FM Nirmala Sitharaman Announcements today on Compliances due to COVID-19 (24.03.2020):

FM Nirmala Sitharaman Announcements today on Compliances (24.03.2020):

1. INCOME TAX

- Last date of filing Income Tax Return FY 2018-19 increased to 30.06.2020

- Interest Rate delayed payment reduced from 12% to 9%

- Delayed deposit of TDS interest rate 9% till 30.06.2020

2. Due date extended to 30.06.2020

- Aadhar- Pan Linking

- Vivad se Vishwas Scheme

- Sanction/Appeal/ Certificate/ Order/ Application etc including Investment in Saving Scheme, Capital Gain, Prohibition of Benami, Benami Law where due dates between 20th March to 29th June : All extended to 30th June

3. GST

- Last date of March, April and May of GST Return filing extended to 30.06.2020

- Companies less than 5 Crore : No late fees, interest, penalty

- Companies more than 5 Crore : No late fees, penalty; Interest leviable at 9%

- Composition Scheme Option avail upto 30.06

4. Customs and Central Excise

- Sabka Vishwas extended to 30.06.2020

- Customs Clearance will work 24*7 upto 30.06.2020

5. MCA & CORP AFFAIRS

- Board meeting holding relaxed for 60 days for next 2 Quarters

- CARO Applicability postponed to FY 2020-21

- No violation even if Independent Director held no meeting

- Newly incorporated company - Commencement of business certificate : additional 6 months

- Resident Director requirement not violation

- Deposits Repayment Reserve requirement and 15% Debenture repayment investment to be invested : till 30.4.2020 extended to 30.6.2020

6. IBC

- Default threshold increased from Rs. 1 lakh to Rs. 1 crore

- Section 7, 9, 10 may be suspended for 6 months