Tag Archives: covid extension

covid relaxations – debt listing

SEBI circular dated 29th April, 2021 giving certain relaxations to compliance deadlines in respect of debt listed securities, municipal bonds and commercial paper. Details are given below.

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compliance relaxations for SE intermediaries

SEBI circular dated 29th April, 2021 giving relaxations in deadlines in respect of compliances for trading members, clearing members, depository participants, KYC registration agencies as under:

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debenture trustees – compliance relaxations

SEBI circular dated 3rd May, 2021 giving relaxations in compliance deadlines to debenture trustees in view of the covid 2.0 pandemic for the quarter/ half year ended 31st March, 2021

https://www.sebi.gov.in/legal/circulars/may-2021/relaxation-in-timelines-for-compliance-with-regulatory-requirements-by-debenture-trustees-due-to-the-covid-19-pandemic_50042.html

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GST relaxations – covid

from the GST portal

Waiver of interest and late fee to normal taxpayers (filing return on monthly or quarterly basis) and composition taxpayers, for the tax periods of March and April, 2021

04/05/2021

Government has granted waiver from payment of interest and/or late fee to normal (Monthly / Quarterly) & composition taxpayers for the tax periods of March and April, 2021, through Central Tax Notification Nos. 08/2021 and 09/2021, both dated 1st May, 2021. The details are summarized below:

Relaxations in filing Form CMP-08 for Composition Taxpayers : For Quarter of Jan-March, 2021, instead of 18th April, 2021, Composition Taxpayers can now file their quarterly return in Form CMP-08, without interest up to 3rd May, 2021, with 9% reduced interest between 4th May to 18th May, 2021, and with 18% interest from 19th May, 2021 onwards.

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insurance returns – covid extension

IRDA has issued a circular dated 30th April, 2021 allowing time upto 31st May 2021 for all returns to be filed by insurance intermediaries – those pertaining to period ending 31st March, 2021.

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tax compliances – covid relief

https://pib.gov.in/PressReleasePage.aspx?PRID=1715298

In  view  of  the  adverse circumstances arising due to the severe Covid-19  pandemic  and also in view of the several requests  received  from  taxpayers,  tax  consultants  &  other  stakeholders from across the country, requesting that  various  compliance  dates may  be  relaxed,  the  Government  has  extended  certain timelines today.

            In the light of multiple representations received (supra) and to mitigate the difficulties being  faced  by  various  stakeholders,  the  Central Board of Direct Taxes (CBDT) has, under section 119 of the Income-tax Act, 1961(the Act), provided the following relaxation  in respect of compliances by the taxpayers:

  1. Appeal to Commissioner (Appeals) under Chapter XX of the Act, for which the last date of filing under that Section is 1st April, 2021 or thereafter, may be filed within the time provided under that Section or by 31st May, 2021, whichever is later;
  2. Objections to Dispute Resolution Panel (DRP) under Section 144C of the Act, for which the last date of filing under that Section is 1st April, 2021 or thereafter, may be filed within the time provided under that Section or by 31st May, 2021, whichever is later;
  3. Income-tax return in response to notice under Section 148 of the Act, for which the last date of filing of return of income under the said notice is 1st April, 2021 or thereafter, may be filed within the time allowed under that notice or by 31st May, 2021, whichever is later;
  4. Filing of belated return under sub-section (4) and revised return under sub-section (5) of Section 139 of the Act, for Assessment Year 2020-21, which was required to be filed on or before 31st March, 2021, may be filed on or before 31st May, 2021;
  5. Payment of tax deducted under Section 194-IA, Section 194-IB and Section 194M of the Act, and filing of challan-cum-statement for such tax deducted, which are required to be paid and furnished by 30th April, 2021(respectively) under Rule 30 of the Income-tax Rules, 1962, may be paid and furnished on or before 31st May, 2021;
  6. Statement in Form No. 61, containing particulars of declarations received in Form No.60, which is due to be furnished on or before 30th April, 2021, may be furnished on or before 31st May, 2021.

            CBDT Circular No.8/2021 in F. No. 225/49/2021/ITA-II dated 30.04.2021 issued. The said Circular is available on http://www.incometaxindia.gov.in.

