VARIOUS DUE DATES EXTENDED
EXTENDED DUE DATES
GSTR9 and 9c (Goods and Service Tax Annual Return and Audit)
31 OCT 2020
Income Tax Return Filling FY 2018-19
30 NOV 2020
Companies Fresh Start Scheme (CFSS) 2020
31 DEC 2020
LLP Settlement Scheme & Charge related fillings under the Companies Act, 2013
31 DEC 2020
Deadline for filing GSTR-4 annual return for businesses registered under the composition scheme for FY 2019-20 has been extended from Aug 31 to October 31, 2020
EXTENSION for AGM – 2020
MAJOR RELIEF GRANTED BY Ministry Of Corporate Affairs:
- Extension of 3 months for holding Annual General Meeting for the F.Y. ending 31 March 2020.
- Revised due date for holding AGM 2020 will be 31 Dec 2020.
- No need of filing form GNL- 1 to apply for Extension.
The due date for income tax return FY 2018-19 AY 2019-20 has been extended to SEPTEMBER 30, 2020
NATURE OF COMPLIANCE
ORIGINAL DUE DATE
FILING OF TDS/TCS STATEMENT
Form 24Q, 26Q, 27Q and 27EQ of Q4 of FY 2019-20
Form 24Q, 24Q, 26Q, 27Q and 27EQ of Q1 and Q2 of FY 2020-21
As per Rule 31A/31AA
Form 26QB, 26QC and 26QD of February, 2020
Form 26QB, 26QC and 26QD of March, 2020
Form 26QB, 26QC and 26QD of April to November, 2020
30 days from end of month in which tax is deducted
ISSUE OF TDS/TCS CERTIFICATE
Form 16 for TDS on salary during FY 2019-20
Form 16A for TDS on income other than salary for Q4 of FY 2019-20
TCS certificate for Q4 of FY 2019- 20
DIR-3 KYC FOR FY 2019-20
Due Date – 30th September, 2020
Late Fees – Rs.5 ,000/-
Who is required to file DIR-3 KYC?
Any Individual, who is Director/Partner in any Company/LLP is compulsorily required to File DIR-3 KYC.
Consequences on Non Filing of DIR-3 KYC :-
1)Late Fees – Rs.5000/-
2)Director will be disqualified and status will be changed from
“Approved” to “Deactivated due to non-filling of DIR-3 KYC“
1)DIN will be disabled and Deactivated and No return or form containing that DIN can be filed.
2)Until the KYC is completed, Individual cannot be appointed or resign in any company/LLP
DIR-3 KYC is to be signed using DSC
Feel free to contact, in case of any query.
Ministry of Micro, Small and Medium Enterprises vide notification dated 26th June, 2020 has issued new guidelines for existing MSMEs and the upcoming MSMEs.
Some highlights are as follows:-
- All existing enterprises registered under Udyog Aadhar Memorandum shall register again on or after 01.07.2020.
- Registration will be called Udyam Registration;
3.Classification of Enterprises;
- Turnover Calculation;
- Investment calculation;
- Registration Process for new enterprises;
- Registration for existing enterprises;
- Facilitation and Grievances redressal of Enterprises.
- Information of Turnover will be linked to IT Act or CGST Act and GSTIN;
- Effective date will be 01.07.2020
- The existing enterprises registered prior to 30th June, 2020, shall continue to be valid only for a period up to the 31stday of March, 2021.
- The due date for linking pan number with Aadhar number has been further extended to March 31, 2021
- The due date for Income Tax Return FY 2019-20 AY 2020-21 has been extended to November 30, 2020.
- The due date for Income Tax Return FY 2018-19 AY 2019-20 has been extended to July 31, 2020
- The due date for claiming investment deduction FY 2019-20 has been extended to July 31, 2020
- The due date for claiming deduction under capital gains FY 2019-20 has been extended to September 30, 2020
- The due date for furnishing TDS/TCS & Insurance of certificate for FY 201-20 has been extended to August 15, 2020
- Eligible Borrowers: MSME borrowers whose outstanding loans as on 29/02/2020 is less then Rs.25 crores and whose turnover is less than Rs.100 crores would be eligible to avail fresh loans under this scheme.
- Maximum Amount Of Loan Offered: Upto 20% of the loan outstanding as on 29/02/2020 would be offered.
- Loan Type: Term Loan, Collateral Security Free and Guaranteed by the Central Government.
