Income Tax Return & GST filing Due Date Extended: COVID-19 Effect


Amidst the complete shutdown in almost the entire country as a precautionary measure against the highly contagious covid -19 virus, the honorable Finance Minister of India Mrs. Nirmala Sitharaman had announced a series of measures on 24th March 2020 to combat the economic turbulence in India. Various reliefs in compliance and filing extensions put forth by Mrs Sitharaman would help the nation to fight the prevailing difficult circumstances. We are going to brief you about the various financial deadlines that have been extended, penal interest rates which have been reduced, extra charges waived off and much more.


Which due dates have been extended?

Following due dates under direct and indirect taxes have been extended to 30th June 2020.

Income Tax

  • Last date of filing income tax return for FY 2018-19 
  • Last date of linking of Aadhaar card with PAN card 
  • Due dates for Issue of income tax notice, intimations, filing of appeals, furnishing of returns, sanctions, applications, compliances by taxpayers etc 
  • Due date for Vivad se Vishwas  Scheme
  • Investments deadline for the FY 2019-20 like Chapter VIA, capital gain reinvestments etc 

GST

  • GST return for the month of March, April and May
  • Last date to opt for composition scheme
  • Payment date under Sabka Vishwas Scheme

 Which are the various charges or deadlines waived off by the FM?

GST

  • No penalty, late fee and interest will be charged on companies having the turnover less than Rs 5crore
  • No penalty and late fee for companies having the turnover exceeding Rs 5crore

Banking Sector

  • No charges for not maintaining minimum balance in your bank account for the next three months
  • ATM withdrawals from other bank ATM machines will be free of charge for the next three months
  • Bank charges on digital transactions reduced

Which penal interests have been reduced?

  • Late payment for the FY 2018-19 would be charged @ 9% instead of 12% 
  • Interest on delayed deposit of TDS has been reduced from 18% to 9%




Important Announcement made by India’s Financial Minister, Nirmala Sitharaman


Compliance Period

Compliance

Current Date

Extended Date


Income Tax


FY 2018-2019

Last date of filing Income Tax returns. (Interest rate on delayed payment reduced to 9% per annum).

31st March 2020

30th June 2020

 

Linking Adhaar and PAN

31st March 2020

30th June 2020

 

Vivad se Vishwas Scheme (Applicant need not pay any extra charges or penalty on the disputed amount till the extended date)

31st March 2020

30th June 2020

 

Notices, Applications, appeals, reports,returns etc.

Different dates of March 2020

30th June 2020

FY 2019-2020

Investments under chapter VI (Saving instruments), Investments for rollover benefits of capital gains and payment under other related laws.

Different dates of March 2020.

30th June 2020


GST



March, April, May 2020

GST Returns and composition returns (No penalty or late fee)

Different days

30th June 2020

FY 2020-21

Taxpayer who want to opt for composition scheme

31st March 2020

30th June 2020

 

Sabka Vishwas scheme (No interest would be levied till the extended date)

31st March 2020

30th June 2020

CA Abhishek Soni

Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Tax2Win.in. Tax2win is amongst the top 25 emerging startups of Asia and authorized ERI by the Income Tax Department. In the past, he worked in EY and comes with wide industry experience from telecom, retail to manufacturing to entertainment where he has handled various national and international assignments.