            The above relaxations are the latest among the recent initiatives taken by the Government to ease compliances to be made by the taxpayers with the aim to grant respite during these difficult times.

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GST relaxations – covid

https://pib.gov.in/PressReleasePage.aspx?PRID=1715502

In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances under Goods & Services Tax (GST) law due to the outbreak of the second wave of COVID-19 pandemic, the Government has issued notifications, all dated 1st May, 2021, providing various relief measures for taxpayers. These measures are explained below: 

1.      Reduction in rate of interest: 

Concessional rates of interest in lieu of the normal rate of interest of 18% per annum for delayed tax payments have been prescribed in the following cases.

a.      For registered persons having aggregate turnover above Rs. 5 crore: A lower rate of interest of 9 per cent for the first 15 days from the due date of payment of tax and 18 per cent thereafter, for the tax payable for tax periods March 2021 and April 2021, payable in April 2021 and May 2021 respectively, has been notified.

b.      For registered persons having aggregate turnover upto Rs. 5 crore: Nil rate of interest for the first 15 days from the due date of payment of tax, 9 per cent for the next 15 days, and 18 per cent thereafter, for both normal taxpayers and those under QRMP scheme, for the tax payable for the periods March 2021 and April 2021, payable in April 2021 and May 2021 respectively, has been notified.

c.       For registered persons who have opted to pay tax under the Composition scheme: NIL rate of interest for first 15 days from the due date of payment of tax and 9 per cent for the next 15 days, and 18 per cent thereafter has been notified for the tax payable for the quarter ending 31st March, 2021, payable in April 2021.

 2.      Waiver of late fee

 a.      For registered persons having aggregate turnover above Rs. 5 crore: Late fee waived for 15 days in respect of returns in FORM GSTR-3B furnished beyond the due date for tax periods March, 2021 and April, 2021, due in the April 2021 and May 2021 respectively;

b.      For registered persons having aggregate turnover upto Rs. 5 crore: Late fee waived for 30 days in respect of the returns in FORM GSTR-3B furnished beyond the due date for tax periods March, 2021 and April, 2021 (for taxpayers filing monthly returns) due in April 2021 and May 2021 respectively / and for period Jan-March, 2021 (for taxpayers filing quarterly returns under QRMP scheme) due in April 2021. 

3.      Extension of due date of filing GSTR-1, IFF, GSTR-4 and ITC-04 

a.      Due date of filing FORM GSTR-1 and IFF for the month of April (due in May) has been extended by 15 days.

b.      Due date of filing FORM GSTR-4 for FY 2020-21 has been extended from 30th April, 2021 to 31st May, 2021.

c.       Due date of furnishing FORM ITC-04 for Jan-March, 2021 quarter has been extended from 25th April, 2021 to 31st May, 2021. 

4.      Certain amendments in CGST Rules

a.      Relaxation in availment of ITC: Rule 36(4) i.e. 105% cap on availment of ITC in FORM GSTR-3B to be applicable on cumulative basis for period April and May 2021, to be applied in the return for tax period May 2021. Otherwise, rule 36(4) is applicable for each tax period.

b.      The filing of GSTR-3B and GSTR-1/ IFF by companies using electronic verification code has already been enabled for the period from the 27.04.2021 to 31.05.2021. 

5.      Extension in statutory time limits under section 168A of the CGST Act: Time limit for completion of various actions, by any authority or by any person, under the GST Act, which falls during the period from 15th April, 2021 to 30th May, 2021, has been extended upto 31st May, 2021, subject to some exceptions as specified in the notification.

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securities compliances – relaxations

SEBI has relaxed some compliance deadlines in view the ongoing covid 2.0 pandemic. Details are given below:

Listed entities have been allowed to use their digital signatures for all filings upto 31st December, 2021.

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securities market relaxations – covid

SEBI circular dated 22nd April, 2021 giving certain relaxations in compliances due to ongoing covid pandemic. Read on.

