Sandeep Ahuja & Co.

Established in the year 1986, we are a leading chartered accountancy firm based in Delhi & NCR rendering comprehensive professional services which include statutory audit, internal audit, direct tax, transfer pricing, GST, bank audit, propriety audit, cost accounting, internal financial controls and risk advisory.

Tuesday, March 31, 2020

Tax & Compliance Relief Announced - Covid-19

The following reliefs have been announced Indian Finance Minister, in a press conference held on 24th March 2020, to deal with the economic crash due to Coronavirus Pandemic:
1. Extension of Due Dates –

Revised Due Date
Regarding Income Tax

Income Tax Returns for FY 2018-19
30th June, 2020
Aadhaar PAN linking
30th June, 2020
Vivad se Vishwas Scheme
30th June, 2020
Issue of notice, intimation, filing of appeal, submission of income tax return and any other document or compliance matter by the tax payer including saving instruments or capital gains under Income Tax Act, Wealth Tax Act, Benami Property Act, STT Law, CTT Law, Vivaad se Vishwas Law, where the time limit was expiring in March
30th June, 2020
Regarding GST

GST returns of March, April and May
30th June, 2020
Opting of Composition Scheme
30th June, 2020

2. Interest Rates Reduction

Earlier
Reduced to
Income Tax:


Payment made under Vivad se Vishwas Scheme by June 30, 2020.
10% Amount
NIL
Delayed payments of advanced tax, self-assessment tax, regular tax, made between
20th March 2020 and 30th June 2020
12%/18%
9%
(No late fee/ penalty to be charged)
Delayed payments of TDS, TCS, equalization levy, STT, CTT made between
20th March 2020 and 30th June 2020
12%/18%
9%
(No late fee/ penalty to be charged)
GST:


Delayed payment of GST made between 20th March 2020 and 30th June 2020 by those having turnover less than Rs. 5 crore
18%
NIL
(No late fee/ penalty to be charged)
Delayed payment of GST made between 20th March 2020 and 30th June 2020 by those having turnover more than Rs. 5 crore
18%
9%
(No late fee/ penalty to be charged)
MCA:


Late filing of any document, return, statement etc., required to be filed in the MCA-21 Registry, irrespective of its due date

No additional Fees

3. Other Reliefs –

a. Mandatory requirement of holding meetings of the Board of the companies within prescribed interval, shall be extended by a period of 60 days till next two quarters i.e., till 30th September.

b. Applicability of Companies (Auditor’s Report) Order, 2020 shall be made applicable from the financial year 2020-2021

c. If the Independent Directors of a company have not been able to hold even one meeting in the financial year 2019-20, the same shall not be viewed as a violation.

d. Non-compliance of minimum residency in India for a period of at least 182 days by at least one director of every company shall not be treated as a violation.

e. Custom Clearance will serve 24 x 7.

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

g. Waiver of minimum balance fee.

h. Reduced bank charges for digital trade transactions for all trade finance consumers.

i. Raise the threshold of default under section 4 of the IBC 2016 to Rs 1 crore (from the existing threshold of Rs 1 lakh). This will by and large prevent triggering of insolvency proceedings against MSMEs. If the current situation continues beyond 30th of April 2020, the government may consider suspending section 7, 9 and 10 of the IBC 2016 for a period of 6 months.

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