Highlights of Today’s speech by Honourable Finance Minister and Minister of State in Finance relating to Income tax, GST, Companies Act 2013 Compliance, Insolvency and Bankruptcy Code and Banking services regulatory compliance considering COVID-19

Highlights of Today’s speech by Honourable Finance Minister and Minister of State in Finance relating to Income tax, GST, Companies Act 2013 Compliance, Insolvency and Bankruptcy Code and Banking services regulatory compliance considering COVID-19:

 

* Income Tax*

  1. Last date for belated return 30th June 2020 and interest rate under section 234b 0.75% pm
  2. No extension for delayed deposit of TDS but interest rate .75% p.m instead of 1.5%pm till 30th June2020
  3. Various other dates have been extended to 30th June 2020 i.e notice, intimation,appeals, investment in saving instruments, investments in. CGAS, stt, equalization levy, ctt extended due between 20th March 2020 and 29th June 2020 extended to 30th June 2020
  4. Aadhar PAN linking date extended 30th June 2020
  5. Vivaad se Viswas scheme extended 30th June 2020. No additional charge between April to June(Addendum to old scheme)

 

*GST*

1.Last date for filing GST returns for March, April and May and Composition returns extended to 30th June 2020.(Specific regions will be notified)

  1. Companies less than 5 crores turnover, no interest, late fees or penalty
  2. Bigger companies i.e greater than 5 crores only interest but not no interest or late fees
  3. Date for opting composition scheme extended to 30th June 2020

 

*Companies Act 2013 Compliance*

  1. In respect of MCA21 registry, moratorium from 1st April to 30th September
  2. For holding board meetings, relaxation for a period of 60 days and this relaxation is till the next two quarters.
  3. CARO 2020 is applicable for financial year 2020-21
  4. For the year 2019-20, if no meetings of independent directors are not done, it is not a violation in companies act,2013

5.Commencement of business for newly incorporated company extended by 6 more months

6.Company director does not comply with minimum requirements in India, for 182 days or more. U/s 149 it may not be treated as violation

7.provisions of 20% on deposit reserve extended

  1. To invest 15% of debentures maturing extended to 2020 June

 

*Insolvency and Bankruptcy Code*

1.The threshold for default is raised from Rs. 1 lakh to ₹1 crore, to prevent IBC for msme

  1. Section 7, section 9 and section 10 of IBC suspended if situation beyond 30th April

 

*Banking and financial services*

  1. Debit cardholders withdrawing cash is free of charge, no banking charges for next three months
  2. No minimum balance charges till 30th June .
  3. Reduced bank charges for digital trade transactions for all trade finance consumers

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