  1. SEBI vide Circular no. SEBI/HO/CFD/DIL2/CIR/P/2020/78 dated May 6, 2020, granted one time relaxations from strict enforcement of certain regulations of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, pertaining to Rights Issue opening upto July 31, 2020.
  2. Based on the representations received from the market participants, the validity of these relaxations was further extended for Rights Issues opening up to December 31, 2020, vide SEBI Circular No. SEBI/ HO/ CFD/ DIL1/ CIR/ P/ 2020/136 dated July 24, 2020.
  3. The relaxation mentioned in point (iv) of the SEBI Circular No. SEBI/HO/CFD/DIL2/CIR/P/2020/78 dated May 6, 2020, was further extended for Rights Issues opening up to March 31, 2021, vide SEBI Circular No. SEBI/ HO/ CFD/ DIL1/ CIR/ P/2021/13 dated January 19, 2021.
  4. To ease and facilitate investors, the relaxation mentioned in point (iv) of the SEBI Circular No. SEBI/ HO/ CFD/ DIL2/ CIR/ P/2020/78 dated May 6, 2020, is further extended and shall be applicable for Rights Issues opening up to September 30, 2021, provided that the issuer along with the Lead Manager(s) shall continue to comply with point (v) of the SEBI Circular No. SEBI/HO/CFD/DIL2/CIR/P/2020/78 dated May 06, 2020.
  5. In respect to mechanism and compliance requirements at point (iv) and (v) of the SEBI Circular No. SEBI/ HO/ CFD/ DIL2/ CIR/P/2020/78 dated May 6, 2020, the issuer along with Lead Manager(s), Registrar, and other recognized intermediaries (as incorporated in the mechanism) shall also ensure the following:
    a. Refund for un-allotted / partial allotted application shall be completed on or before T+1 day (T: Basis of allotment day).
    b. Registrar to the issue, shall ensure that all data with respect to refund instructions is error free to avoid any technical rejections. Further, in case of any technical rejection of refund instruction, same shall be addressed promptly.

https://www.sebi.gov.in/legal/circulars/apr-2021/relaxations-relating-to-procedural-matters-issues-and-listing_49900.html

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AGM by video conferencing

MCA has issued a very confusing circular no. 2/2021 dated 13/1/2021 wherein they have allowed companies to hold their annual general meetings of their shareholders via video conferencing means upto end of 2021 i.e. upto 31st December 2021.

In the same breath they also say that this does not confer any extension of time to hold AGM for companies and they remain liable to be prosecuted for any compliances on that count.

Its a very confusing circular worded very badly, one needs to read it half a dozen times to understand what it means.

Its a pity that MCA officers do not understand the ground reality – that many companies and their office staff are still held back due to the covid pandemic and are not attending their offices, ditto for auditors staff. The local trains of Mumbai which is the lifeline of Mumbai has not been opened for the general public. In absence of that commuting becomes extremely difficult.

Government could very well have extended the time to hold the AGM for companies having march 2020 as their annual closing date, despite the section allowing only 3 months extension, what prevented the government from passing an ordinance to that effect.

Copy of the above circular can be found at the MCA site.

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extension of time limits for income tax returns

https://pib.gov.in/PressReleasePage.aspx?PRID=1684775

In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances due to the outbreak of COVID-19, the Government brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (‘the Ordinance’) on 31st March, 2020 which, inter alia, extended various time limits. The Ordinance has since been replaced by the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act.

The Government issued a Notification on 24th June, 2020 under the Ordinance which, inter alia, extended the due date for all Income Tax Returns for the FY 2019-20 (AY 2020-21) to 30th November, 2020. Hence, the returns of income which were required to be filed by 31st July, 2020 and 31st October, 2020 were required to be filed by 30th November, 2020. Consequently, the date for furnishing various audit reports including tax audit report under the Income-tax Act, 1961 (the Act) was also extended to 31st October, 2020.

In order to provide more time to taxpayers for furnishing of Income Tax Returns, the due date was further extended vide notification No 88/2020/F. No. 370142/35/2020-TPL dated 29th October, 2020:

(A) The due date for furnishing of Income Tax Returns for the taxpayers (including their partners) who are required to get their accounts audited [for whom the due date (i.e. before the said extension) as per the Act was 31st October, 2020] was extended to 31st January, 2021.

