Income tax-GST return filing deadline extended till June 30: Sitaraman

(Representative) Gandhinagar, Mar 24, 2020, Tuesday

The Center has extended the Finance Minister Nirmala Sitaram to June 30 to file income tax returns and Goods and Services Tax returns to relieve taxpayers in the event of an outbreak of Corona virus infection.

Similarly, repayment of bank loan repayment is also hampered by corona virus problem and steps have been taken to not increase the number of defaulters and increase the number of insolvency cases. In addition to taking these measures, Finance Minister Nirmala Sitharaman will also announce a relief package on the economic front.

The Finance Minister has also extended the date of filing of income tax return for the year 2018-19 and the last date for linking the Permanent Account Number with the Biometric Aadhaar Card for three months to 30th June.

Similarly, the last date for filing the annual return of the GST for the last financial year was March 31, 2020 and it has also been extended to June 30, 2020. No late fees, penalties or interest will be charged to the taxpayers for this.

Only Rs. This relief is given to those with less than 5 crore turnover. As a result, small, medium and medium-sized enterprises will be given substantial relief. These small businesses falling into the category of SMEs are currently facing a severe cash crunch. Their economic activities are getting slower and slower. The problem is exacerbated by the corona virus infection problem.

A lockdown has been declared in many cities as a result of an outbreak of the Corona virus infection. This has led to the loss of economic activities. Similarly the default amount for bankruptcy is Rs. 1 lakh from now to Rs. 1 crore has been made. First Rs. The defaulters of 1 lakh used to have the scope of filing bankruptcy.

Now this limit has been increased to Rs.1 crore. As a result, the number of escapees from liability will be stopped by increasing insolvency. This step has been taken in view of the problem of bankruptcy in micro, small and medium-sized enterprises.

If the current situation continues till the end of April, as a result, we will have to consider whether the provisions of Sections 7, 9 and 10 of the Insolvency and Bank Wrap Code will be suspended for a period of six months, ”Finance Minister Nirmala Sitaram told a press conference today. Yes. We are seeking to deprive companies of the opportunity to file bankruptcy by taking this step.

Investments for income tax relief can be made by June 30th

In order to save tax on income from the financial year 2019-20, investments under section 80C including life insurance, post office savings scheme, mutual fund and other sections of the Income Tax Act are to be made till March 31, but Nirmala Sitaram has been extended this investment by June 30. Is. As a result, the investment for tax relief on the income from the financial year 2019-20 can be obtained by taxing the investment by June 30, 2020.

Interest is levied at the rate of 12 to 18 per cent for late payment of advance tax or for delay in payment of self-assessment tax. But this year, it has been decided to charge interest at only 9%. Likewise, the delayed payment of TDS-Taxation, TCS and Security Transaction Tax also has to pay interest rate of 9% for those who delay.

In the past, they were also charged interest rates of 12 to 18 percent for late payments. The interest will be charged 15 days after the due date. This provision has also been made for the delayed payment of Goods and Services Tax. If they complete the process before June 30, they will not be charged late fees or fines.

Finance Minister's important announcements

Free withdrawal from ATMs from any bank for three months at no charge.

Banks will no longer have to charge a minimum balance for three months.

Banks' charges for digital trade or transactions will be reduced.

Customs clearance will now be operational 24 * 7 by June 30, 2020.

The Aadhaar-PAN card linking date has been extended from 31st March, 2020 to 30th June 2020.

The date for filing income tax returns for the financial year 2019-20 has been extended to June 30, 2020. The interest rate for deferred payments has been reduced from 12 percent to 9 percent.

Income tax notices, filing dates were extended to June 30, 2020.

The dispute was extended to June 30, 2020, extending the trust scheme. The scheme will incur no additional charge of 10% till June 30th.

The threshold limit for default is now Rs one lakh, which has been increased to Rs one crore.

If the current situation lasts for more than six months, then the Securities 7,9,10 of the Insolvency and Bankership Code (IBC) will be considered for suspension.

The government is constantly monitoring the stock market situation. SEBI has released guidelines on the latest disclosure. The finance ministry is in contact with the regulator three times a day, and is monitoring the stock market.

The financial emergency-finance crisis has not been announced, reports such as these are false.

If no independent directors have attended a single meeting in FY 2020, this will not be considered a violation.

With the flexibility of holding board meetings by the companies, 60 days will be available for the next two quarters.

The time for filing a declaration for newly started companies is six months from the time the company started, with six more months given.

The Companies Auditors Report Order has been shifted to 2020-20, extending the year 2020 which was to be implemented in 2019-20.

A company whose director has not followed the minimum residency requirement may not be considered to be in violation.

The economic package will be announced shortly. The government is working on it.

GST will only charge interest for large companies, but no late fees and penalties will be charged.

The deadline for return filing for March, April and May 2020 for GST has been extended to June 30, 2020. Different dates will apply, but June will be the deadline.

For companies with turnover less than Rs.5 crore, no interest, no penalty and no late fee will be charged in GST.

The interest rate on depositing by TDS delayed to 30, June 2020 was reduced to 9 percent.