Announcements by FM on Statutory Compliance Regulations

Comprehensive Announcement on relief for Statutory Compliance Regulations by Hon’ble Finance Minister on 24/03/2020 at 2.24 PM For Relief Amid Coronavirus Outbreak

Income Tax

• VIVAD SE VISHWAS SCHEME – Date extended to 30 June 2020 from 31 March 2020. No 10% additional charge will be levied for all applications made till this date.
• Investment benefits under income tax act, capital gains reinvestments, Chapter VI-A deposit benefits to be extended to 30 June 2020 (from 31 March 2020)
• Income Tax Returns the last date for FY 2018-19 (AY 2019-20) extended to 30 June 2020
• Delayed payments till 30 June 2020 – Interest reduced from 12% to 9% (AY 2019-20)
• No extension of TDS date. But on delayed deposit of TDS, reduced interest of 9% will be charged
• Aadhar PAN linking date extended to 30th June, 2020 from 31st March, 2020
• Due Dates For Issue of Notice, Intimation, Filing of Appeal, Furnish Returns, Sanctions, Applications and other compliances by Tax Payers also extended to 30th June, 2020

GST

• Last date to file GST returns extended to 30 June 2020 for March, April & May. Specific staggered dates will be intimated
• No Late Fee, No Penalty for companies having turnover of less than Rs.5 crore
• Date for opting for composition scheme extended to 30 June 2020