Few important announcements by CBDT / IT due to the effect of Covid-19:
On the Outbreak of Covid – 19, Finance Minister Nirmala Sitharaman announced ITR, GST filing, Aadhar – PAN linking deadline dates :
Income Tax :
1. FY – 18-19 income tax return last date is extended to 30.06.2020 from 31.03.2020 and for delayed payments interest reduced to 9% from 12%
2. TDS – 19-20 – interest reduced to 9% from 12%
3. Income Tax other notices, intimations, notifications, filing of appeal, return statements, any other documents or compliances, filing etc has been extended to 30.06.2020
4. Aadhaar linking increased to 30.06.2020
5. Vivad Se Vishwas increased to 30.06.2020
GST:
1. Return filing for March, April, May 2020 has all been extended to June – 2020
2. Companies with less than 5 crore turnover no interest, late fees and penalty
3. Companies with turnover over 5 crores will have no late fees and penalty only interest at a reduced rate of 9%
4. Date for opting composition has been increased to June-2020
- Bank account holders need not worry about maintaining minimum balance in their accounts as non maintenance charges will be waived off and anyone withdraw n number of times from ATMS.
- At the same time finance ministry is working on the economic packages offered to the citizens during the crisis.
