{"id":29862,"date":"2020-03-26T10:13:57","date_gmt":"2020-03-26T04:43:57","guid":{"rendered":"https:\/\/enterslice.com\/learning\/?p=29862"},"modified":"2020-03-26T11:29:37","modified_gmt":"2020-03-26T05:59:37","slug":"fm-announced-relief-measures-related-to-covid-19-outbreak-statutory-and-regulatory-compliance-matters","status":"publish","type":"post","link":"https:\/\/enterslice.com\/learning\/fm-announced-relief-measures-related-to-covid-19-outbreak-statutory-and-regulatory-compliance-matters\/","title":{"rendered":"FM Announced Relief Measures Related to Covid-19 Outbreak: Statutory and Regulatory Compliance Matters"},"content":{"rendered":"

The outbreak of coronavirus or commonly known as Covid-19<\/a><\/strong> has impacted the lives of both, general citizens as well as the trade and businesses. In this situation where lockdown has been declared the business persons were expecting some relief in deadlines for payment of taxes and interests. The Honourable Supreme Court recently ruled on the Force Majeure Clause <\/strong>to save businesses from delay in execution of their contracts and also its financial implications. Looking at the ongoing issue the Union Finance and Corporate Affairs Minister Nirmala Sitharaman announced several Relief Measures Related to Covid-19 Outbreak to measures which were decided by the Government of India amidst the Covid-19 outbreak. <\/p>\n\n\n\n

The\nmeasures are mainly focused on statutory and regulatory compliance matters\nwhich are related to several sectors such as Income Tax, GST, Customs and\nCentral Excise, Corporate Affairs, IBC or Insolvency or Bankruptcy Code,\nFisheries, Banking Sector and Commerce. <\/p>\n\n\n\n

There\nwere many persons of different ministries present along with the Finance\nMinister like Shri Anurag Singh Thakur-Minister of State and Corporate Affairs,\nShri A.B. Pandey- Finance Secretary, Shri Atanu\nChakraborty- Secretary, Department of Economic Affairs.<\/p>\n\n\n\n

The relief measures related to covid-19 outbreak regarding statutory and compliance matters in various sectors are discussed below in this article:<\/i><\/div>\n\n\n\n

Income Tax<\/h2>\n\n\n\n

Income Tax Returns<\/h3>\n\n\n\n
\n Due\n date of filing Income Tax Returns  \n <\/td>\n Financial\n Year\n <\/td>\n Original\n Date\n <\/td>\n Revised\n Date\n <\/td><\/tr>
\n Extended\n  \n <\/td>\n 2018-2019\n <\/td>\n 31st\n <\/sup>March 2020\n <\/td>\n 30th<\/sup>\n June 2020 \n <\/td><\/tr><\/tbody><\/table>\n\n\n\n

Aadhar PAN Linking Date<\/h3>\n\n\n\n
\n Due\n Date for Linking Aadhar card an PAN Card\n  \n <\/td>\n Original\n Date\n <\/td>\n Revised\n Date\n <\/td><\/tr>
\n Extended\n  \n <\/td>\n 31st<\/sup>\n March, 2020\n <\/td>\n 30th<\/sup>\n June, 2020\n <\/td><\/tr><\/tbody><\/table>\n\n\n\n

Vivad se Vishwas scheme (Direct Tax)<\/strong><\/strong><\/h3>\n\n\n\n
\n Due\n Date\n  \n <\/td>\n Waiver\n Amount\n <\/td>\n Revised\n date\n <\/td><\/tr>
\n Extended\n  \n <\/td>\n No\n additional 10% amount\n <\/td>\n 30th<\/sup>\n  <\/sup>June , 2020\n <\/td><\/tr><\/tbody><\/table>\n\n\n\n

Others<\/h3>\n\n\n\n
\n Due\n Date\n <\/td>\n Sector\n <\/td>\n Particulars\n <\/td>\n By\n whom\n <\/td>\n Original\n Date\n <\/td>\n Revised\n Date\n <\/td><\/tr>
\n Extended\n  \n <\/td>\n Investment\n in the saving instruments or investments for roll over benefit of capital\n gains under Income Tax Act,\n Wealth\n Act,\n Prohibition\n of Benami Property<\/a> Transaction Act,\n Black\n Money Act,\n STT\n Law,\n CTT\n Law,\n Equalisation\n Levy Law,\n ,\n Vivad Se Vishwas  law\n  \n <\/td>\n Notice,\n \n Intimation,\n Approval Order, or Sanction Order or\n Filing\n of Appeal or Furnishing of Return, Statements, Applications\n Reports,\n Any\n other Documents, and \n Time\n limit of Completing the Proceedings\n  \n <\/td>\n By\n the authority, or any taxpayer\n <\/td>\n 20th\n March 2020  to 29th June 2020\n <\/td>\n 30th\n June 2020\n <\/td><\/tr><\/tbody><\/table>\n\n\n\n