These are testing times, and the government is trying to ease down the compliance burden.
Here are the major tax updates related to Covid-19 relief.
Income Tax Changes
- Extended the due date to file belated/revised return for FY 2019-21 (AY 2020-21) from 31st March 2021 to 31st May 2021
- Income Tax Relief for Cash Payments over INR 2 Lakh of Covid Bills
Relaxation of time for filing certain forms that were to be filed between 1st April 2021 to 31st May 2021 under the Companies Act, 2013. These forms can now be filed until 31st of July 2021 without any additional fees.
1.1. Relaxation of time for Charge Forms: MCA has issued a condonation of delay in respect of CHG-1 and CHG-9 where the date of creation/ modification of charge is before 01/04/2021, but the timeline of filing such forms has not expired or the date of filing falls between 01/04/2021 to 31/05/2021
Gap between two board meetings under section 173 of the Companies Act, 2013 (CA-13) has been extended from 120 days to 180 days for Q1 & Q2 of 2021.