*Compliances relief due to CORONA Lockdown*
*Central customs and central excise* : Payment date under the ‘Sabka Vishwas’ scheme, which was for settling disputes in the indirect tax regime, has been extended till June 30, 2020.
*GST-related announcement* :
• Only interest, but no late fee and no penalty for bigger companies.
• No interest, no penalty and no late fee will be charged for companies with a turnover of less than Rs 5 crore.
• 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.
*Income Tax related announcement* :
• Various other dates for income tax notices, filing have been extended to June 30, 2020.
• 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.
*Other Various Announcements*:
• No move to impose ‘financial emergency’ as was claimed by some reports.
• No 10 percent additional charge till June 30 on ‘Vivaad Se Vishwas’ scheme.
• ‘Vivaad Se Vishwas’ scheme extended to June 30, 2020.
• Aadhaar-PAN linking date has been extended to June 30, 2020 from what was March 31, 2020.
• FM Nirmala Sitharaman to make announcements on income tax, customs, the Insolvency and Bankruptcy Code (IBC)-related matters, b ank-related compliances, fisheries, among other things.
• We have come up with a comprehensive plan about statutory and regulatory compliance matters.