Relief announced by Finance Ministry during the Press Conference held earlier today.

We are with you in Pandemic COVID-19 Outbreak: Finance Ministry

Amid COVID-19 outbreak, where entire world has been experiencing critical issues and every business operation has been disrupted, halted and kept on a break, our Finance Minister Nirmala Sitharaman has come up with some relief from the standpoint of delay in compliances over the major 5 areas i.e. Income Tax, GST, Customs and FTP, MCA and IBC. Gist of changes introduced by Hon’ble Finance Minister on 24.03.2020 through Press Conference in respect of Direct and Indirect Taxes are highlighted below;

Date related extensions;

 

S. No. Particulars Due Date Extended Due Date
Direct Taxes
1 Income Tax Return filing for FY 2018-19 (i.e. AY 2019-20) 31.03.2020 30.06.2020
2 Filing of declaration under Vivad Se Vishwas Scheme.

No 10% additional charge will be levied for all applications made till this date.

31.03.2020 30.06.2020
3 Investment benefits under Income Tax Act, capital gains reinvestments, Chapter VI-A deposit benefits declarations. 31.03.2020 30.06.2020
4 Aadhar PAN linking 31.03.2020 30.06.2020
Indirect Taxes
1 GST Returns (3B and R1) for month of March, April and May 2020 11th and 20th of April, May and June respectively 30.06.2020

(In staggered manner for different states)

2 Opting Composition Scheme 31.03.2020 30.06.2020
3 Filing of GST annual returns (GSTR 9 & 9C) for FY 18-19 31.03.2020 30.06.2020
4 Payment due date under Sabka Vishwas Scheme (SVLDRS) 31.03.2020 30.06.2020
General
1 Issue of Notice, Intimation, Filing of Appeal, Furnish Returns, Sanctions, Applications and other compliances by Tax Payers under GST and Income Tax Laws 31.03.2020 30.06.2020

 

Interest Rate related relaxations;

 

S. No. Particulars Existing Interest Rate Revised Interest Rate
Direct Taxes
1 Delay in tax payment for the FY 2018-19 (i.e. AY 2019-20) including delayed payment of advance tax, self-assessment tax, regular tax, TDS, TCS, equalization levy, STT, CTT. 12% p.a. 9% p.a.
2 Delay in deposit of tax deducted at source (TDS) for the month of March, 2020. 18% p.a. (1.5% p.m) 9% p.a.

(0.75% p.m)

Indirect Taxes
3 Late Fee, Interest and Penalty for Business having turnover less than Rs. 5 crores. Applicable Not Applicable
4 Late Fee, Interest and Penalty for Business having turnover more than Rs. 5 crores. 18% p.a. 9% p.a.