- Loan Tenure: 4 years which includes 1 year Moratorium period.
- Application to be made upto: 31/10/2020.
- Rate of Interest: For Banks – Maximum upto 9.25% and For NBFCs Maximum upto 14%.
- Processing Fees: Nil
- Guarantee Fees: Nil
The above are the brief details of the scheme. You can get in touch with your Banks / NBFC’s to avail benefit of the above scheme.
We shall be glad to assist you in availing the benefit of the above scheme in every possible way.
- REPO rate has been reduced by 40 basis points.
– This will reduce the interest rates on all existing and new borrowings. Get in touch with your Banks and try and extract the Rate of Interest presently being charged by them. If the Rate of Interest is on a higher side you can negotiate with them or think of switching it over to other Bank.
- Reverse REPO rate has been reduced by 40 basis points.
– This will help to ensure that Banks do not park their money with RBI and instead increase the lending in the near future.
- Increase in Moratorium by further 3 months.
– In this current situation we propose that everyone should go ahead and opt for the Moratorium offered by RBI for further three months. Moreover in case of working Capital limits, RBI has also proposed of converting the interest charged during Moratorium period into Term Loan. Benefit of the same can also be availed.
We would be happy to Assist you in all your funding requirements.
On 13th May, 2020, Government of India has revised the definition of Micro Small and Medium Enterprises (MSME) to include turnover criteria along with long standing investment criteria as mentioned below:
Micro: Investment < Rs. 1 crore and Turnover < Rs. 5 crore;
Small: Investment < Rs. 10 crore and Turnover < Rs. 50 crore;
Medium: Investment < Rs. 20 crore and Turnover < Rs. 100 crore;
Should you fall in any of the above mentioned categories, get your firm registered at the earliest to avail the Govt. benefits worth Rs. 3 lakh crore as collateral free loans.
We facilitate the above Registration.
- All TDS n TCS rates reduced by 25% for Non-Salaried Resident payments
- All refunds to be issued immediately
- Income tax returns due date extended to 30-11-2020
- Tax Audit due date extended to 31-10-2020
- All Assessments getting barred on 30-9-2020 extended to 31-12-2020
- All Assessments getting barred on 31-3-2021 extended to 30-9-2021
- Vivad Se Vishwas Scheme extended to 31-12-2020 without any additional payments
Brief highlights of the scheme are as follows
1.Scheme applicable for LLP who have defaulted in filling annual filling forms (Form 8 and Form 11) and LLP form 3 and form 4 (for change in LLP particulars in agreement).
2.Scheme Applicable from 16.03.2020 to 13.06.2020.
3.Late fee would be Rs 10 per day per form with maximum cap of Rs 5,000/-.Otherwise the penalty would be rs 100 per day per form with no maximum limit.
4.Scheme is already been effective.
5.Scheme not applicable to those LLP which has made an application for strike off.
Here are the highlights –
- All domestic companies to be allowed to pay corporation tax at the rate of 22% (effective rate 25.17% including cess and surcharge). This would be subject to the condition that these companies do not avail of any tax incentives or exemptions. Moreover, no Minimum Alternative Tax (MAT) would be imposed on these companies.
- Any new domestic manufacturing company, incorporated on or after October 1, 2019, will be allowed to pay corporation tax at the rate of 15% (effective rate 17.01%). No MAT will be imposed on these companies either. This will be subject to the condition that the company does not avail of any tax incentives or exemptions and commences production by 31 March, 2023. Companies that are availaing tax holidays at present can join the new regime once their tax holiday period ends, announced the minister.
- To provide relief to companies that continue to avail of exemptions and incentives, the rate of MAT has been reduced from 18.5% to 15%.
- Enhanced surcharge introduced by the Finance Act 2019 shall not apply to capital gains arising on sale of equity share in a company/unit of equity-oriented fund or unit of business trust liable for securities transaction tax, the FM announced.
- Enhanced surcharge shall not apply to capital gains on sale of any securities, including derivatives, in the hands of Foreign Portfolio Investors (FPIs)
- Relief to listed companies which have already made a public announcement of buyback before 5th July 2019. No tax on buyback of shares in case of such companies.
- The finance minister also announced an expansion in the scope of CSR activities. The companies can now spend 2% of the money on state or union govt incubators, PSUs, state universities, IITs, public-funded entities.