Here are the key announcements:
*For Financial year 2018-19, last date for returns extended to June 30, 2020. Delayed payments made till June 30, interest rate reduced to 9% from 12%.
*For delayed deposit of TDS, interest has been reduced to 9 % from 18%
*Aadhaar-pan linking extended to June 30 from March 31
*Vivaad se Vishwaas scheme extended to June 30. And no additional payment of 10% to be paid
*All compliances under Income Tax Act, Wealth Tax Act, Benami Transaction Act, Black Money Act, Vivaad se Vishwaas, have been extended to June 30, 2020
*All GST returns for March, April, May and composition returns extended to June 30, 2020
*For companies less than 5 cr no late fee and penalty to be charged. For above Rs 5 cr, only int at the rate of 9%
*Sabka Vishwaas scheme for indirect taxes having last date till March 31 has been extended to June 30,2020. No interest to be levied.
*Customs clearance till June 30 to work 24×7.
*In respect of the MCA21 registry, there is a moratorium being issued from April 1 till Sep 30 no additional fees for late filing.
*There is a mandatory requirement for holding Board meeting. We are relaxing it for 60 days for the next two quarters.
*For newly incorporated cos, additional time of six more months is being given for filing declaration of commencement of business
*If there is a company director who does not comply with minimum residency requirement of 182 days, this was treated as a violation. It shall not be treated as one.
For Insolvency and Bankruptcy Code
*Threshold of default is Rs one lakh as of now. From Rs one lakh it is being raised to Rs one crore to prevent triggering of insolvency proceedings for SMEs.
*If it continues like this beyond April, then sec 7, 9, 10 of the IBC will be suspended for a period of six months.