Vatika Business Centre extends awareness on Finance Ministry’s Compliance notices - extension of ITR, GST return deadlines

Amid Coronavirus crises when most of the Vatika Business Centre’s clients’ are perturbed by the prevailing situation, Vatika Business Centre has initiated to extend awareness and keep their clients abreast of the latest Compliance announcements made by Finance Ministry at a Press Conference on 24/03/2020 AT 2.30 PM related to the extension of last date of filing of Income Tax, reduction in Intere End Quote

(1888PressRelease) April 07, 2020 - Vatika Business Centre has initiated to extend awareness and keep their clients abreast of the latest Compliance announcements made by Finance Ministry at a Press Conference on 24/03/2020 AT 2.30 PM related to the extension of last date of filing of Income Tax, reduction in Interest rate, GST Returns deadlines and other compliance waivers.

Let us go through the Finance Minister -Nirmala Sitharaman’s Conference Highlights and understand what these waivers and extensions are about, in detail:
INCOME TAX RELATED
 FY 2018-2019 | AY 2019-2020
• ITR last date extended to 30th June 2020
• Tax payment made till 30Th June- Interest reduced from 12% to 9%
• Delayed deposit of TDS till 3oth June- Reduced interest 9%

 Extension of dates for various compliances
• Due date for all notices/orders/appeals/applications/reports/any other document/any compliance by taxpayers up-to 30th June 2020
• All investments/Saving instruments for rebates can be made by 30th June 2020.
• Adhaar-PAN linking date extended to 30th June 2020

 Vivad Se Vishwas Scheme extended up-to 30th June 2020, No additional charge of 10% up-to 30th June 2020, the earlier disputed tax has to be deposit by 31st March without an additional charge of 10%.

GST RELATED

 March, April and May 2020 month GST returns & composition returns filing date extended up-to 30th June 2020.
 Companies with less than 5 Crore Turnover no interest, late fees or penalty.
 Other companies more than 5 Crore turnover, no Late fee and penalty, only interest at a reduced rate of 9%
 Date for opting composition scheme extended to 30th June 2020.

CUSTOM /CENTRAL EXCISE

 Sabka Vishawas scheme (Indirect Taxes) extended from 31st March 2020 to 30th June 2020, no interest will be levied at all.
 Custom clearance till 30th June 2020 will be 24*7

MCA

 From 1st April till 30th September 2020, no additional fees for late filings.
 Holding board meetings period of 60 days relaxation till next 2 quarters.
 Applicability of CARO 2020 will be from FY 2020-2021 instead of 2019-2020
 2019-2020, if no meeting held with Independent director, no violation.
 For newly incorporated companies, the commencement of business form can be filed with an additional time of 6 months.
 If the company director does not comply with minimum mandatory period to stay in India u/s 149 of Companies Act, it will not be treated as a violation.

INSOLVENCY AND BANKRUPTCY CODE, 2016

 Threshold of default raised from Rs. 1 Lacs to 1 Core
 If the situation of COVID-90 continues like this, after 30th April 2020, may suspend section 6 months section 7, 9 and 10 of IBC for the next 6 months.

BANKS RELATED (DFS RELATED)

 Debit cardholders can withdraw cash from any bank ATM- No charge up-to next 3 months
 No minimum balance requirement fees for bank accounts
 Bank charges reduced for digital transactions related to all trade finance.

In the midst of Coronavirus crises when most of the organizations are perturbed by the prevailing situation, VBC has taken-up this responsibility to keep its clients, partners, collaborators, and employees updated of the latest Government announcements with the help of internal communication channels, minimizing any last-minute anxiety. The professional staff is going beyond their call of duty in ensuring that their issues are alleviated effectively.

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