The Finance minister in her speech today has extended various due dates.
Last date for filing March, April and May 2020 returns is being extended to June 30, 2020. Different staggering dates will be applicable, but all will be end of June.
No interest, no penalty and no late fee will be charged for companies with a turnover of less than Rs 5 crore.
Only interest, but no late fee and no penalty for bigger companies.
The last date for filing Income Tax returns for the financial year 2018-19 has been extended to June 30, 2020. For the delayed payments, interest rate has been reduced from 12 percent to 9 percent.
Aadhaar-PAN linking date has been extended to June 30, 2020 from what was March 31, 2020.
‘Vivaad Se Vishwas’ scheme extended to June 30, 2020.
No 10 percent additional charge till June 30 on ‘Vivaad Se Vishwas’ scheme.
For newly incorporated companies, there is a requirement to file declaration on commencement within six months. We are giving them additional six months.
Applicability of The Companies Auditors’ Report Order 2020, which was supposed to have come into force in 2019-20, has been shift to 2020-21.
We are relaxing holding of board meetings for a period of 60 days till the next two quarters.
If there is a company director who does not comply with the minimum residency requirement, it shall not be treated as a violation.
It will not be seen as a violation if independent directors cannot hold a single meeting in FY20.
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