(B) The due date for furnishing of Income Tax Returns for the taxpayers who are required to furnish report in respect of international/specified domestic transactions [for whom the due date (i.e. before the said extension) as per the Act was 30th November, 2020] was extended to 31st January, 2021.

(C) The due date for furnishing of Income Tax Returns for the other taxpayers [for whom the due date (i.e. before the said extension) as per the Act was 31st July, 2020] was extended to 31st December, 2020.

(D) Consequently, the date for furnishing of various audit reports under the Act including tax audit report and report in respect of international/specified domestic transaction was also extended to 31st December, 2020.

Considering the problems being faced by the taxpayers, it has been decided to provide further time to the taxpayers for furnishing of Income Tax Returns, tax audit reports and declaration under Vivad Se Vishwas Scheme. Further, in order to provide more time to taxpayers to comply under various ongoing proceedings, the dates of completion of proceedings under various Direct Taxes &Benami Acts have also been extended. These extensions are as under:

a.            The due date for furnishing of Income Tax Returns for the Assessment Year 2020-21 for the taxpayers (including their partners) who are required to get their accounts audited and companies [for whom the due date, as per the provisions of section 139(1) of the Income-tax Act,1961, was 31st October, 2020 and which was extended to 30th November, 2020 and then to 31st January, 2021] has been further extended to 15th February, 2021.

b.            The due date for furnishing of Income Tax Returns for the Assessment Year 2020-21 for the taxpayers who are required to furnish report in respect of international/specified domestic transactions [for whom the due date, as per the provisions of section 139(1) of the Income-tax Act,1961, was 30th November, 2020 and which was extended to 31st January, 2021] has been further extended to 15th February, 2021.

c.             The due date for furnishing of Income Tax Returns for the Assessment Year 2020-21 for the other taxpayers [for whom the due date, as per the provisions of section 139(1) of the Income-tax Act, 1961, was 31st July, 2020 and which was extended to 30th November, 2020 and then to 31st December, 2020] has been further extended to 10th January, 2021.

d.            The date for furnishing of various audit reports under the Act including tax audit report and report in respect of international/specified domestic transaction for the Assessment Year 2020-21 has been further extended to 15th January, 2021.

e.            The last date for making a declaration under Vivad Se Vishwas Scheme has been extended to 31st January, 2021 from 31st December, 2020.

f.             The date for passing of orders under Vivad Se Vishwas Scheme, which are required to be passed by 30th January, 2021 has been extended to 31st January, 2021.

g.            The date for passing of order or issuance of notice by the authorities under the Direct Taxes &Benami Acts which are required to be passed/ issued/ made by 30th March, 2021 has also been extended to 31st March, 2021.

Further, in order to provide relief for the third time to small and middle class taxpayers in the matter of payment of self-assessment tax, the due date for payment of self-assessment tax date is hereby again being extended. Accordingly, the due date for payment of self-assessment tax for taxpayers whose self-assessment tax liability is up to Rs. 1 lakh has been extended to 15th February, 2021 for the taxpayers mentioned in para 4(a) and para 4(b) and to 10th January, 2021 for the taxpayers mentioned in para 4(c).

The Government has also extended the due date of furnishing of annual return under section 44 of the Central Goods and Services Tax Act, 2017 for the financial year 2019-20 from 31st December, 2020 to 28th February, 2021.

The necessary notifications in this regard shall be issued in due course.

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sebi settlement scheme

https://www.sebi.gov.in/media/public-notices/oct-2020/public-notice-in-respect-of-extension-of-the-sebi-settlement-scheme-2020_48049.html

  1. Vide public notice dated July 27, 2020, SEBI has introduced the Settlement Scheme (“the Scheme”) which proposes to provide a onetime settlement opportunity to those entities that have executed trade reversals in the stock options segment of BSE during the period from April 01, 2014 to September 30, 2015 and against whom enforcement proceedings have been approved by SEBI.
  2. The period of the Scheme commenced on August 01, 2020 and was to end on October 31, 2020.
  3. In view of the large scale disruption caused by the Covid-19 pandemic, many representations were received by SEBI, seeking extension of the period of the Scheme.
  4. Upon consideration of the same, the competent authority has approved the extension of the period of the Scheme till December 31, 2020.

