Today the Finance Minister while Launching Atmnirbhar Bharat Scheme some relaxations given in Statutory & Compliance Related Matters. Below is the List of Statutory and Compliance on which relaxations have been announced by the Finance Minister.
Income Tax / Direct Tax
- Income Tax Return Filing Due Date Related to F.y.2019-20 has been extended to June 30, 2020
- all the pending income tax refunds up to 5 lakh, immediately issued benefiting around 14 lakh taxpayers.
- Rs 50,000 crores liquidity through TDS / TCS rate reduction
- In order to provide more funds at the disposal of the taxpayers, the rates of Tax Deduction at Source (TDS) for non-salaried specified payments made to residents and rates of Tax Collection at Source (TCS) for the specified receipts shall be reduced by 25% of the existing rates.
- Payment for a contract, professional fees, interest. rent, dividend, commission, brokerage, etc. shall be eligible for this reduced rate of TDS.
- This reduction shall be applicable for the remaining part of the FY 2020-21 i.e. from tomorrow to 31 March 2021.
- This measure will release the Liquidity of Rs. 50,000 crore.
- All pending refunds to charitable trusts and non-corporate businesses & professions including proprietorship, partnership. LLP and Co-operatives shall be issued immediately.
- Due date of all income-tax return for FY 2019-20 will be extended from 31st July 2020 & 31 October 2020 to 30th November 2020 and Tax audit from 30th September 2020 to 31st October 2020.
- Date of assessments getting barred on 30th September 2020 extended to 31st December 2020, and those getting barred on 31st March 2021 will be extended to 30th September 2021.
- Period of Vivad se Vishwas Scheme for making payment without additional amount will be extended to 31st December 2020.
- as per companies act,2013 every company need to Hold Board Meetings and the same has been extended by 60 Days till 30th September.
- Allowing Extraordinary General Meetings through Video Conference with e-voting/simplified voting facility
Goods & Service Tax
- GST Return Fling Due date have been extended till 30th June,2020.
- 24*7 custom clearance till 30th June 2020
- Relaxation for 3 months for debit cardholders to withdraw cash free from any ATMs, etc.
- Allowing payment before 15 May 2020 for Motor Vehicle and Health Insurance Policies
- It is necessary to provide more take-home salary to employees and also to give relief to employers in payment of Provident Fund dues. Therefore Statutory PF contribution of both employer and employee will be reduced to 10% each from the existing 12% each for all establishments covered by EPFO for the Next 3 months.
- Relief to Real Estate Projects the registration and completion date for all registered projects will be extended up to six months.
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