Entire world is fighting against epidemic COVID-19 outbreak and Hon’ble Prime Minister of India Mr. Narendra Damodardas Modi has taken much need precautionary step of complete lockdown from midnight 12’o clock of 24th March, 2020 onwards for next 21 days.
In between various regular and financial year ended statutory and regulatory compliances are approaching and considering the situation, Hon’ble Finance Minister Mrs Nirmala Sitharaman held a press conference through video conferencing and announced various important reliefs measures taken by Government of India in the area of Income Tax, GST, Customs & Central Excise, Corporate Affairs, Insolvency & Bankruptcy Code, Fisheries, Banking Sector & Commerce.
Gist of major reliefs granted is as follows:.
1. Relief under Income Tax
- Last date of filing of belated Income Tax return u/s 139(4) of Income Tax Act, 1961 is 31st March of the relevant assessment year. Accordingly, last date of filing of ITR for F.Y. 2018-19 is 31st March, 2020. However, such date has been extended to 30th June, 2020.
- Income Tax department has made it mandatory that all Individual PAN Holders are required to link their Aadhar Card with PAN on Income Tax portal. Earlier, Last date of such linking was 31st March, 2020 which has been extended to 30th June, 2020.
2. Relief Goods and Service Tax (“GST”)/Indirect Taxes
- For suppliers having aggregate turnover less than INR 5 Crores, Due date of filing of GSTR-3B falling in the month of March, April and May, 2020 have been extended till last week of June, 2020. No interest, late fee, and penalty to be charged.
- For suppliers having aggregate turnover more than INR 5 crores, all due dates falling in the month of March, April and May 2020 has been extended till last week of June 2020. However, late payment of taxes will attract interest at reduced rates @9 % per annum from 15 days after due date instead of current rate of 18 % per annum. However, No late fee and penalty to be charged, if complied before till 30th June 2020.
3. Relief under Customs
- 24 X 7 Custom clearance will be open till end of 30th June, 2020.
- Due date falling or time limit expiring between 20th March 2020 to 29th June 2020 under the Customs Act and other allied law has been extended till 30th June 2020. Such Due date or time limit may be for issue of notice, notification, approval order, sanction order, filing of appeal, furnishing applications, reports, any other documents etc. under the Customs Act and other allied Laws.
4. Relief under Financial Services
Considering the cash crunches that may arise in economy due to lock down and no business activity, following relaxations are given for 3 months to ease the livelihood:
- Debit cardholders may withdraw cash for free from any other banks’ ATM for 3 months.
- Account holders are not required to maintain minimum balance.
- Reduced bank charges for digital trade transactions for all trade finance consumers
5. Relief under Corporate Affairs
- One of major relied which is given is wavier of additional fee of any document, returns, statements etc. filed with MCA-21 registry during the moratorium period of 1st April, 2020 to 30th September, 2020 irrespective of its due date.
- As per Companies Act, 2013, every company is mandatorily required to hold meetings of the Board of the companies within interval of 120 days. Such interval shall be extended by a period of 60 days till next two quarters i.e., till 30th September;
6. Relief under Department of Fisheries
- All Sanitary Permits (SIPs) for import of SPF Shrimp Broodstock and other Agriculture inputs expiring between 1st March, 2020 to 15th April, 2020 is extended by 3 months
- Delay upto 1 month in arrival of consignments to be condoned.
Detailed notifications/circulars under respective act shall be issued by the Ministry of Corporate Affairs separately.
In this crucial time, we request all of you to stay back at your home and keep yourself and your family safe from COVID-19
AVI HR Software Pvt Ltd,
(Matrix Cosec) Delhi-NCR; NOIDA
In this crucial time, we request all of you to stay back at your home and keep yourself and your family safe from COVID-19