COVID-19 Impact on Income Tax Return and GST Return Filing

How COVID-19 Affect IT Return and GST Return

In the midst of the total shutdown in nearly the whole nation as a careful step against the COVID-19 (Novel Coronavirus) infection, the Union Finance Minister of India Mrs. Nirmala Sitharaman had declared different measures on 24th March 2020 to battle the economic slowdown in India. Different reliefs in compliance and filing extension set forth by our Union Finance Minister would assist the country with fighting the troublesome economic conditions. We are going to brief you about the different due dates that have been extended, penal interest rates which have been reduced, additional charges deferred off, and substantially more.

Extended Due Dates

Following due dates under immediate and indirect taxes have been extended to 30th June 2020. Income Tax

1. Last date of filing Income Tax Return (ITR) for Financial Year 2018-19.
2. Last date of linking AADHAAR card with PAN card
3. Due dates for Issue of income tax notice, implications, appeal filing, returns filings, applications, compliance by taxpayers, etc.
4. The due date for VIVAD SE VISHWAS Scheme.
5. Investments due date for the Financial Year 2019-20 like Chapter VIA, capital gain reinvestment, etc.

GST

1. GST return for the period of March, April, and May.
2. Last date to choose the composition scheme.
3. Payment date under SABKA VISHWAS Scheme.

List of charges or deadlines waived off

Here is the list of charges or deadline waived off by our Union Finance Minister: GST

1. No penalty, late fee, and interest will be charged on organizations having the turnover not exceeding 5 Crore INR.
2. No penalty and late fee for organizations having the turnover surpassing 5 Crore INR mark.

Banking Sector

1. No charges for not keeping up the minimum amount balance in the bank account for the month of April, May, and June.
2. No charges for ATM withdrawals from other bank ATM machines for the month of April, May, and June.
3. Bank charges on digital transactions reduced.

Other Decisions

Amidst Coronavirus lockdown India’s Union Finance Minister decided to reduced the amount of penal interest applicable on the taxpayer. (i) Late payment for the Financial Year 2018-19 would be charged at the rate of 9% rather than 12% (ii) Interest on late deposit of TDS has also been reduced from 18% to 9%.  

Important Decision taken by Union Finance Minister Amidst Coronavirus Lockdown

1. Income Tax

2. GST

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