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FM Announcement amid Corona Virus Lockdown

Income Tax Related Matters

NewsMonks by NewsMonks
11 months ago
in Business, Finance, News
1 min read
4 0
0
FM Announcement amid Corona Virus Lockdown

The Minister of State for Commerce & Industry (Independent Charge), Smt. Nirmala Sitharaman addressing a press conference, in New Delhi on October 14, 2016.

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Here are the key points of today’s Finance Ministar Nirmala Sitaraman’s Press Conference:

  • FM Nirmala Sitharaman Announcements today on Compliances (24.03.2020):

    1. INCOME TAX
    – Last date of filing Income Tax Return FY 2018-19 increased to 30.06.2020
    – Interest Rate delayed payment reduced from 12% to 9%
    – Delayed deposit of TDS interest rate 9% till 30.06.2020

    2. Due date extended to 30.06.2020
    – Aadhar- Pan Linking
    – Vivad se Vishwas Scheme
    – Sanction/Appeal/ Certificate/ Order/ Application etc including Investment in Saving Scheme, Capital Gain, Prohibition of Benami, Benami Law where due dates between 20th March to 29th June : All extended to 30th June

    3. GST
    – Last date of March, April and May of GST Return filing extended to 30.06.2020
    – Companies less than 5 Crore : No late fees, interest, penalty
    – Companies more than 5 Crore : No late fees, penalty; Interest leviable at 9%
    – Composition Scheme Option avail upto 30.06

    4. Customs and Central Excise
    – Sabka Vishwas extended to 30.06.2020

    – Customs Clearance will work 24*7 upto 30.06.2020

    5. MCA
    – Board meeting holding relaxed for 60 days for next 2 Quarters
    – CARO Applicability postponed to FY 2020-21
    – No violation even if Independent Director held no meeting
    – Newly incorporated company – Commencement of business certificate : additional 6 months
    – Resident Director requirement not violation
    – Deposits Repayment Reserve requirement and 15% Debenture repayment investment to be invested : till 30.4.2020 extended to 30.6.2020

    6. IBC
    – Default threshold increased from Rs. 1 lakh to Rs. 1 crore
    – Section 7, 9, 10 may be suspended for 6 months

Tags: coronaFMGSTTax
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