Taxation reliefs due to Coronavirus (COVID-19) up to 30th June.

Click here to read official notification regarding extension of due date of GST & INCOME TAX due to COVID-19 
Due to the present lock down situation to prevent Novel Coronavirus (COVID-19), Ministry of Finance give some taxation reliefs and extends the due dates of filing Income Tax and GST returns up to 30th June.

Let's read:

INCOME TAX

• Last date of Income Tax Return filing for FY 2018-19 is extended up to 30th June 2020.
• Aadhaar-PAN linking due date extended up to June 30, 2020.
• Vivad se Viswas Scheme - no additional 10% amount if payment made by June 30, 2020
• 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 where the time limit is expiring between 20th March and 30th June, 2020 shall be extended to 30th June, 2020.
• Any compliance by the taxpayer including investment in tax saving instruments or investment for roll over benefits 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 Viswas Law where the time limit is expiring between March 20 to March 29th 2020 shall be extended to 30th June 2020.
• For delayed payment of Advance tax, Self assessment tax, regular tax, TDS, TCS, equalization levy, CTT, STT made between 20th March 2020 and 30th June 2020 reduced interest rate @ 9% instead of 12% / 18% per annum (i.e. 0.75% per month instead of 1 / 1.5% per month) will be charges for this period. No late fee/penalty shall be charged for delay relation for this period.

Click here to read official notification regarding due date extension of Income Tax

GST / INDIRECT TAX

• If annual turnover is less than 5 Cr, last date of filing GSTR 3B for March, April and May 2020 is extended up to 30th June 2020. No Interest, penalty and Late fee to be charged.
• If annual turnover is above 5 Cr, 9% per annum reduced interest rate will apply (current interest rate is 18% per annum) from 15 days after due date of filing GSTR 3B for March, April and May 2020. No Late fee and Penalty to be charged if return filed on or befor 30th June 2020.
• Last date for opting Composition scheme is extended till June 30, 2020.
• Last date for making payments and filing returns for JAN-MAR quarter for Composition taxpayers is extended up to June 30, 2020.
• Date of filing GST Annual Returns for FY 2018-19 is extended from 31st March 2020 to 30th June 2020.
• Payment date under Sabka Viswas Scheme is extended to 30th June 2020.
• Due date for issue of 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 time limit is expiring between 20th March 2020 to 29th June 2020 shall be extended to 30th June 2020.

 Click here to read official notification regarding due date extension of GST and Customs

CUSTOMS

• 24x7 Customs clearance till 30th June 2020.
•  Due date for issue of notice, notification, approval order, sanction order, filing of appeal, furnishing applications, reports, any other documents, time limit for any compliance under Customs Act and other allied laws where time limit is expiring between 20th March 2020 to 29th June 2020 shall be extended to 30th June 2020.

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