SEBI updates
|
|
Delay in payment of interest / principal due to lockdown- not a default
|
In view of the nationwide lockdown and the 3 month moratorium / deferment on payment permitted by RBI, if the delay in payment of interest / principal has arisen solely due to the lockdown conditions, Credit Rating Agencies may not consider the same as a default event or recognize the default.
|
|
Extension of timeline for compliances
|
Relaxation has been granted to intermediaries / market participants of the 21 days lockdown period, over and above the prescribed time limits for the following activities:
|
- Processing of requests for – Remat , Transmission, Issue of Duplicate Share Certificates , Name Deletion/ Name Change/ Transposition/ Pending Share Transfers (Re-lodgement cases in the case of share transfers), Consolidation / Split / Replacement of Share
- Handling Investor Correspondence / Grievances / SCORES complaint
- Submission of Half Yearly Report to SEBI pursuant to Circular dated 5.06.2012
- Compulsory Internal Audit of RTAs(Registrar and Transfer Agent) by CA / CS / CMA
- Submission of Audit Report by QRTAs (Qualified RTA) on Cyber Security and Cyber Security Resilience framework for QRTAs
- Confirmation by the issue to the depository w.r.t. listing of security within 15 days of receipt of certificate of security on the recognised stock exchange it was previously listed
- Submission quarterly Audit report from a practicing CA / CS or the purposes of reconciliation of the total issued capital, listed capital and capital held by depositories in dematerialized form, the details of changes in share capital during the quarter
|
|
Ministry of Finance
|
|
Extended time line for keeping Small accounts operational
|
Time line w.r.t requirement of Client due diligence of a Small account has been extended vide amendment to the Prevention of Money Laundering (Maintenance of Records) Rules, 2005.
|
Small account with a bank means a savings account in which:
|
- aggregate of credits in a FY doesn’t exceed Rs.1 lakh,
- aggregate of withdrawals & transfers in a month doesn’t exceed Rs.10,000 and
- balance at any point doesn’t exceed Rs.50,000
|
A small account holder had 12 months’ time after opening his account and keeping it operational to submit proof of identity. The Circular clarifies that during the period 01.04.2020 to 30.06.2020 the small account shall be kept operational even if the proof has not been submitted. Necessary changes to RBI master directions on KYC have been made.
|
|
GST updates
|
|
Extension of due dates
|
Particulars |
Due dates |
Date for opting for composition scheme and the last date for making payments for the quarter ending 31st March, 2020 and filing of return for 2019-20 by the composition dealers |
Last week of June, 2020 |
Filing of GST annual returns of FY 18-19, which is due on 31st March, 2020 |
30.06.2020 |
Due date for issue of notice, notification, approval order, sanction order, filing of appeal, furnishing of return, statements, applications, reports, any other documents, time limit for any compliance under the GST laws where the time limit is expiring between 20.03.2020 to 29.06.2020 shall be extended to 30.06.2020. |
30.06.2020 |
Payment date under Sabka Vishwas Scheme |
30.06.2020 |
|
- Those having aggregate annual turnover less than Rs. 5 Crore Last date can file Form GSTR-3B due in March, April and May 2020 by the last week of June, 2020. No interest, late fee, and penalty to be charged. Others can file returns due in March, April and May 2020 by last week of June 2020 but the same would attract reduced rate of interest @9 % per annum from 15 days after due date (current interest rate is 18 % per annum). No late fee and penalty to be charged, if complied before till 30.06.2020.
