COVID-19 : Extension Of Due Dates & Other Compliance..

The Union Finance & Corporate Affairs Minister Smt. Niramla Sitharaman on 24th March 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.

Following are the decisions with respect to statutory and regulatory compliance matters related to various sectors: —

Income Tax :

• The last date for Income tax return for FY 2018-19 shall be extended from 31-03-2020 to 30-06-2020.

• Interest on delayed payment has been reduced from 12% to 9%

• No extension for TDS but for the delayed payment of TDS, interest @ 9% to be charged.

• Various other dates of notices, last dates etc have been moved to 30-06-2020.

• AADHAR linking date has been extended to 30-06-2020.

• Vivad se vishwas scheme has also been extended to 30-06-2020. From now on to 30-06-2020, there is no charge of 10% at all.

• Due date for issue of notice, intimation, notification, approval order, sanction order, filing of appeal, statements, report, any other document and any other compliance by the taxpayer including investment and roll over benefit for capital gain under IT Act, Benami Act, STT law, Vivad se viswas law, it has been extended to 30-06-2020.

GST/Indirect Tax :

• Last date for filing March, April, May 2020 GSTR 3B returns (Other also compensation returns are being extended to 30-06-2020.

• Taxable persons which have less than 5 crores turnover no interest no late fee no penlaty would be charged. Taxable persons having more than 5 crores no late fee no penalty only interest @ 9% will be charged.

• The GST returns date shall be extended in a staggering manner.

• Date for opting compensation scheme has also been extended to 30-06-2020.

Customs :

• During this period the Govt do not want to put importers and exporters in difficulty. Custom clearance will be operational 24X7 upto 30-06-2020.

Financial Services :

Relaxation for 3 months

• Debit cardholders to withdraw cash for free from any other banks’ ATM for 3 months

• Waiver of minimum balance fee

• Reduced bank charges for digital trade transactions for all trade finance consumers

Corporate Affairs :

• In respect of the MCA 21 registry, there is a moratorium issue from 1st April till 30th September 2020. There shall not be any additional fee for late filing. Also for holding Board meeting, the period has been relaxed for the period of 60 days.

• 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.

• Applicability of Companies (Auditor’s Report I.e. CARO) 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.