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24 March

Statutory and Banking Relaxations for Businesses on Account of Covid-19

By Sudarsan.S.K

Income Tax
VIVAD SE VISHWAS SCHEME – Date extended to 30th June, 2020 from 31st March, 2020. No 10% additional charge will be levied for all applications made till this date.
Investment benefits under income tax act, capital gains reinvestments, Chapter VI-A deposit benefits to be extended to 30th June, 2020 (from 31st March, 2020)
IT Returns
IT Returns last date for FY 2018-19 (AY 2019-20) extended to 30th June, 2020
Delayed payments till 30th June, 2020 – Interest reduced from 12% to 9% (AY 2019-20)
No extension of TDS date. But on delayed deposit of TDS, reduced interest of 9% will be charged
Aadhar PAN linking date extended to 30th June, 2020 from 31st March, 2020
Due Dates For Issue of Notice, Intimation, Filing of Appeal, Furnish Returns, Sanctions, Applications and other compliances by Tax Payers also extended to 30th June, 2020
Last date to file GST returns extended to 30th June, 2020 for March, April & May. Specific staggered dates will be intimated
No Late Fee, No Penalty for companies having turnover of less than Rs.5 crore. Interest Rate reduced to 9% for Businesses with turnover exceeding 5 Crores without any late fee or penalty applicable.
Date for opting for composition scheme extended to 30th June, 2020.
Sabka vishwas LDRS of Indirect tax has been extended to 30th june below 1.5 crores.
ROC Related

MCA 21 registry Moratorium being issued first April onward till 30th September 2020 there will be no additional fee for late filing

For board meeting 60 days time period has been given for next two quarters

Applicability of Companies auditor’s report order 2020 now extended to 2020-21 financial year

For the year 19-20 no validation will be taken if independent director have not been attended is single board meeting.

For newly incorporated companies, additional time of 6 more months will be given to file the declaration of commencement of business


Insolvency & Bankruptcy Code

On the Insolvency and Bankruptcy Code, the announcement has come that the default threshold limit of Rs 1 lakh has been steeply raised to Rs 1 crore. This has come as a major relief to MSMEs and it has also been announced if the situation doesn’t improve, section 7, 9, and 10 will be lifted for six months to provide cushion to the companies.



Aany debit card can be used to withdraw money from any bank’s ATM, without any extra charge. Maintaining the minimum amount balance is also not mandatory. The bank charges for digital trade transactions have also been reduced


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