FM Sitaraman announces some measures in view of COVID 19. Ensure you are updated

Covid -19 New Updates & Reliefs Announced

by Nirmala Sitharaman

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1. Income tax Last date for returns extended to 30-June-2020 Delayed payments, interest rate reduced from 12 to 9% No extension but on delayed deposit of TDS, only reduced interest of 9% will be charged till 30-June-20. Reduced from 18%.

Aadhar Pan linking date extended to 30-Jun-2020 Vivaad se Vishwaas Scheme has been extended to 30-Jun-20; Additional charge of 10% that would have been levied, is being removed till 30-June-20 www.LegalWiz.in

1. Income tax Due Dates for Issue of Notice, Approval order, Filing of appeal, Furnishing of Returns, Return Statement, Applications, Reports, any other document or compliance, including investment in Savings instruments or investment for Roll Over benefit of Capital Gains, Wealth Tax, Benami Property, Black Money, STT Law, CTT Law, Equalisation Levy Law, Vivaas se Vishwas law, where the time limit was expiring on 20-Mar-20 shall all be extended to 30-Jun-2020

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2. GST Last date for March April and May returns and Composition Returns extended to 30-June 2020. (staggered as in the note) For companies <5cr turnover: no interest or late fee will be charged For bigger companies No Late Fee and Penalty; Interest at 9% Date for opting for composition scheme extended to 30-June-2020

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3. Customs and Central excise Sabka Vishwas scheme that was extended to 31-March, is extended to 30June-2020 No interest would be levied irrespective of amount involved Customs clearance would operate 24x7 as an essential service

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4. Companies Act MCA registry: moratorium issued from 1st April to 31st September 2020 No additional fees for late filing Board Meetings: Relaxing by a period of 60 days till the next two quarters Applicability of the Companies (Auditorâ&#x20AC;&#x2122;s Report) Order 2020, shall be made applicable from 2020-2021 instead of 2019-2020 If independent directors have not been able to hold even one meeting, the same shall not be a violation For Newly incorporated companies: requirement to file COB within 6 months of incorporation; additional time of 6 months extended for them

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4. Companies Act Company director who does not comply with minimum residency requirement of 182 days u/s 149, would not be treated as a violation Requirement to create a deposit reserve of 20% of deposits maturing in the year; this can be complied with by 30-June-2020

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5. IBC Threshold for Bankruptcy amount moved from INR 1 lakh to INR 1 crore If situation continues, then we can consider suspending 7, 9 and 10 of the Insolvency Act to prevent companies from entering bankruptcy

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6. Fisheries Sanitary import permits for shrimp stock, that would have expired between 01-Mar15-April would be extended by 3 months Delay upto 1 months in arrival of consignments would be condoned; would not be considered as delay Rebooking of quarantine cubicles for cancelled consignments in aquatic quarantine facility, would be allowed Verification of documents and Grant of NOC would be done in 3 days instead of 7 days

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7. Bank Debit card holders withdrawing cash, can do it free of charge for next 3 months No minimum balance needed Reduce bank charges for digital trade transactions for all trade finance consumers Principle: For procedural and eligibility , extension oftimeline shall be given but not for scheme guidelines (Specifics would be shared soon)

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