issue of notice, notification, approval order,
sanction order, filing of appeal, furnishing applications, reports, any other
documents etc., time limit for any compliance under the Customs Act and other
allied Laws where the time limit is expiring between 20th March
2020 to 29th June 2020 shall be extended to 30th June 2020.
Financial Services
1.
Relaxations for 3 months
o Debit cardholders to
withdraw cash for free from any other banks’ ATM for 3 months
o Waiver of minimum
balance fee
o Reduced bank charges
for digital trade transactions for all trade finance consumers
Corporate Affairs
1.
No additional fees shall be charged for late filing during a
moratorium period from 01st April to 30th September 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’;
2.
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 30th September;
3.
Applicability of Companies (Auditor’s Report) Order, 2020 shall
be made applicable from the financial year 2020-2021 instead of from 2019-2020
notified earlier. This will significantly ease the burden on companies &
their auditors for the year 2019-20.
4.
As per Schedule 4 to the Companies Act, 2013, Independent
Directors are required to hold at least one meeting without the attendance of
Non-independent directors and members of management. For the year 2019-20, if
the IDs of a company have not been able to hold even one meeting, the same
shall not be viewed as a violation.
5.
Requirement to create a Deposit reserve of 20% of deposits
maturing during the financial year 2020-21 before 30th April 2020 shall be
allowed to be complied with till 30th June 2020.
6. The requirement to invest 15% of debentures maturing during a
particular year in specified instruments before 30th April 2020, maybe done so
before 30th June 2020.
7.
Newly incorporated companies are required to file a declaration
for Commencement of Business within 6 months of incorporation. An additional
time of 6 more months shall be allowed.
8.
Non-compliance of minimum residency in India for a period of at
least 182 days by at least one director of every company, under Section 149 of
the Companies Act, shall not be treated as a violation.
9.
Due to the emerging financial distress faced by most companies
on account of the large-scale economic distress caused by COVID 19, it has been
decided to raise the threshold of default under section 4 of the IBC 2016 to Rs
1 crore (from the existing threshold of Rs 1 lakh). This will by and large
prevent triggering of insolvency proceedings against MSMEs. If the current
situation continues beyond 30th of April 2020, we may consider suspending
section 7, 9 and 10 of the IBC 2016 for a period of 6 months so as to stop
companies at large from being forced into insolvency proceedings in such force
major causes of default.
10.
Detailed notifications/circulars in this regard shall be issued
by the Ministry of Corporate Affairs separately.
Department of Fisheries
1.
All Sanitary Permits (SIPs) for import of SPF Shrimp Broodstock
and other Agriculture inputs expiring between 01.03.2020
to 15.04.2020 extended by 3 months
2.
Delay up to 1 month in the arrival of consignments to be condoned.
3.
Rebooking of quarantine cubicles for canceled consignments in
Aquatic Quarantine Facility (AQF) Chennai without additional booking charges
4.
The verification of documents and grant of NOC for Quarantine
would be relaxed from 7 days to 3 days
Department of Commerce
Extension of timelines for various compliance
and procedures will be given. Detailed notifications will be issued by Ministry
of Commerce.
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