Under Income Tax
1. Last date for Income Tax returns for F.Y. 18-19 extended to 30th June, 2020 from 31st March 2020.
2. Aadhaar- PAN Linking date to be extended from 31st March 2020 to 30th June 2020.
3. Due dates for issue of notice, intimation, notification, approval order, sanction order, filing of appeal, furnishing of return, statements, applications, reports, any other documents and time limit for completion of proceedings by the authority and 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 where the time limit is expiring between 20th March 2020 to 29th June 2020 shall be extended to 30th June 2020.
4. For delayed payments of advanced tax, self-assessment tax, regular tax, TDS, TCS, equalization levy, STT, CTT made between 20th March 2020 and 30th June 2020, reduced interest rate at 9% instead of 12 %/18 % per annum (i.e. 0.75% per month instead of 1/1.5 percent per month) will be charged for this period. No late fee/penalty shall be charged for delay relating to this period.
UNDER GOODS AND SERVICES ACT
1. Relaxation in interest rate, waiver of late fee in respect of GSTR-3B return for the tax period February 2020 to April 2020:
| S.N. | Class of Regis tered persons
(1) |
Tax period
(2) |
Original Due date
(3) |
No interest and late fee if GSTR 3B filed upto the below mentioned timelines
(4) |
Conc essional rate of Interest* (9% p.a.) but no late fee if GSTR 3B filed upto the below mentioned timelines
(5) |
Remarks
(6) |
| 1. | Taxpayers having an aggregate turnover of more than INR 5 crores in the preceding financial year | February 2020 | March 20, 2020 | April 4, 2020 | June 24, 2020 | Implications if GSTR-3B is furnished after June 24, 2020:
Interest at the rate 18% p.a. shall be chargeable from original due date i.e. 20th of the succeeding month till the date of filing. Regular late fee shall also be leviable from original due date i.e. 20th of the succeeding month till the date of filing along with liability for penalty. |
| March 2020 | April 20, 2020 | May 5, 2020 | June 24, 2020 | |||
| April 2020 | May 20, 2020 | June 4, 2020 | June 24, 2020 | |||
| 2. | Taxpayers having an aggregate turnover more than INR 1.5 crores and up to INR 5 crores in the preceding financial year | February 2020 | March 20 /22 / 24, 2020 | June 29, 2020 | – | Implications if GSTR-3B is furnished after June 29, 2020 or June 30, 2020 (for April) as the case may be:
Interest at the rate 18% p.a. shall be chargeable from original due date i.e. 20th / 22nd / 24th of the succeeding month till the date of filing. Regular late fee shall also be leviable from original due date i.e. 20th / 22nd / 24th of the succeeding month till the date of filing along with liability for penalty. |
| March 2020 | April 20 / 22 / 24, 2020 | June 29, 2020 | – | |||
| April 2020 | May 20 /22 / 24, 2020 | June 30, 2020 | – | |||
| 3. | Taxpayers having an aggregate turnover of up to INR 1.5 crores in the preceding financial year | February 2020 | March 20 /22 / 24, 2020 | June 30, 2020 | – | Implications if GSTR-3B is furnished June 30, 2020 or July 3, 2020 or July 6, 2020 as the case may be:
Interest at the rate 18% p.a. shall be chargeable from original due date i.e. 20th / 22nd / 24th of the succeeding month till the date of filing. Regular late fee shall also be leviable from original due date i.e. 20th / 22nd / 24th of the succeeding month till the date of filing along with liability for penalty. |
| March 2020 | April 20 / 22 / 24, 2020 | July 3, 2020 | – | |||
| April 2020 | May 20 /22 / 24, 2020 | July 6, 2020 | – |
2. Relaxation in applicability of Rule 36(4) (wherein 10% provisional ITC is allowable for unreconciled input supplies) on monthly basis:
The limit of 10% would not be applicable on the ITC availed in GSTR 3B filed for the period February to August 2020. However, such limit would be cumulatively applicable for the said period and accordingly all adjustments of provisional ITC for the said period shall be made in GSTR-3B for the month of September, 2020.
3. Waiver of late fee for GSTR-1 for the period March, 2020 to May, 2020 and quarter ending March 31, 2020:
No late would be levied if GSTR-1 for the above period(s) is furnished on or before June 30, 2020. However, it is pertinent to note that due date for furnishing GSTR-1 has not been extended but the late fee has been waived for delayed filing. As a result, while there may not be any financial impact but the same would lead to non-compliance for delay in furnishing returns within the stipulated timelines.
4. Extension in time limit for completion or compliance of any action, by any authority or by any person
Timeline in respect of filing of any appeal, reply or application or furnishing of any report, document, return for which the due date falls during the period from March 20, 2020 to June 29, 2020 has been extended upto June 30, 2020. However, such extended timelines would not be applicable to the provisions relating to GST registration, tax invoice, GSTR 1/GSTR 3B, late fee, interest, penalty, inspection of goods and detention.
5. Extension of time limit for filing GST Annual Return for the FY 18-19 from 30th June 2020 to 30th September 2020.
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