Major Relief from Regulatory Compliance to Combat Covid19 in India

Last Updated On: March 25, 2020, 1:11 p.m.

The Hon'ble FM due to the outbreak of COVID-19 announced the extension of various statutory due dates for the taxpayers.

The taxpayers had been demanding extension due to the inconvenience caused amidst the COVID-19 outbreak. Various compliance dates have been extended to the 30th of June 2020 and relaxations have been given to in form of reduced interest rates.

The ITR due date for FY 18-19 has been extended to 31st March 2020 and GSTR due dates for the month of March, April, and May 2020 have been extended to 30th June 2020 in a staggered manner.

Here are the various extensions and relaxations that the FM has announced.


Income Tax Updates

1.) Last date of ITR filing for F.y 2018-19 extended to 30.06.2020 (interest 9% instead of 12%)

2.) Notice, intimation, notification, filing, furnishing, application report any other documents compliance by taxpayer including saving instruments, rollover of capital gain etc. extended to 30.06.2020

3.)Tds deposit extended to 30.06.2020 (interest 9% instead of 18%)

4.)Adhar linking extended to 30.06.2020

5.)Vivad se Vishwas scheme extended to 30.06 2020 from 01.04.2020 (now no 10% additional charge)

6.) Tax saving for FY 19-20 via Saving instruments and for Capital gains and other purposes can be done till 30.06.2020



1.) Due date of filing GST returns due in March 2020-May 2020 extended to 30.06.2020.

2.) Co. having less than 5 crore turnover, no late fees/interest/penalty charge.

3.) Co. having more than 5 crores, interest charge 9% instead of 18%(no late fees)

4.) The date for opting composition scheme extend to 30.06.2020



1.) Applicability of CARO 2020 Extended from 2020-21 rather than 2019-20

2.) The requirement of holding board meeting extended for 60 Days and relief for holding minimum one meeting of independent director for FY 19-20 is waived off

3.) Extension on filing the certificate for commencement of business for newly incorporated companies extended by 6 month 

4.) No Late fee, a fine or penalty will be levied for filling document with MCA 21 Registry till 30 Sep 2020

5.) Relief for having resident director u/s 149(3) for companies

6.) Extension for maintaining reserve deposit of 20% till 30 June 2020

7.) Extension for making an investment for the maturing debentures during FY 19-20 to be maintained up to 30 June 2020



1.) Threshold limit for default for MSME Increased to 1 Cr from 1 lac

2.) Govt. is considering to suspend sec 7, 9 and 10 of IBC if conditions doesn't improve decision will be taken on 30 Apr 2020


Other Updates

1) The debit card fee is waived off if you withdraw from Cash from any ATM, till next 3 months i.e. up to 30.06.2020

2) No Minimum Cash balance required to be maintained in Bank accounts till next 3 months i.e. up to 30.06.2020

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