COVID-19_IMPORTANT ANNOUNCEMENT_FINANCE MINISTRY

Posted by Akash Goel
On 24 Mar 2020

1. Stimulus Package for Industry will be announce soon.

2. Last date of belated Income Tax Return as well as revised return for F.Y 2018-19 (AY 2019-20) extended to 30.06.2020, interest rate reduced to 9% from 12%.

3. Due date to link Aadhar with PAN, is now extended to 30th June, 2020

4. Vivad se Vishwas due date extended to 30th June 2020. There is no 10% additional charge required to pay in Vivad se Vishwas Scheme.

5. No extension of TDS return but Interest rate on TDS filling reduced to 9% from 18%.

6. Debit Card holders can withdraw cash from any bank ATM at free of any charges for the next 3 months

7. There will be no charges on not keeping the minimum balance requirement in any Bank.

8. All GST returns for March, April , May and composition extended to 30.06.2020.Feb GSTR 3B due date not extened.

9. For companies less than 5 crore no late fees and penalty to be charged. For above Rs 5 cr., only interest will be charged at the rate of 9%.

10. Sabka Vishwaas Scheme for indirect taxes having last date till March 31 has been extended to June 30,2020. No interest to be levied. 

11. Customs clearance till June 30,2020 to work for 24*7.

12. In respect of the MCA 21 registry, there is a moratorium being issued from April 1 till September 30 no additional fees for late filling.

13. There is a mandatory requirement for holding Board meeting. Govt. has relaxing it for 60 days for the next two quarters.

14. For newly incorporated companies, additional time for six more months is being given for filling of declaration of commencement of business.

15. If there is a company director who does not comply with minimum residency requirement of 182 days, this was treated as a violation. It shall not be treated as one.

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