In order to reduce the impact on the economy and to ease the compliance requirements, the government and other regulators have been continuously notifying changes in the regulatory environment. This publication seeks to bring out those significant changes only relating to extension of time period and related matters thereto for various compliance and regulations applicable for the business entities in India. The content presented here is intended to provide only a general guide to the subject matter

2. Inordertoreducetheimpactonthe
economyandtoeasethecompliance
requirements,thegovernmentand
otherregulatorshavebeen
continuouslynotifyingchangesinthe
regulatoryenvironment.This
publicationseekstobringoutthose
significantchangesonlyrelatingto
extensionoftimeperiodandrelated
matterstheretoforvarious
complianceandregulationsapplicable
forthebusinessentitiesinIndia.
COVID
-19
RELIEF
PACKAGE

3. MAJOR UPDATES ON DIRECT TAX
Thedateforcompletionofanykindofissuanceofproceedings,order,notice,
intimation,notification,sanctionetc.andalsothetimelimitforfilingofanyappeal,
reply,application,report,document,return,statementetc.(allundertheBenami
LawandIndianIncomeTaxAct,1961)whichwerealreadyunderdueasonthe31st
dayofMarch,2020hasbeenextendedtothe30thdayofJune,2020(orsuch
otherdateafterthe30thdayofJune,2020,asmaybenotifiedbyCentral
Government).
Hence,theabovementionedimpliesthattheduedateforfilingofbelatedreturns
undersection139(4)aswellasrevisedreturnsundersection139(5)oftheITAct,
1961fortheFY2018-19(AY2019-20)isextendedto30thJune,2020(orsuch
otherdateafterthe30thdayofjune,2020,asmaybenotifiedbyCentral
Government)

4. MAJOR UPDATES ON DIRECT TAX CONT...
Thedateformakingvarioustaxsavinginvestments/paymentsforclaiming
deductionunderChapter-VIA-BoftheITAct,1961forAY2020-21hasbeen
extendedto30thJune,2020(orsuchotherdateafterthe30thdayofJune,2020,
asmaybenotifiedbyCentralGovernment).Theassesseeshavetheoptionhowever
toclaimdeductioninrespectofsuchinvestments/paymentsmadeduringquarter
1ofFY2020-21intheassessmentyear2021-22tooconsideringwhicheveris
morebeneficial.
TheduedateforAadhaar-PANlinkingextendedfrom31stMarch,2020to30th
June,2020orsuchotherdateafterthe30thdayofJune,2020,asmaybenotified
byCentralGovernment.

5. MAJOR UPDATES ON INDIRECT TAX.
FilingGSTR-3B,byregisteredpersonshavingaggregateannualturnoverlessthan
Rs.5crore,forthemonthofMarch,AprilandMay2020extendedtilltheendoflast
weekofJune2020.
FilingGSTR-3B,byregisteredpersonshavingaggregateannualturnoverofmore
thanRs.5crore,forthemonthofMarch,AprilandMay2020extendedtilltheend
oflastweekofJune2020subjecttopaymentofinterest@9%insteadof18%.
However,therewillnotberecoveryofanypenaltyandlatefeesforsuchtaxpayers
forthisperiod.
GSTR-1forthemonthofMarch-2020,April-2020andMay-2020canbefurnished
upto30thJune2020withoutlatefee.
QuarterlyGSTR-1fortheperiodJan-2020toMarch-2020canbefurnishedupto
30thJune,2020withoutlatefee.

6. MAJOR UPDATES ON INDIRECT TAX CONT...
ThelastdateforoptingacompositionschemeforFY2020-21isextendedfrom
31stMarch
.Incaseofregisteredpersonoptingforcompositionschemeforthefirsttime,
detailsofInputtaxcreditalreadyavailedcanbereversedbyfilingastatementonor
before31stJuly2020
.Paymentoftaxforcompositiondealersforthequarterending31stMarch2020
canbemadetill7thJuly2020withoutanyinterest.
GSTR-4tobefiledbycompositiondealersonyearlybasisfortheFY2019-20can
befiledby15thJuly,2020withoutanylatefeeandpenalty.
Inputtaxcreditavailmentwhichwasrestrictedto110%oftheinputcredit
appearinginGSTR-2AhasbeenrelaxedfortheperiodFebruary,2020toAugust,
2020.Accordingly,inputtaxcreditcanbeclaimedeventhoughthesamebeingnot
appearinginGSTR-2

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