Our honorable Prime Minister Mr. Narendra Modi announced a complete lockdown to prevent the spread of coronavirus disease among the masses which arouse anxiety among the people that were struggling with the Return filing dates so on 24th March 2020 at 2:30 pm, Our Finance Minister Ms. Nirmala Sithraman came up with several announcements amid a complete shutdown over the whole country. The press release talks about several changes that have been made to prevent an economic emergency in the country. The lockdown was done with the intention to keep social distancing among people.
Extension of the due dates of Income Tax Return Filing was the first set of announcements made by The Finance Minister of India Ms. Nirmala Sitharaman. English was taken as a medium to communicate the whole information which also had a Hindi translation made by the Minister of State (Junior Finance Minister) Mr. Anurag Thakur simultaneously.
The following highlights will give you some clarity on the amendments and extension of due dates of Income Tax Return filing. The points talk about the compliance and regulation related to Income tax problems
The last date for filing the Income Tax Returns for the financial year 2018-2019, has been extended to 30th June 2020 after looking at the struggle of people with the due dates. The interest rate for delayed payment made till 30th June 2020 has been reduced from 12% to 9%.
Note: The above extension and relaxation is only for those people falling in the financial year of 2018-2019.
No extended date has been given for the deposit of TDS OR TCS. Delayed deposit of TDS or TCS attracts an interest rate of 9% till 30th June 2020. The interest rate has been slashed down from 18% (which is the current rate) to 9%.
The above extension has been made for those people who were having problems in depositing the
TDS or TCS by 31st March 2020. There is no fee or penalty charged for delayed deposit of TCS or TDS during this time period.
The date for Adhaar PAN linking has been extended to 30th June 2020 which was earlier 31st March 2020.
The date for Vivad Se Vishwas scheme has also been extended to 30th June 2020 which was earlier 31st March 2020.
People were earlier asked to pay a 10% additional charge for late enrolling under the Vivad Se
Vishwas scheme from 1 April 2020 but now this has been removed.
People don’t have to pay a 10 % additional charge due to the extension of this date to 30th June
2020. They can now enjoy the benefits under this scheme.
Important: The due date for the following documents has been extended to 30th June 2020 whose time limit is expiring between 20th March to 29th June 2020.
1. Issue of Notice 2. Intimation Notification 3. Approval Order 4. Sanction Order 5. Filing of Appeal 6. Furnishing of returns 7. Return Statement 8. Applications 9. Reports
The time limit for completing the proceedings given by any authority or compliance to the taxpayers including in saving instruments or for the overall development of capital gains under Income Tax Act, STT law, Wealth Tax Act, CTT law, Prohibition of Benami Transaction Act, Black Money Act, Equalization Levy law, and Vivad Se Vishwas Scheme has been extended to 30th June 2020 which was expiring earlier between 20th March to 29th June 2020.
Other important notices regarding legislative amendments will be issued I due course.