Taxpayers, please note what CORONA relief is, and FY is ending on 31st March only!
Arjun (Fictional Character): Krishna, The government, considering the sufferings of businessmen throughout the country due to CORONA , has provided relief amidst such outbreak. What is the relief provided?
Krishna (Fictional Character): Arjuna, Considering the huge impact of the same on the businesses, the Finance minister has announced several relief measures relating to Statutory and Regulatory compliance matters across various sectors in view of COVID-19 outbreak. One should wait till final notification and circular, as we are discussing it on the basis of press release.
Arjun (Fictional Character): Krishna, what relief has the government provided amidst COVID-19 outbreak under Income tax?
Krishna (Fictional Character): Arjuna, as we all know the importance of March ending in Income tax, and as the Corona virus also hit the country during the same period, various important reliefs are announced by the Union Finance & Corporate Affairs Minister Smt. Niramla Sitharaman as follows:
1. Last date for Income Tax returns for F.Y. 18-19 extended to 30th June, 2020 from 31st March 2020.
2. Aadhar-PAN linking date extended till 30th June, 2020.
3. Payment under the “Vivad se Vishwas” scheme extended to 30th June, 2020 and no additional 10% payment to be made till such date.
4. Delayed payment of tax for F.Y. 2018-19 the interest has been reduced to 9% from 12%. No late fee or penalty shall be charged in such regard.
Arjun (Fictional Character): Krishna, what relief has the government provided amidst COVID-19 outbreak under GST?
Krishna (Fictional Character): Arjuna, the relief provided under GST are as follows:
1. Last date for filing GSTR-3B due in March, April and May 2020( including Feb) (for taxpayers having aggregate annual turnover less than Rs. 5 Crore in the previous F.Y.) has been extended till last week of June, 2020. No interest, late fees and penalty shall be charged if GSTR-3B filed till such due date.
2. Taxpayers having aggregate annual turnover more than Rs. 5 Crore in the previous F.Y. can file returns due in March, April and May 2020 (including Feb) by last week of June 2020. Interest would be attracted on the same at 9% per annum instead of 18% per annum, if not paid within 15 days from end of due date.. No late fee and penalty to be charged, if GSTR-3B filed till 30th June 2020.
3. The due date for opting for Composition scheme is extended till the last week of June, 2020. Further, the last date for making payment for the quarter ending March, 2020 and filing return for 2019-20 has also been extended till last week of June 2020 for Composition dealers.
4. Last date for filing GST annual returns of FY 18-19 is extended till last week of June 2020.
5. Payment under Sabka Vishwas Scheme is extended to 30th June, 2020. No interest for this period shall be levied if paid by 30th June, 2020.
6. The due date for notice, notification, approval order, sanction order, filing of appeal, furnishing of return, statements, applications, reports, any other documents, time limit for any compliance under the GST laws where the time limit is expiring between 20th March 2020 to 29th June 2020 is extended till 30th June 2020.
Arjun (Fictional Character): Krishna, What should the taxpayer learn from this?
Krishna (Fictional Character): Arjuna, the financial year is closing on 31st March. For RBI only its 30th June. All taxpayers should note it down. Further the government has provided taxpayers with enough reliefs against their preventive measure of lockdown due to Corona virus.