|
Customs and other Indirect tax updates
|
|
Extension of due dates
|
Following due dates have been extended vide the Press release dated 24.03.2020
|
Particulars |
Extended due dates |
Due date for issue of notice, notification, approval order, sanction order, filing of appeal, furnishing applications, reports, any other documents etc., time limit for any compliance under the Customs Act and other allied Laws where the time limit is expiring between 20.03.2020 to 29.06.2020 |
30.06.2020 |
Furnishing of the Central Excise returns due in March, April and May 2020 |
30.06.2020 |
Wherever the last date for filing of appeal, refund applications etc., under the Central Excise Act, 1944 and rules made thereunder is from 20.03.2020 to 29.06.2020 |
30.06.2020 |
For filing of appeal etc., relating to Service Tax is from 20.03.2020 to 29.06.2020 |
30.06.2020 |
The date for making payment to avail of the benefit under Sabka Vishwas Legal Dispute Resolution Scheme, 2019 |
30.06.2020 |
|
IT updates
|
|
Extension of due dates and other relaxations vide press release dated 24.03.2020
|
Following are the extended due dates:
|
Particulars |
Extended due dates |
Vivad se Vishwas scheme |
30.06.2020 |
Due dates for issue of notice, intimation, notification, approval order, sanction order, filing of appeal, furnishing of return, statements, applications, reports, any other documents and time limit for completion of proceedings by the authority and any compliance by the taxpayer including investment in saving instruments or investments for roll over benefit of capital gains under Income Tax Act, Wealth Tax Act, Prohibition of Benami Property Transaction Act, Black Money Act, STT law, CTT Law, Equalization Levy law, Vivad Se Vishwas law where the time limit is expiring between 20.03.2020 to 29.06.2020 |
30.06.2020 |
Filing of original as well as revised income-tax returns for the FY 2018-19 (AY 2019-20) |
30.06.2020 |
Investment/payment for claiming deduction under Chapter-VIA-B of IT Act which includes Section 80C (LIC, PPF, NSC etc.), 80D (Medi-claim), 80G (Donations), etc and Making investment / construction / purchase for claiming roll over benefit / deduction in respect of capital gains under sections 54 to 54GB of the IT Act |
30.06.2020 |
Date for commencement of operation for the SEZ units for claiming deduction under deduction 10AA of the IT Act |
30.06.2020 |
Date for passing of order or issuance of notice by the authorities under various direct taxes & Benami Law |
30.06.2020 |
|
- Vivad se Vishwas scheme – Declaration and payment under the Scheme can be made up to 30.06.2020 without additional payment of 10% amount.
- For delayed payments of advanced tax, self-assessment tax, regular tax, TDS, TCS, equalization levy, STT, CTT made between 20.03.2020 and 30.06.2020, reduced interest rate at 9% instead of 12 %/18 % per annum ( i.e. 0.75% per month instead of 1/1.5% per month) will be charged for this period. No late fee / penalty shall be charged for delay relating to this period.
- It has provided that reduced rate of interest of 9% shall be charged for non-payment of Income-tax (e.g. advance tax, TDS, TCS) Equalization Levy, Securities Transaction Tax (STT), Commodities Transaction Tax (CTT) which are due for payment from 20.03.2020 to 29.06.2020 if they are paid by 30.06.2020. Further, no penalty/ prosecution shall be initiated for these non-payments.
|
Concessional tax option under Sec. 115BAC
|
Every individual or HUF having income other than from business or profession can opt for concessional tax rates under Section 115BAC of the Income Tax Act for any previous year, as announced in the budget 2020-21.
|
In order to help employer deduct the correct TDS such individual being an employee must inform the employer that he intends to opt for the concessional rate under 115BAC for each previous year. The employer shall deduct TDS accordingly. Once an option is exercised at the time of filing return under cannot be changed for subsequent FY except in certain cases.
|
|
Article on Corporate Borrowings and Lending – Companies Act, 2013
|
Sreenivasan Narasimhan, Associate, has analysed Borrowings and Lendings under Companies Act, 2013 in an easy to understand, FAQ format with practical insights.
|
|
Note: The contents of this Newsletter are only a summary and has not dealt with any issue in detail. Any action taken or proposed to be taken must be in consultation with professionals and not merely based on the articles / news updates. S. C. Sharada & Associates disclaims all liability on action taken without professional advice.
|
S. C. Sharada & Associates,
Company Secretaries. #405, 7th Cross, IV Block, Koramangala, Bangalore – 560 034.
sharadasc.com Phone : +91 80 25534374 , +91 80 25536618 Email:
sharada.sc@sharadasc.com
Unsubscribe
Powered by EmailOctopus
|
|
|
|
|