As
we all know that due to covid-19 outbreak the whole country has been
locked-down for 21days, keeping in view of these circumstances the Govt
has announced various relief measure for the people of India and also
for the valuable taxpayers for the tax saving and other investments. Due
to this countrywide lock down many of taxpayers were worried about
missing the due date of March 31, 2020 for investing in tax savings
instruments like PPF, ELSS, Sukanya Samriddhi Yojana, NSC, NPS, etc. for the FY2019-20 to claim tax relief.
Are you worried about missing the deadline of March 31, 2020 for saving in tax saving instruments.
To relax all worried people the government has announced various relief measures and allowed taxpayers to complete tax-saving exercise for FY2019-20 by June 30, 2020. The earlier deadline was March 31, 2020.
So if you were unable to complete your ‘tax-saving investments’ in PPF, ELSS, Sukanya Samriddhi Yojana, NSC, NPS, etc. for the FY2019-20, then don't worry you have time till 30th June 2020 for it.
Points to clear confusion of any type:
FY2019-20 still is from 1st April 2019 to 31st March 2020. This extension is only to make your investments made between 1st April 2020 to 30th June 2020 eligible for FY2019-20.
Only the income earned between 1st April 2019 and 31st March 2020 will be considered in FY2019-20. Your income from 1st April 2020 to 30th June 2020 will still be part of FY2020-21.
The next financial year will start from 1st April 2020 (and not on 1st July 2020). There is no extension on part of financial year.
Those who have done their tax-saving investments for FY2019-20 before 31st March 2020?
There is nothing to worry about that as you have already completed your tax savings for the year.
Finance Minister announces several relief measures relating to Statutory and Regulatory compliance matters across Sectors
The part of statement of Finance Minister reads as:
Income Tax
GST/Indirect Tax
source www.pib.gov.in
Are you worried about missing the deadline of March 31, 2020 for saving in tax saving instruments.
To relax all worried people the government has announced various relief measures and allowed taxpayers to complete tax-saving exercise for FY2019-20 by June 30, 2020. The earlier deadline was March 31, 2020.
So if you were unable to complete your ‘tax-saving investments’ in PPF, ELSS, Sukanya Samriddhi Yojana, NSC, NPS, etc. for the FY2019-20, then don't worry you have time till 30th June 2020 for it.
Points to clear confusion of any type:
FY2019-20 still is from 1st April 2019 to 31st March 2020. This extension is only to make your investments made between 1st April 2020 to 30th June 2020 eligible for FY2019-20.
Only the income earned between 1st April 2019 and 31st March 2020 will be considered in FY2019-20. Your income from 1st April 2020 to 30th June 2020 will still be part of FY2020-21.
The next financial year will start from 1st April 2020 (and not on 1st July 2020). There is no extension on part of financial year.
Those who have done their tax-saving investments for FY2019-20 before 31st March 2020?
There is nothing to worry about that as you have already completed your tax savings for the year.
Finance Minister announces several relief measures relating to Statutory and Regulatory compliance matters across Sectors
The part of statement of Finance Minister reads as:
Income Tax
- Extend last date for income tax returns for (FY 18-19) from 31st March, 2020 to 30th June, 2020.
- Aadhaar-PAN linking date to be extended from 31st March, 2020 to 30th June, 2020.
- Vivad se Vishwas 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 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.
- 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.
- Necessary legal circulars and legislative amendments for giving effect to the aforesaid relief shall be issued in due course.
GST/Indirect Tax
- Those having aggregate annual turnover less than Rs. 5 Crore Last date can file GSTR-3B due in March, April and May 2020 by the last week of June, 2020. No interest, late fee, and penalty to be charged.
- Others can file returns due in March, April and May 2020 by last week of June 2020 but the same would attract reduced rate of interest @9 % per annum from 15 days after due date (current interest rate is 18 % per annum). No late fee and penalty to be charged, if complied before till 30th June 2020.
- Date for opting for composition scheme is extended till the last week of June, 2020. Further, the last date for making payments for the quarter ending 31st March, 2020 and filing of return for 2019-20 by the composition dealers will be extended till the last week of June, 2020.
- Date for filing GST annual returns of FY 18-19, which is due on 31st March, 2020 is extended till the last week of 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 the time limit is expiring between 20th March 2020 to 29th June 2020 shall be extended to 30th June 2020.
- Necessary legal circulars and legislative amendments to give effect to the aforesaid GST relief shall follow with the approval of GST Council.
- Payment date under Sabka Vishwas Scheme shall be extended to 30th June, 2020. No interest for this period shall be charged if paid by 30th June, 2020.
source www.pib.gov.in
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