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Relaxations by Finance Minister under Various Laws
PrintIncome Tax :- F.Y. 18-19
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.
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.
Category : Income Tax | Comments : 0 | Hits : 1191
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