Nirmala Sitharaman on statutory and regulatory compliance matters: Updates

Income Tax:

Due Date of filling revise return and late return is now 30th June 2020 instead of 31st March 2020 for FY 18-19. Also rate of Interest on late payment of tax is now 9% instead of 12%.

Aadhar Pan linking date extended to 30th June 2020.

Vivad se vishwas Scheme: Payment can be made without any additional charge upto 30th June 2020

Due date for issue of notice, Intimation, filing of appeal, applications, reports any compliance including Tax Saving investments & instruments etc. all extended to 30th June 2020.

TDS: Interest on late deposit of TDS upto 9% will be levied instead of 18%

GST

Due date for filling returns of March-May 2020, all extended to 30th June 2020(Staggering will be applicable).

Companies having turnover of less than 5 Cr. no interest, late fees & penalty will be charged. For others, only interest @ 9% will be charged.

Date for opting for composition scheme also extended to 30th June 2020.

Due date of Sabka Vishwas Scheme extended to 30th June 2020

MCA

Period of holding Board Meetings relaxed by 60 days for next 2 quarters.

Applicabilitiy of CARO 2020 deffered to FY 2020-21.