Relaxations by Finance Minister under Various Laws
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1. Last date for filing income tax returns for the A.Y. 19-20 will be now 30/06/2020.
2. Interest for delayed payment reduced to 9% only for F.Y.18-19
3. Vivad se Vishwas Scheme has also extended to 30/06/2020 and no 10% additional Charge for now.
4. No extension for TDS but interest rate for delayed deposit reduced to 9% from 12%
5. Relaxtion in various notices, filing extended to 30/06/2020.
GST
- GSTR for filing in the month of March, April and May Return and also composition return extended to 30/06/2020 (can be 27, 29, 30)
- Companies which have less then 5CR Turnover, no int, no late fees and no penalty
- Bigger Companies, No late fee and penalty but refuced interest rate of 9% charged.
- Date for opting the composition scheme is also extended to 30/06/2020.
Custom and Central Excise
- Sabka Vihswa Scheme also extended to 30/06/2020. No Interest shall be levied even if pay upto 30/06/2020.
- custom clearance will do 24*7 by 30/06/2020.
MCA
- MCA Registry, Mortaorium being issue from 1st april to 30/09/2020,
- No Additional Fees for late filing.
- Board meeting extension for 60 days in next 2 Quarters.
- Applicability or CARO for FY 2020-2021.
- For the FY 2019-20, Independent Director relaxed for Meeting, if even not atteneded one meeting.
- Newly incorported companies, declaration for commencement of business, additional time for 6 months.
- Company Director - who has not stayed for 82 days for more u/s 149 of companies act even then no violation.
- Depsoit Reserve epliery date also extended to 30/06/2020
IBC
- Threashold Limit of Rs. of Rs. 1 Lakh to Rs.1 Cr. beyond 30th April can consider suspended section 7, 9 and 10 of IBC for six months subject to situation.
DFS
- Debit card holder who withraw cash from any bank ATM are FREE, No Charges for next 3 months.
- No Minimum Balance requirement
- Bank Charges reduced for all Digital Trade Transactions for TFC
Commerce
Principal of any activity in commerece, Principal to be followed...
extension of timeline be given but no scheme guidelines.
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