CA Ajay Kumar Mundada  & Khushboo Agarwal

Outcome of Press Release Dt. 24/03/2020 By FM Nirmala Sitharaman & MOS Anurag Thakur In View of Covid – 19.

As it was the need of the hour the government has addressed statutory and compliance related issues & has made following changes, few of which has been addressed.

S.No. Change in Before Press Release After Press Release Effect
Income Tax
1. Return of Income Due Date for FY 18-19 31/03/2020 30/06/2020 3 months extension for filing of Return of Income.
2. Last date for Aadhar Pan Linking 31/03/2020 30/06/2020 One more Extension for linking PAN with Aadhaar i.e. to save PAN from deactivating
3. Vivaad Se Vishwas Scheme

(to provide an opportunity to resolve the disputes with the department)

31/03/2020 30/06/2020 the scheme earlier gave an opportunity till 31/03/2020 to just pay the tax amount & till 30/06/2020 to pay additional 10% but now the additional 10% have been waived off.
4. Due dates for

a. issue of notice,

b. intimation,

c. notification,

d. approval order,

e. sanction order,

f. filing of appeal,

g. furnishing of return,

h. statements,

i. applications,

j. reports,

k. any other documents

l. time limit for completion of proceedings by the authority

m. any compliance by the taxpayer including investment in saving instruments or investments for roll over benefit of capital gains under Income Tax Act, Wealth Tax Act, Prohibition of Benami Property Transaction Act, Black Money Act, STT law, CTT Law, Equalization Levy law, Vivad Se Vishwas law

Time limit if expiring between 20th March to 29th June 2020 Shall be extended to 30th June 2020 A relief to everyone to claim tax exemptions & even for department to issue notices have been provided
5. For delayed payments of

a. advance tax,

b. self-assessment tax,

c. regular tax,

d. TDS,

e. TCS,

f. equalization levy,

g. STT,

h. CTT to be made between 20th March 2020 and 30th June 2020

– 1% / 1.5% per month or part of the month

– Late Fee

– 0.75% per month or part of the month

– No Late Fee

GST / Customs
1. Last date for filing GSTR-3B in

a. March,

b. April and

c. May 2020

for those having aggregate annual turnover less than Rs. 5 Crore.

-20th of subsequent month

– Interest

– Late Fee

-30/06/2020 for all the 3 months

– with no interest & Late Fee

2. Last date for filing GSTR-3B in

d. March,

e. April and

f. May 2020

for those having aggregate annual turnover Rs. 5 Crore or more.

-interest on delayed payment from the due date @ 18% p.a

– Late Fees & Penalty

– interest on delayed payment from the due date @ 9% p.a

– No late Fees and penalty.

If complied before 30th June 2020

The due date for the return filing would be the same. (20th of the subsequent month)
3. Date for Opting for Composition Scheme & Due Date of filing of return (CMP-08) & Payment 31/03/2020

18/04/2020

Last week of June,2020 Relaxation to composition tax payers
4. GST Annual Return (FY 18-19) 31/03/2020 Last Week of June 2020
5. Due date for

a. issue of notice,

b. notification,

c. approval order,

d. sanction order,

e. filing of appeal,

f. furnishing of return,

g. statements,

h. applications,

i.  reports,

j. any other documents,

Under GST, Customs

Time limit if expiring between 20th March to 29th June 2020 Shall be extended to 30th June 2020 A relief to everyone to claim tax exemptions & even for department to issue notices have been provided
6. Payment under Sabka Vishwas Scheme 30/06/2020

without interest

7. 24X7 Custom clearance till end of 30th June, 2020
Financial Services
Relaxations for 3 months

• Debit cardholders to withdraw cash for free from any other banks’ ATM for 3 months

• Waiver of minimum balance fee

• Reduced bank charges for digital trade transactions for all trade finance consumers

(For any further clarification feel free to contact Email Id : ajaymundada1998@gmail.com, khushbooagarwal2910@gmail.com)

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One Comment

  1. Kishor Bhatt says:

    Sir.
    Can u advise me can I get Income tax benefit for f.y.ended 19-20 if I give donations under Prime Minister National Relief Fund on 1st April 2020 instead of before 31st March 20?

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