@AlliesFin
Income tax
- FY 18-19: Late date ITR extended to 30.06.2020 + flag interest on tax reduced to 9% (from 12%)
- Delayed deposit of TDS for current FY reduced interest of 9% upto 30.06.2020
- Various dates for notices etc extended to 30.06.2020
- Aadhar PAN linking extended to 30.06.2020
- VSVS extended to 30.06.2020
GST
- Filing dates falling in Mar/Apr/May 2020 extended to 30.06.2020
- Companies less than 5 crore turnover - No late fee, No penalty
- Companies > 5 crore TO interest reduced to 9% (15 days waiver)
- Composition schemes dates last date 30.06.2020
Staggering of filings will be implemented
MCA
- Moratorium issued from 01.04.20 to 30.09.30 for no late fees
- Board meeting limitation period of 60 days relaxed till 2 quarters
- Applicability of CARO deferred to FY 20-21 instead of 19-20
- FY 19-20 independent directors not holding a single meeting shall not be treated as a violation
Customs and Central Excise
- Sab Ka Vishwas [Indirect Tax Scheme] - Due date of 31st March 2020 extended to 30th June 2020. No interest on the period upto 30th June 2020 irrespective of the amount.
- Customs clearance till 30th June 2020 will operate 24x7 as an essential service.
Company Specific Relaxations under Companies Act 2013
- Director requirement of 182 days in India (us/ 149 of companies act) : shall not be treated as violation if Director not resident in India for more than 182 days
- 20% deposit reserve to be created for deposits to be done by 30th June 2020 (vs 30th April 2020)
- 15% debentures maturing in a particular year before 30th April 2020 can be done by 30th June 2020
Banking
- Debit card holders withdrawing cash from any bank ATM can do free of charge for next 3 months
- No Minimum Balance Requirement
- Reduced Bank Charges for Digital Trade Transactions
Commerce
Principle to be followed :
- Extension of time-line for procedural and eligibility criteria however No extension or modification of scheme guidelines
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