Key announcements were made by Finance Minister Nirmala Sitharaman for extension of statutory deadlines due to impacts of COVID-19 on economy. She announced that the Economic Task Force will soon announce an economic relief package to deal with the impact of the coronavirus pandemic on the economy.
1. For Financial year 2018-19, last date for returns extended to June 30, 2020. Delayed payments made till June 30, interest rate reduced to 9% from 12%.
2. For delayed deposit of TDS, interest has been reduced to 9 % from 18%
3. Aadhaar-PAN linking extended to June 30 from March 31, 2020.
4. Vivaad se Vishwaas scheme extended to June 30. And no additional payment of 10% to be paid
5. All compliances under Income Tax Act, Wealth Tax Act, Benami Transaction Act, Black Money Act, Vivaad se Vishwaas, have been extended to June 30, 2020
6. All GST returns for March, April, May and composition returns extended to June 30, 2020
7. For companies below 5 crores no late fee and penalty to be charged. For above Rs 5 crores, only int at the rate of 9%
8. Sabka Vishwaas scheme for indirect taxes having last date till March 31 has been extended to June 30,2020. No interest to be levied.
9. Customs clearance till June 30 to work 24x7.
10. In respect of the MCA21 registry, there is a moratorium being issued from April 1 till Sep 30 no additional fees for late filing.
11. There is a mandatory requirement for holding Board meeting. We are relaxing it for 60 days for the next two quarters.
12. For newly incorporated companies, additional time of six more months is being given for filing declaration of commencement of business
13. 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.
This information is as per the details given by FM in her press conference. Official press release document is yet to be released.