FM Sitharaman extends tax, compliance deadlines and more, amid corona virus
In a press conference, Sitharaman touched upon the taxpayers' concerns surrounding Income tax returns, compliance, and the deadline related to GST, IBT related matters, bank related compliances etc. This comes after the Finance Minister revealed that the Narendra Modi-led government is working on a financial relief package to help people in the light of the COVID-19 pandemic.
Every attention is being given to the economy. The prime minister himself is closely watching the situation. A multi layered - including MPs, experts, industry participants etc. - task force is working and analysing all suggestions and developments. An economic package is being worked out. Sooner, we will come out with that.
- Nirmala Sitharaman, Finance Minister
Compliance and deadline related to GST :
Last date for filing March, April and May 2020 GST returns, and compensation returns have all been extended to June 30, 2020.
For GST, no different staggering dates will be applicable.
For companies which have less than Rs 5 crore turnover, no internet, late fee or penalty will be applicable. Over businesses with turnover of more than Rs 5 crore, no late fee and penalty will be applicable, but interest will be charged at a reduced rate to 9 percent.
Date for opting for the compensation scheme extended to June 30, 2020. Sab ka Vikas date extended to June 30.
During this period, although there is lockdown, we do not want to put importers/exporters, therefore custom clearance until June 30, 2020, round the clock (24x7)
Income tax related :
FY 2018-19 the last date for IT returns will be now extended to June 30, 2020.
For delayed payments, interest rate reduced from 12 to 9 percent.
No extension but on delayed deposit of TDS, only reduced interest of 9 percent till June 30, 2020. Current rate was 18 percent. Also no late fees shall be levied on delayed filing of return.
All dates have been extended to June 30, 2020:
Due dates of issue of notice intimation/notification/ approval order/ sanction order/ submission of return/ return statement/ applications/ returns and any other documents and compliance by taxpayers or investments, Black Money Act, FTT Law, CTT Law, Equalisation Law. Aadhar and PAN linking date extended to June 30, earlier it was March 31.
Vivaad se Viswas Scheme deadline for direct tax dispute resolution extended to June 30; there will be no 10 percent additional charge as well.
Compliance and regulations relating to ministry of corporate affairs:
In respect to MCA 21 registry, there is a moratorium being issued from April 1 till September 30.
No additional fees for late filing.
Mandate for holding board meetings, relaxing it by a period of 60 days till the next two quarters. Applicability of the companies order 2020 shall be made applicable from FY2020-2021, instead of FY2019-2020.
Companies auditors report order 2020, is now being shifted to FY2020-21. For FY 2019-20, if independent directors of companies have not been able to hold one meeting, it shall not be seen as a violation.
Financial services:
For the next three months, debit cardholders will get to withdraw cash from all bank ATMs, without being charged any extra fee.
The government waived off the minimum bank balance fee.
Charges for digital trade transactions will be reduced.
Corona virus is spreading fast. STAY HOME! STAY SAFE! STAY UPDATED!
As of Tuesday, globally, the total number of confirmed coronavirus cases have soared to 382,000, with a reported 16,574 fatalities, according to data compiled by Johns Hopkins University. In India, the world’s second-most populous country, the COVID-19 pandemic has raised serious questions surrounding the state of healthcare, availability of testing kits and the pandemic's impact on the economy. India has a total of 492 confirmed cases and nine deaths reported so far.
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