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𝐃𝐞𝐜𝐥𝐚𝐫𝐚𝐭𝐢𝐨𝐧𝐬 𝐦𝐚𝐝𝐞 𝐛𝐲 𝐅𝐢𝐧𝐚𝐧𝐜𝐞 𝐌𝐢𝐧𝐢𝐬𝐭𝐞𝐫 𝐢𝐧 𝐩𝐫𝐞𝐬𝐬 𝐜𝐨𝐧𝐟𝐞𝐫𝐞𝐧𝐜𝐞 𝐚𝐬 𝐚 𝐫𝐞𝐬𝐮𝐥𝐭 𝐨𝐟 𝐂𝐎𝐕𝐈𝐃𝟏𝟗 𝐩𝐚𝐧𝐝𝐞𝐦𝐢𝐜


FY 18-19 last date for income tax returns extended to 30.06.2020. For the delayed payments interest rate reduced from 12 to 9 percent.

Interest on delayed deposit of TDS reduced to 9 percent from 18 percent. 30.06.2020

Aadhar and Pan Linking date extended to 30.06.2020 from 31.03.2020 Vivad Se Vishwas Scheme extended to 30.06.2020. No additional 10 percent charge till 30.06.2020.Any due dates regarding issue of notice/intimation/approval/sanction order/applications/ reports/ filing of appeal/any compliance by taxpayers/ benefit of capital gains/ Benami Law which was getting over by 20.03.2020 has been extended to 30.06.2020.


Last date for filing returns for March ‘20, April ‘20, May ‘20 and composition returns extended to 30.06.2020.

Companies having less than 5 crore turnover no interest, no late fees and no penalty. Bigger companies - no late fees and penalty - however, interest at 9 percent.

Date for opting for composition scheme extended to 30.06.2020

Customs and Central Excise

Sabka Vishwas scheme further extended to 30.06.2020 from 31.03.2020. People who pay during the extended period will not have to pay any interest.

Customs clearance till 30.06.2020 will operate 24/7 during COVID-19.

Wednesday, March 25, 2020


In respect of MCA Registry 2020, a moratorium applicable 1.04.2020 to 30.09.2020. Moreover, no additional fees for late filing.

For holding board meetings: time relaxed by a period of 60 days for next two quarters.

CARO: Applicability of companies order 2020 shall be made applicable from FY 2020-21 instead of FY 2019-20. 

For the year 2019-20, if the independent directors have failed to hold even one meeting - it will not be considered a violation.

Newly Incorporated Companies

Requirement to file declaration of commencement within 6 months of business - additional time of 6 more months.

A company director who doesn’t comply with the requirement of minimum residency in India (has not stayed in India for 182 days or more) - it shall not be treated as a violation under Companies Act.

Debentures: minimum requirement of 15% investment extended to 30.06.2020.


Threshold for default of 1 lakh rupees has been increased to 1 crore rupees. In case the situation doesn’t improve till 30.04.2020, then the Finance Minister may consider suspending Sec 7, 9 and 10 of IBC for 6 months.


ATM Withdrawals free of cost from any other banks ATM for next three months.

No minimum balance requirement fees

Wednesday, March 25, 2020

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