Fin Min extends IT return until Jun 30; announces 8-point economic relief due to lockdown

NEW DELHI: Nirmala Sitharaman, Finance Minister of India, has announced 8-point economic relief due to lockdown amid coronavirus threat.

These are related to: Income Tax compliance; GST compliance; Customs compliance; MCA compliance; IBC compliance; Fisheries compliance; Bank-related compliance and Commerce-related compliance.

The Finance Minister tweeted:

https://twitter.com/nsitharaman/status/1242346191519531008

Some of the key takeaways from the announcements are as follows:

•For FY 2018-19, last date for IT return extended till June 30: FM

•For FY 2018-19, delayed payment interest reduced from 12% to 9%; no extension for TDS; delayed deposit will attract 9% against 18%

- Aadhaar-Pan Card linking date extended till June 30

- Vivad Se Vishwas scheme also extended till June 30; no additional charge of 10%

•Due date for issue of notice for all laws linked to duty compliance extended till June 30

- GST: Last date for filing March, April, May 2020 returns and composition returns extended till June 30

- For companies with less than Rs. 5 crore turnover, no interest, late fee or penalty will be charged

- For the bigger companies, interest would be 9%

•Date for opting composition scheme also extended till June 30

•During this period of lockdown, Customs Clearance will be operational 24x7

•MCA 21 registry:

- No late fee

- For board meeting requirements, relaxation of 60 days that is applicable for the next two quarters

- For newly incorporated companies, additional time of 6 more months to file declaration for commencement of business

- For a director in any company, less than minimum residency of 182 days, shall now not be treated as a violation

•IBC:

- The Government may suspend sections 7,9,10 for MSME for six months beyond April 30 depending on situation

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