202003.24
0
0

Reliefs and relaxations in tax announced due to COVID-19

RELIEFS AND RELAXATIONS IN TAX ANNOUNCED DUE TO COVID-19
The Finance Minister has announced various reliefs and relaxations in direct and indirect taxes due to the pandemic outburst of Covid-19 as below:
Income Tax
1. Last date for IT Return of FY 18-19 is 30th June,2020.
2. Delayed payment interest reduced to 9%
3. Delayed deposit of TDS – reduced interest of 9% on delayed deposit till 30.06.2020
4. New Due dates will be 30th June,2020 for the following :
i) issuance of notice, intimation, notification, approval orders, sanction orders, furnishing of returns, returns statement, application, reports any other documents,
ii) any compliance by the tax payer including investment in saving instruments (80C) or
iii) roll over of capital gains (54 to 54F),
iv) prohibition of benami transaction act, black money act, STT law, CTT law, equalization levy law and Vivad se Vishwas law.
5. Aadhar pan linking extended upto 30th June,2020.
6. Vivad se Vishwas scheme  has been extended till 30th June,2020 and no 10% additional charge has to be paid upto 30th June,2020 . 

Goods & Services Tax
7.  GSTR-3B returns for March, April and May 2020 and composition returns have been extended to 30th June,2020 (staggering method will be followed)
8. GST Annual returns of FY 18-19 is extended to the last week of June,2020.
9.Companies with turnover of less than Rs 5 crores – no interest, late fee or penalty
10. Turnover higher than Rs 5 Crores – nothing for first 15 days, thereafter interest @ 9%, no late fees, no penalties 
11. Date for opting for composition scheme has a stipulated date of  30th June,2020.
12. Sabka Vishwas – The last date of payment has been extended upto 30th June,2020
13. New Due dates will be 30th June,2020 for the following :
i) issue of notice, notification, approval order, sanction order, filing of appeal, furnishing of return, statements, applications, reports, any other documents,
ii) time limit for any compliance under the GST laws where the time limit is expiring between 20th March 2020  to 29th June 2020. 
Customs
14. 24 x7 Custom clearance till end of 30th June,2020.

15. New Due dates will be 30th June,2020 for the following :

i) issue of notice, notification, approval order, sanction order, filing of appeal, furnishing of return, statements, applications, reports, any other documents,
ii) time limit for any compliance under the GST laws where the time limit is expiring between 20th March 2020  to 29th June 2020. 

To know more about the same and its implications,please feel free to connect with us on info@amlegals.com.

Leave a Reply

Your email address will not be published. Required fields are marked *

Current day month ye@r *