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 30.06.20202. 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 June3. 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 30.064. 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 30.6.20206. IBC
– Default threshold increased from Rs. 1 lakh to Rs. 1 crore
– Section 7, 9, 10 may be suspended for 6 months
