AKGVG Tax Updates

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Greetings from AKGVG & Associates!!
Finance minister Nirmala Sitharaman today announced a series of measures for extension of statutory and regulatory compliances in view of the coronavirus pandemic. She also announced that the Economic Task Force will soon announce an economic relief package. The announcements have been detailed as under:
Date: 24.03.2020
S. No. Description
Section I: Income Tax
1. Date for income tax returns for FY 18-19 has been extended from 31st March, 2020 to 30th June, 2020
2. For delayed payments of advanced tax, self-assessment tax, regular tax, TDS, TCS, equalization levy, STT, CTT made between 20th March 2020 and 30th June 2020, reduced interest rate at 9% instead of 12 %/18 % per annum ( i.e. 0.75% per month instead of 1/1.5 percent per month) will be charged for this period. No late fee/penalty shall be charged for delay relating to this period.
3. No extension but on delayed deposit of TDS only reduced interest of 9% will be charged instead of 18%.
4. Aadhar Pan linking date extended to 30.06.2020
5. Vivad se Vishwas scheme – no additional 10% amount, if payment made by June 30, 2020.
6. Due dates for issue of notice, intimation, notification, approval order, sanction order, filing of appeal, furnishing of return, statements, applications, reports, any other documents and time limit for completion of proceedings by the authority and any compliance by the taxpayer including investment in saving instruments or investments for roll over benefit of capital gains under Income Tax Act, Wealth Tax Act, Prohibition of Benami Property Transaction Act, Black Money Act, STT law, CTT Law, Equalization Levy law, Vivad Se Vishwas law where the time limit is expiring between 20th March 2020 to 29th June 2020 shall be extended to 30th June <2020 class="">
Section II: GST
1. Last date for filing GSTR-3B in March, April and May 2020 extended till the last week of 30th June, 2020 for those having aggregate annual turnover less than Rs. 5 Crore. No interest, late fee, and penalty to be charged.
2. For any delayed payment made between 20th March 2020 and 30th June 2020 reduced rate of interest @9 % p.a. instead of 18% p.a. No late fee and penalty to be charged, if complied before till 30th June 2020.
3. Date for opting for composition scheme is extended till the last week of June, 2020. Further, the last date for making payments for the quarter ending 31st March, 2020 and filing of return for 2019-20 by the composition dealers will be extended till the last week of June, 2020.
4. Payment date under Sabka Vishwas Scheme shall be extended to 30th June, 2020. No interest for this period shall be charged if paid by 30th June, 2020.
Section III: MCA
1. Auditor Report CARO 2020 will be effective for FY 2020-21 instead of FY 2019-20.
2. Relaxation in holding Board Meetings.
3. Relaxation in filing of commencement of certificates
4. Relaxation in Depository Reserve Rules.
Section IV: Customs
1. 24X7 Custom clearance till end of 30th June, 2020.
2. Sabka Vishwas Scheme date extended to 30.06.2020.
We trust you will find this Journal informative as well as useful.
For any queries, you can write to us at "info@akgvg.com".
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Disclaimer: The entire contents of this Journal have been prepared on the basis of relevant provisions and information existing at the time of preparation. The observations of the author are personal view and the author does not take any responsibility of the same and this cannot be quoted without the written consent of the author.

Best Regards!
Knowledge Updates Team
AKGVG & Associates
(Chartered Accountants)

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