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A useful compilation on various steps taken by Government of India amid COVID 19 outbreak

A useful compilation on various steps taken by Government of India amid COVID 19 outbreak

Much has been spoken about outbreak of COVID-19 and its effects on the world and economies have surely been devastating. Best of the economies of the world are expected to face various issues. During these crucial time of lock down it is challenging to meet the daily needs of doing business. To relax the burden of taxpayers and business / company / LLP owners Government of India has taken a few commendable steps like introduction of Form CAR, Extension in due dates for GST return filing, Income Tax Return filing, Introduction of Scheme CFSS 2020 etc. To ensure that the business owners and taxpayers get some relief, the Government of India has taken following important steps amid chaos of COVID 19.

 

Here we have made a compilation of all the Important steps taken GOI

 

1. Form CAR filing 

 

Form CAR namely Companies Affirmation of readiness towards COVID 19 was the first step taken by the government for the companies to ensure that that have complied with all the necessary steps to provide work from home facilities to its employees. This is a WEB based form to ensure that all the companies and LLPs have complying with the “Work from home” policy. All the companies are required to file this Form CAR

 

To know more in detail about Form CAR visit:

https://ebizfiling.com/blog/form-car-companies-affirmation-of-readiness-towards-covid-19/

 

2. Extension of due date of filing of GST returns

 

The next announcements were made by our Finance Minister Smt. Nirmala Sitharaman on 24th March, 2020 via a video conferencing where she specifically announced certain decisions taken by Finance Ministry to give relief to the taxpayers of the nation. Extending the due dates for GST returns was one of them.

 

Last date for filing GST returns for the month of march, April and may 2020 extended to 30th June 2020 as per staggered return filing due dates for states.

 

Detailed read: Announcements from Nirmala Sitharaman press conference

 

3. Extension of date for 80C investment

 

Apart from Extending due dates for GST Returns FM also announced extensions in due date of Income Tax Return filling for FY 18-19 extended from 31st March 2020 to 30th June 2020. Also, Smt Sitharaman announced due date for making investments under section 80C etc 30th June 2020.

 

Read all the measures for Income Tax Compliance: Announcements from Nirmala Sitharaman.

 

Also we have put some important information in the table format for your reference:

 

Details of date extended for claiming any deduction or exemption under Income tax law

 

Sr. No.

Particulars

Extended Date

1.

For deduction u/s.80C to 80GGC (i.e. Deduction under Heading B of chapter VIA)

30th June, 2020

2.

For deduction u/s.80H to 80RRB (i.e. Deduction under Heading C of chapter VIA)

No Extention

3.

For deduction u/s.80TTA to 80TTB (i.e. Deduction under Heading CA of chapter VIA)

No Extension

4.

For deduction u/s.80U (i.e. Deduction under Heading D of chapter VIA)

No Extension

5.

For Deduction/exemption u/s.54 to 54GB by making investment, deposit, payment, acquisition, purchase or construction

 

30th June, 2020

6.

For the beginning of manufacture or production of articles or things or providing any services referred to in section 10AA (only for those cases where the letter of approval required to be issued in accordance with the provisions of the special economic Zones Act, 2005 has been issued on or before 31st March 2020

30th June, 2020

 

Details of extension for completion of different income tax proceedings

 

Sr. No.

Particulars

Extended date

1.

“Completion of any proceedings” or “passing of any order” or “issuance of any notice, intimation, sanction or approval”,

For example,

i) Issuance of any notice u/s.147 of the act

ii) Passing an assessment order u/s.143(3), 144, 147 or 153A or 153C

iii) Issuing intimation u/s.143(1)

iv) Granting registration u/s.12AA or 80G of the act

v) Passing an order u/s.154 of the act

30th June, 2020

2.

“Filling of any appeal, reply or application” or “Furnishing any report, document, return, statement”

For example,

i) Filing an appeal to CIT(A), Tribunal, High Court or Tribunal

ii) Filling of any reply to notice issued under Income tax act

iii) Filling of be lated Income tax return for AY2019-20

iv) Filling TDS return for Q4 for FY 2019-20

v) Issuing TDS certificates

30th June, 2020

 

Details of extension for payment of advance tax, TDS, TCS or any other tax

 

Sr. No.

Particulars

Extended Date

Interest need to be paid

1.

Payment of TDS

30th June 2020

Maximum 9% per annum for month or part of month

2.

Payment of Advance tax under Income tax act

30th June 2020

3.

Payment of Tax under Vivad se Vishwas act, 2020

30th June 2020

4.

Payment of equalisation levy under chapter VIII of Finance act 2016

No Extension

5.

Payment of tax under “Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act 2015”

30th June 2020

6.

Payment of tax under “Prohibition of benami property transaction Act, 1988”

30th June 2020

7.

Payment of Security transaction tax under chapter VII of Finance (No.2) Act, 2004

30th June 2020

 

 

4. Deferment of EMIs as announced by RBI

While the Government has announced various relief packages, the Reserve Bank of India (RBI) has also announced relief measures for customers who are repaying loans of any kind, to tide over their financial difficulty in servicing the debts.

 

RBI has permitted banks and financial institutions to provide a moratorium up to 3 months for all payments (both principal & interest) due between March 1st and May 30th 2020.

 

A moratorium implies that the customers can delay the payment of their monthly loan installments (Pre EMI/EMI) for a limited period as defined by HDFC. The interest, at the applicable interest rate, shall continue to accrue on the outstanding portion of the loan during the moratorium period.

 

For e.g. If a moratorium of 3 months is granted by SBI, and a customer wishes to avail of this benefit, then his EMI for March, April and May 2020 gets suspended. From June 2020, the EMI restarts as per the choice opted for by the customer.

 

5. Introduction of CFSS 2020 by MCA

CFSS, 2020- Companies Fresh Start Scheme, 2020 is a scheme which will give a chance to enable companies to make good of any filing-related defaults, irrespective of the duration of default, and make a fresh start as a fully compliant entity.

 

Under the scheme all the defaulting companies, who have made a default in filing necessary documents and forms with ROC will be able to get the benefit under CFSS 2020 scheme. Also, the companies who have been prosecuted against such default may be able to get the immunity from such prosecutions under CFSS 2020. All they have to do is file all the pending documents and also file form CFSS 2020.

 

Detailed Article: Companies Fresh Start Scheme, 2020 (Form CFSS 2020)

 

In case you have Questions, You may refer: FAQs on Companies Fresh Start Scheme, 2020.

 

6. Liberalisation and further revision of LLP Amnesty Scheme 

The ministry of corporate affairs (MCA) earlier launched a one-time amnesty scheme for Limited Liability Partnership (LLP) companies that have failed to file the requisite statutory documents such as annual statements, change in directors, etc.

 

Now due to pandemic disease called COVID 19, the ministry has further liberated and revised the LLP Settlement Scheme, 2020 and extended the date for availing the benefits of LLP Settlement Scheme till 30th September, 2020.

 

Detailed Article: Revised LLP Settlement Scheme, 2020

 

Hope this article helps you to identify the important steps that the Government of India has announced ever since the out break of COVID 19 has shaken the faith of our country’s health and economy.

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