Important notifications and Reliefs Over COVID-19 Pandemic in 2020

GST/Indirect Tax Changes Due to Covid-19

•    The new due dates for filing GST annual returns for Financial Year 2019-2020 extended till 28th February 2021 from 31st December 2020. 

•    Due dates of filing GSTR 9/9A/9C for Financial Year 2018-19had been extended till 31st December 2020

•    The annual return form GSTR 4 due date for Financial Year 2019-20had been extended from 31st August to 31st October 2020 

•    Those having the aggregate annual turnover below Rs. 5 Crore, the last date to file GSTR-3B was in March, April, and May 2020 by the last week of June 2020. 

•    Others could file returns due in March, April, and May 2020 by the last week of June 2020.

•    Date for opting for composition scheme had been extended till the last week of June 2020.

•    The due date for making payments for the quarter ending 31st March 2020 and filing of return for 2019-20 by the composition dealers extended till June 2020.”

•    Due date for filing GST annual returns of Financial Year 2018-2019, extended till June 2020. Then the last date was again extended till 30th September 2020.

• the Last date for any compliance under the GST laws in which the due time was expiring between 20th March 2020 to 29th June 2020 was extended to 30th June 2020.”

•    The payment date under the Sabka Vishwas Scheme was extended to 30th June 2020. 

Income Tax Changes Due to Covid19

•    Due to date of all income-tax return for Financial Year 2019-20 extended to 30th November 2020 and Tax audit due date extended to 31st October 2020.

•    The last date for income tax returns for (Financial Year 2018-2019) was extended from 31st March 2020 to 30th June 2020. Again the due date was revised till 30th September 2020.

•    Aadhaar-PAN linking date was extended from 31st March 2020 to 30th June 2020, now extended till 31st March 2021.

•    The period for Vivad se Vishwas scheme extended till 31st December 2020.

•    Due dates under Income Tax Act, Wealth Tax Act, Prohibition of Benami Property Transaction Act, Black Money Act, STT law, CTT Law, Equalization Levy law in which the last date was expiring between 20th March 2020 to 29th June 2020 extended to 30th June 2020.

Ministry of Corporate Affairs Related Changes Due to COVID-19 

•    The department of the Ministry of Corporate Affairs had extended the timeline for holding Annual General Meeting till 31st December from 30th September.

•    The obligation of holding meetings of the Board of the businesses within a given interval provided in the Companies Act, 2013, extended till 30th September.

•    The requirement towards creating a Deposit reserve of 20% of deposits maturing during the financial year 2020-21 before 30th April 2020 was allowed to be complied with till 30th June 2020.”

•    The prerequisite towards investing 15% of debentures maturing during a specific year in stated instruments before 30th April 2020, could be done before 30th June 2020.

•    Newly incorporated companies are required towards filing a declaration for Commencement of Business within 6 months of incorporation. An additional time of 6 more months had been allowed.

•    The MCA extended the due dates for the AOC-4 NBFC (Ind AS) and AOC-4 CFS NBFC (Ind AS) till 30th June 2020 for the Financial Year 2018-2019.

Other Important Points

Department of Financial Services

•    Debit cardholders who withdraw cash from any ATM (bank) from any bank can do so without any charge for 3 months

•    No minimum balance requirements fee for 3 months

•    Decrease bank charges for digital trade transactions for trade finance customers

Important Supreme Court Judgement in the year 2020

•    The matter of Anuradha Bhasin v Union of India: Kashmir Lockdown and Internet Shutdown

•    The matter of Sushila Aggarwal & Ors. v. State (NCT of Delhi) & Anr: Anticipatory Bail Cannot Be Limited to A Fixed Period Except in Special and Peculiar Circumstances:

•    The matter of Prathvi Raj Chouhan vs Union of India: Validity of SC/ST Amendment Act 2018 upheld - 

•    A Child in Conflict with Law shall not Be Kept in Jail or Police Lockup Under Any Circumstance: Supreme Court

•    Supreme Court Dismisses Final Plea of Convicts to Stay Execution After Past Midnight Hearing; Nirbhaya Case

•    Supreme Court Quashes RBI Ban on Banking Services to Cryptocurrency Dealers

•    SARFEASI Act Applicable to Cooperative Banks: Supreme Court Constitution Bench

•    Supreme Court Gives Reasons for Holding That Questions of Law Can Be Referred to Larger Bench in Review: Reference to Sabarimala matter

•    Daughters has the Coparcenery Rights Even If Their Father Was Not Alive When Hindu Succession (Amendment) Act, 2005 Came into Force: Supreme Court

•    High Courts Can Grant Bail Under Article 226 In Appropriate Cases –the matter of Arnab Goswami 

•    Wife Entitled to Claim Right of Residence Which Belongs to Relatives of Husband Also[Domestic Violence Act]: Supreme Court

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Author:

eStartIndia Team