COVID-19: Finance Minister Introduced Extended Statutory Due Dates

The Finance Minister of India Mrs. Nirmala Sitharaman due to the outbreak of COVID-19 declared the extension of various statutory due dates for the taxpayers through a video press conference. The taxpayers had been requesting expansion because of the inconvenience caused between the COVID-19 outbreak. Various compliance dates have been stretched out to 30th of June 2020 and relaxations have been given in terms of reduced interest rates. The ITR due date for FY 18-19 has been reached out to 31st March 2020 and GSTR due dates for the month of March, April, and May 2020 have been extended to 30th June 2020 in a staggered way.

Here are the various extensions and relaxations that is announced by FM in her video press conference.

INCOME TAX:

1. Income Tax Return ITR for FY 18-19: 30th June 2020

2. Interest Rates for delayed ITR payments reduced: from 12% to 9%

3. Interest Rate for delayed deposits of TDS: 9% (No extension for filing TDS Return). 

4. Dates of all the orders/notices/appeal filing: 30th June 2020

5. PAN and Aadhaar linking: 30th June 2020 

6. The Vivad se Vishwas Scheme which was introduced in the Budget by the FM for settlement of Income Tax Disputes: 30th June 2020 (with no additional 10% payment).

GST:

7. Due date for GST Return: 30th June 2020 (for March, April, and May 2020)

8. On delay of filing of returns there will be no late fees, interest, penalty charged for the companies which are having turnovers less than 5 Cr.

9. The Last date to choose for composition scheme under GST: 30th June 2020.

10. No Late fees and penalty for the companies which are having turnover more than 5 Cr. but interest will be charged at a rate of 9%.

11. Sabka Vishwas Scheme: 30th June 2020 (with no interest charges).

COMPANIES:

12. In regard of MCA 21 Registry ban, no extra fees will be charged for late filing.

13. Board Meetings Period to be composed till next two quarters by a period of 60 days. 

14. CARO 2020 will currently be made forceful from the year 2020-21. 

15. Least Balance requirement doesn’t need to be kept in bank accounts for the next 3 months.

16. In the event that no meeting is held with Independent director in 2019-20, it is not be viewed as a violation.

17. For newly incorporated companies, the commencement of business form that is Form INC-20A, can be filed with an additional time of 6 months. 

18: If a director of a company doesn't agree with the minimum required period to stay in India u/s 149 of Companies act, it won’t be considered as a violation.

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