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Ministry of Finance
No Extension of the Financial Year
Dated: 30 MAR 2020
There is a fake news circulating in some section of media that the Financial Year has been extended. A notification issued by the Government of India on 30th March 2020 with respect to some other amendments done in the Indian Stamp Act is being misquoted. There is no extension of the Financial Year.
The Finance ministry said that a notification has been issued by the Department of Revenue, Ministry of Finance on 30th March, 2020 which relates to certain amendments to the Indian Stamp Act. It pertains to putting in place an efficient mechanism for collection of Stamp Duty on Security Market Instruments transactions through Stock Exchanges or Clearing Corporation authorized by Stock Exchanges Depositories. This change was earlier notified to be implemented from 1st April, 2020. However, due to the prevailing situation, it has been decided that the date of implementation will now be postponed to 1st July 2020.
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RM/KMN
(Release ID: 1609424)
No. 225/306/2019-ITA-ll
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Janes
North Block, ITA-II Division New Delhi,
Dated: 23rd March, 2020
Order under Section 119 of the Income-tax Act 1961
On consideration of reports of disturbances in internet facility in certain areas of Jammu and Kashmir, the Central Board of Direct Taxes (CBDT), in exercise of powers conferred under section 119 of the Income-tax Act, 1961 ('Act') and in partial modification of CBDT's order under section 119 of the Act dated 23.07.2019, 27.09.2019, 31.10.2019 and 24.12.2019 hereby further extends the 'due-date' for filing of Income-tax Returns/Tax Audit Reports for the Assessment Year 2019-20 as specified in section 139(1) of the Act to 31st March, 2020 in respect of all categories of income-tax assessees in the Union Territory of Jammu and Kashmir and Union Territory of Ladakh.
2. It is also clarified that ITRs/TARs filed by the income-tax assessees after 31.01.2020 till the date of issuance of this order shall be deemed to have been filed within the due date specified under section 139(1) of the Act read with CBDT's order section 119 of the Act as referred in para above.
(Rajarajeswari R.)
Under Secretary to the Government of India
Ministry of Commerce & Industry
Invest India Business Immunity Platform launched to helping businesses withstand COVID-19
Dated: 24 MAR 2020
Invest India, India’s national Investment Promotion & Facilitation Agency, under the Ministry of Commerce and Industry has launched The Invest India Business Immunity Platform. The platform, hosted on the Invest India website, is designed as a comprehensive resource to help businesses and investors get real-time updates on India’s active response to COVID-19 (Coronavirus). This dynamic and constantly updating platform keeps a regular track on developments with respect to the virus, provides latest information on various central and state government initiatives, gives access to special provisions, and answers and resolves queries through emails and on WhatsApp. The Business Immunity Platform (BIP) is the active platform for business issue redressal, operating 24/7, with a team of dedicated sector experts and responding to queries at the earliest. Invest India has also announced a partnership with SIDBI (Small Industries Development Bank of India) for responding and resolving queries for MSMEs.
While COVID-19 continues to disrupt normal life, the impact of this crisis on businesses across the country is being continuously assessed. The government, for its part, has issued timely guidelines for businesses. Business owners have been trying to grasp what these guidelines mean for their businesses. Realizing the uncertainty that the Corona crisis has caused among businesses, the platform was launched on 21st March,2020.
The platform also includes frequently asked questions on important aspects like locations of COVID-19 testing, special permissions and other location-specific information. The portal also maps and highlights the response mechanism put in place by leading Indian companies such as sanitation of staff vehicles, placing orders in alternate markets, disabling biometric attendance systems, setting up of medical task force, requesting trainees to go home, business continuity plan, barring entry of visitors, suspension of air travel, usage of video-conferencing and tele-conferencing, developing online solutions and other unique initiatives.
This Business Immunity Platform shall help people get access to all the information they require while staying in their comfort of their homes. With this platform, Invest India aims to bring facilitation at your doorstep!
Mr. Deepak Bagla, MD & CEO, Invest India has said “This is a platform for all of us to get together in the face of this unprecedented challenge of COVID-19. The team is working towards finding clarifications and solutions in a rapidly evolving scenario, especially from the perspective of business continuity for the business community. This platform also provides the ability to join the dots to find matching suppliers with required supplies and for innovators, startups and MSMEs to show case their solutions. During the past 48 hours we’ve had over 30,000 visitors across 40 countries and 50,000 plus hits on our website. The platform is seeing an average time spent of nearly 5 minutes. Since yesterday the team has been working actively on over 200 business requests for business continuity and immunity. It is also a platform to hear from the experts on business strategies to be adopted during such times.”
(Release ID: 1607905)
IT Dept. - On account of the complete lockdown imposed by Government of Karnataka on movement of people, the e-Filing Call Center is temporarily impacted. All taxpayers are requested to use the e-Nivaran functionality to request for assistance which shall be provided expeditiously.
Ministry of Finance
Finance Minister announces several relief measures relating to Statutory and Regulatory compliance matters across Sectors in view of COVID-19 outbreak
Dated : 24 MAR 2020
The Union Finance & Corporate Affairs Minister Smt. Niramla Sitharaman today announced several important relief measures taken by the Government of India in view of COVID-19 outbreak, especially on statutory and regulatory compliance matters related to several sectors. While addressing the press conference through video conferencing here today, Smt. Sitharaman announced much-needed relief measures in areas of Income Tax, GST, Customs & Central Excise, Corporate Affairs, Insolvency & Bankruptcy Code (IBC) Fisheries, Banking Sector and Commerce.
The Minister of State for Finance & Corporate Affairs Shri Anurag Singh Thakur was also present besides Shri A.B. Pandey, Finance Secretary and Shri Atanu Chakraborty, Secretary, Department of Economic Affairs.
Following are the decisions with respect to statutory and regulatory compliance matters related to various sectors: —
Income Tax
GST/Indirect Tax
Customs
Financial Services
Corporate Affairs
Department of Fisheries
Department of Commerce
Extension of timelines for various compliance and procedures will be given. Detailed notifications will be issued by Ministry of Commerce.
Release ID: 1607942