Summary of FMs address to media on relief on Statutory compliances due to Covid 19 on 24.03.2020

1. FY 2018-19 / AY 2019-20 ITR due date extended to 30.6.2020 for ITRs not filed since far. Interest rate reduced to 9% from 12%

2. No extension for Tds but for delayed deposit of Tds interest @ 9% instead of 18% upto June 2020

3. Dates of notice issue/ intimation/ sanction/ appeal filing/ return filing/ reports/ any other documents, investment in tax saving instruments/ any compliance under income tax or related acts extended to 30th June, 2020

4. Aadhar pan linking date to be extended to 30th June

5. VSV scheme due date extended to 30th June. No additional interest due post March 2020.

6. Investment for Deduction under 80C Also Extended to 30-06-2020

1. Last date for filing March, April & May 2020 gst returns including compensation laws extended to end of June based on original due date of filing

2. For Companies having less than 5 crores turnover not to pay any late filing fee, interest or penalty will be charged.

3. For Companies having turnover more tha. 5 crores, late fee or penalty not to be charged. Interest @ 9% to apply.

4. Date of opting composition scheme extended to 30.6.2020

1. Sabka Vishwas scheme due date extended from March 2020 to June 2020. No interest for payment made upto June 2020.

2. Custom clearance upto 30.6.2020 will work as normal 24X7

1. MCA 21 registry - moratorium issued wef 1.4.2020 upto 30.9.2020. There shall not be any addition fee for late filing

2. Board meetings relaxed for a period of 60 days till next two quarters

3. Applicability of Caro 2020 deferred by one year to be applicable from 2020-21 and not 2019-20

4. For the year 2019-20, relaxation given for non- holding of independent directors meeting

5. For newly incorporated companies to be given additional time of 6 months to file declaration of commencement of business

6. Any director who does not comply with minimum residency requirement, shall not be treated as a violation

7. Requirement to create deposit reserve may now be met upto June 2020

8. Deadline for Requirement to invest 15% debentures maturing during a FY extended to June 2020

1. Threshold for default increased from 1 lakhs to 1 crores to avoid triggering of IBC against MSMEs.

2. If situation continues beyond April, the government may consider suspending section 7, 9 & 10 of IBC

1. Compliances related to import permits (SIPs) which were due to expire by 15.4.2020 extended by 3 months

2. Delay upto 1 month in arrival of imports shall be condoned

1. Debit card holders who withdraw cash from any bank ATM to pay any additional charges

2. Minimum balance fee waived

3. Reduce Bank charges for digital trade transactions for all trade finance consumers