21/03/2020
*RECENT UPDATES 21.03.2020*:
✅ _*Note - Coronavirus:*_
# # *This Society is our Family*. Its the *time to stay safe*, stay *positive*, *do not panic* and *pray to almighty* for “Sabka Bhala”.
— _*Hum Sath Sath Hain*_ —
*A. MASTER UPDATES OF THE WEEK:*
_*1⃣ Income Tax:*_
# # *CBDT has notified* Direct Tax *“Vivad Se Vishwas Scheme Rule, 2020”* dated *18.03.2020* and in furtherance to that, *Form-1* (form for filing declaration) and *Form-2* (form for filing undertaking) has been deployed on *Income Tax Portal*.
*_2⃣ Goods & Services Tax:_*
# # *CBIC has issued a Notification* to exempt *Foreign Airline Companies* w.r.t. filing of *GSTR-9C* (Reconciliation Statement) if the Company is in compliance with *Foreign Company Compliances* under Companies Act and *they only need to file “Receipt and Payment Account”* for each *GSTIN till 30th September* every year.
_*3⃣ Corporate & Allied Laws:*_
# # *Relaxation to Listed Companies* for compliance *filings due to Coronavirus*:
✳️ _NEW DUE DATE - 15.05.2020_ -
(Quarterly Compliances)
*a. Furnishing Details of shareholding pattern* (Q4 19-20) under *Regulation 31* (Earlier Date - 21.04.2020).
*b. Furnishing Corporate Governance Report* (Q4 19-20) under *Regulation 27* (Earlier Date - 15.04.2020).
*c. Furnishing details of investor complaints* (Q4 19-20) *under Regulation 13(3)* (Earlier Date - 21.04.2020)
✳️ _NEW DUE DATE - 31.05.2020_ -
(Half- Yearly Compliances)
*a. Furnishing compliance certificate* on Share Transfer (HY2 19-20) *under Regulation 7* (Earlier Date - 30.04.2020).
✳️ _NEW DUE DATE - 30.06.2020_ -
(Yearly Compliances)
*a. Publishing financial results* under *Regulation 33 of LODR Guidelines* for publishing financial (Earlier Dates - 15.05.2020 (Q4 Results) and 30.05.2020 (Annual Results)).
*b. Secretarial Compliance Report* under Regulation 24A for *FY 2019-20* (Earlier Date - 30.05.2020.
# # *For ensuring Corona Preparations* of Companies/LLPs, *MCA will deploy a web-form named* CAR (Company Affirmation of Readiness towards COVID-19) on *23.03.2020 which needs* to be filed by all *Companies/LLPs INSTANT*.
# # *MCA has amended Board Meeting* Rules in order to *provide that Board Meeting* for approval of *financial results, Board Report* etc. to be *held till 30.06.2020* can be held through *”Video-Conferencing” facility*.
*B. KEY PRACTICAL TAKE-AWAYS:*
*_1⃣ Income Tax:_*
# # *Limitation date for Assessments* relating to *A.Y. 2018-19* for the *Assessing Officer is 30.09.2020* (instead 31.12.2020). So, *don't wait till August or September* to *compile your assessment* data and provide the *data well in advance*.
*_2⃣ Goods & Services Tax:_*
# # *In case you have received* notice from your *Jurisdictional Officer* for Interest in relation to *FY 2017-18 or afterwards*, ONLY *pay such Interest* which is related to *Cash Liability* and *do not pay Interest* in relation to liability *settled through ITC*.
*_3⃣ Corporate & Allied Laws:_*
# # *MCA has extended* due date for registering at *Independent Director Databank* by existing directors till 30.04.2020. So, *timely registration* of the same is *foremost important*. Note that *MCA is also charging* a nominal fees of *5,900 per director* for such registration.
*C. UPCOMING DUE DATES:*
_*1⃣ Income Tax:*_
# # *31.03.2020* is the due date *to pay Advance Tax* for the F.Y. 2019-20 to *save Interest* u/s *234B of the Income* tax law.
*Note - If you thing you* have paid approx. *90% of total tax payable* for the year, *no Interest u/s 234B* will be charged even *if balance tax* is not paid as *“Advance Tax” till 31.03.2020*.
# # *31.03.2020* is the due date to file *BELATED ITR* and *REVISED ITR* for F.Y. *2018-19*.
# # *31.03.2020* is the due date to *deduct TDS* for the month of *March, 2020* otherwise *1% per month* Interest will be *charged* and allowance of *expenses will not be available*.
*Note - 30% disallowance* for payments to *residents* and *100% disallowance* for payments *to non-residents*.
_*2⃣ Goods and Services Tax*_
# # *31.03.2020* is the *LAST DATE* to SHIFT to *Composition Scheme* by filing *FORM CMP-02* for F.Y. 2020-21.
# # *24.03.2020* is the *due date* to file *GSTR-3B* for the month of *Feb, 2020* in case of *following states*:
** Jammu and Kashmir, Ladakh, Himachal Pradesh, *Punjab, Chandigarh*, Uttarakhand, *Haryana, Delhi*, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand and Odisha *having annual turnover* below *Rs 5 crores* in previous financial year.
_*3⃣ Corporate & Allied Laws:*_
# # *31.03.2020* is the *new due date* for *AOC-4, MGT-7 for F.Y. 2018-19* for companies *having jurisdiction* in UT of *J&K and Ladakh* and *NBFC (IND AS) Companies* XBRL *AOC-4 and MGT-7*.