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extension of due date – GST annual return

https://pib.gov.in/PressReleasePage.aspx?PRID=1667289

The Government has been receiving a number of representations regarding need to extend due date for filing Annual Return (FORM GSTR-9) and Reconciliation Statement (FORM GSTR-9C) for 2018-19 on the grounds that on account of the COVID-19 pandemic related lockdown and restrictions, normal operation of businesses have still not been possible in several parts of the country. It has been requested that the due dates for the same be extended beyond 31st October 2020 to enable the businesses and auditors to comply in this regard.

In view of the same, on the recommendations of the GST Council, it has been decided to extend the due date for filing Annual Return (FORM GSTR-9/GSTR-9A) and Reconciliation Statement (FORM GSTR-9C) for Financial Year 2018-19 from 31st October 2020 to 31st December, 2020. Notifications to give effect to this decision would follow.

It may be noted that filing of Annual Return (FORM GSTR-9/ GSTR-9A) for 2018-19 is optional for taxpayers who had aggregate turnover below Rs. 2 crore. The filing of reconciliation Statement in FORM 9C for 2018-19 is also optional for the taxpayers having aggregate turnover upto Rs. 5 crore.

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extension of time to file returns – co-operative banks

RBI circular dated october 13, 2020 allowing central co-operative banks and state co-operative banks to file their returns including their balance sheet & profit and loss account for financial year ended 31st march, 2020 by 31st december, 2020

Submission of returns under Section 31 (read with section 56) of the Banking Regulation Act, 1949 – Extension of time

Please refer to our circular DoR (PCB).BPD.Cir.No.2/12.05.001/2020-21 dated August 26, 2020 issued to all Primary (Urban) Co-operative Banks (UCBs) extending the period prescribed for submission of returns under Section 31 (read with Section 56) of the Banking Regulation Act, 1949 [as amended by the Banking Regulation (Amendment) Ordinance, 2020] for the financial year ended on March 31, 2020 by another three months, till September 30, 2020.

2. In view of the difficulties faced by UCBs in finalizing the financial statements amidst the COVID-19 pandemic, Government of India, on the recommendation of the Reserve Bank, has issued a Gazette Notification No. S.O. 3377(E) dated September 29, 2020 (copy enclosed) declaring that the provisions of Section 31 read with clause (t) of Section 56 of the Act shall not apply to Primary Co-operative Banks till December 31, 2020. Accordingly, all UCBs shall ensure submission of the aforesaid returns to the Reserve Bank on or before December 31, 2020.

3. Since the Banking Regulation (Amendment) Act, 2020 has not been notified for the State Co-operative Banks and Central Co-operative Banks as yet, they are required to furnish three copies of accounts and balance sheet together with auditor’s report as returns to the Reserve Bank and the National Bank (NABARD), in terms of Section 31 read with Section 56 (t) of BR Act, within six months from the end of the period to which they refer, i.e., by September 30, 2020 for the financial year 2019-20. However, taking into account the difficulties being faced by the State Co-operative Banks and Central Co-operative Banks due to the ongoing COVID-19 pandemic, the Reserve Bank hereby extends the period for furnishing of the returns under Section 31 of the Act for the financial year ended on March 31, 2020 by a further period of three months in terms of the first proviso to the above section. Accordingly, all State Co-operative Banks and Central Co-operative Banks shall ensure submission of the aforesaid returns to the Reserve Bank and NABARD on or before December 31, 2020.

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MCA extension

MCA has vide its circular no. 34/2020 dated 29th September, 2020 extended all the due dates for filing of IEPF forms i.e. IEPF-1, 1-A, 2, 3, 4, 7 and verification of claims filed in form IEPF-5 without paying additional filing fees upto 31st December, 2020.

Vide another circular no. 35/2020 dated 29th September, 2020, MCA has extended the time to create deposit repayment reserve of 20% u/s 73 of the companies act, 2013 and to invest or deposit 15% of debentures u/r 18 of the companies (share capital and debentures), rules, 2014, by 3 months upto 31st December, 2020

MCA had on the same date issued four other extension orders, which can be accessed here.

https://vramonline.wordpress.com/2020/09/29/mca-extension/

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