DECLARATION BY FINANCE MINISTER ON RELAXATION & EXTENSION OF DATES ON COMPLIANCES & REGULATORY REQUIREMENTS

PRESS RELEASE BY FINANCE MINISTER ON RELAXATION AND EXTENSION OF DATES ON COMPLIANCES & REGULATORY REQUIREMENTS

A. INCOME TAX ACT, 1961

1.For Financial Year 2018- 2019- the last date for IT Return has been extended to June 30th, 2020 and there will not be any penalty.

2.For the cases which were of delayed payment cases the rate of interest Is reduced from 12% to 9%.

3.No extension on delayed payment cases but the interest rate of reduced from 18% to 9% till June 30th, 2020.

4.Last date for filing of reply to the notice issued by the departments is extended to June 30th, 2020.

5.Late date to link Aadhar- PAN Card is extended to June 30th, 2020

6.Vivad Se Vishwas scheme last date is extended to June 30th, 2020 and no additional payment of 10% will be levied till June 30th, 2020.

B. Company Incorporation & MCA Regulations

1.There will not be any additional fees with respect to MCA 21 registry Moratorium which was issued from April 01st, 2020 to September 30th, 2020.

2.Requirement of conducting Board Meeting as per companies Act, 2013 is relaxed for next two quarters and an extension of maximum 60 days is granted for next two quarters (i.e. April to June and July to September).

3.Applicability of Companies (Auditors Report) Order issued earlier by MCA is no applicable from FY 2020- 2021 and not for FY 2019- 2020.

4.In case Independent Director as per the provisions of Section 149 of Companies Act, 2013 could not attend the Board Meeting, then it will not be considered as a violation of Act for FY 2019- 2020.

5.For newly incorporated Companies the requirement of filing of INC- 20 A (Commencement of Business) is not relaxed and extended for next 6 Months without additional fees or restriction.

6.The minimum residency requirement of the Director in a Company will not be considered as a violation as per section 149 of Companies Act, 2013.

7.Requirement of maintaining 20% depository reserves till April, 2020, is now extended to June 30th, 2020.

8.Requirement to maintain 15% debentures amount and the last date was April 30th, 2020 and now extended to June 30th, 2020.

GST

1.Due date of return of GST for the month of March/April/ May 2020 has been extended till 30 June 2020.

2.Below 5 crore turnover no interest no penalty no late fee in GST

3.Date for opting composition scheme has been extended to 30th June 2020

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