Latest announcements by Finance Minister during Lockdown

Divyanshu Gupta
| Updated: Mar 26, 2020 | Category: Covid-19, Income Tax

A sigh of relief came for a taxpayer when Finance Minister Nirmala Sitharaman announced that a responsible citizen can file Returns of Income Tax for FY 2019 beyond the deadline mentioned earlier. The new deadline is set as June 30. The deadline extended might be because of crisis created by Coronavirus. She further assured economic support to business as well as commercial activities who are badly hit due to COVID19 is on the agenda of the government and will be available soon. 

Since the economy is showing signs of sluggish demand and to overcome signs of demand going down, FM also assured waiver of minimum account balance charges which are applicable under normal circumstances. The relaxation is also given to the people for the three months so that they can withdraw cash from any ATM of a different bank unlike the normal circumstances.

GST filing date also extended and the moment this update came, it made lives of business and traders easy as they can now file GST Returns by June 30. It was also assured that no late fee will be levied in case of late filing of GST Returns which goes well with the firms having turnover till INR 5 crore. It also stated that when the turnover exceeds INR 5 crore and GST is filed within 15 days, interest rate @9% will be levied compared to the normal circumstances.

PAN and Aadhaar can now be linked till June 30 against a previous deadline of March 31. It is perhaps the big relief for a person who is not able to link his PAN with Aadhaar for some reason. The new deadline for Vivad se Vishwas scheme [1] also stood at June 30 and interest @ 10% is not required to be paid on the principal.

A relief for small and medium enterprises was also announced as Insolvency proceedings are being relaxed to INR 1 crore against existing INR 1 lakh. Company provisions are being relaxed by government which particularly applies to Board Meeting. Moreover, relaxation is being done in context of filing of Income Tax returns which goes well with newly incorporated Companies. Additional time of six months is given for the Declaration of commencement of business which will be a breather for newly incorporated Companies. Further, Custom clearance is included in the category of essential services although it will be applicable till June 30 which will be working round the clock and it comes as a big relief to people engaged in import as well as export. 

  • 1
  • 1
  •  
  •  
  •  
  •  
  •  
  •  
    2
    Shares
Divyanshu Gupta

A prolific writer with more than 10 years of experience across various industries like Ecommerce, Publication Houses, Information Technology and Digital Advertising firm. Good amount of knowledge for writing on various topics gives me an edge and enables to mentor and guide others in the same field. The passion to never say no gets me going and motivates me to set new benchmark for myself and perform with great zeal and endeavour.

No Comments

Leave a Reply

 

Related Articles

Transparent Taxation
Shivani Jain
| Date: Aug 13, 2020 | Category: Income Tax, News

Transparent Taxation: PM Decides to Honor Honest Taxpayer

“Minimum Government and Maximum Governance” The term “Transparent Taxation” denotes a new tech-driven taxpaying platform unveiled by our Hon’ble Prime Minister, Mr. Narendra Modi, on 13.08.2020, through video conferencing at...

Read More
Assessment of Partnership Firm
Swarit Advisors
| Date: Mar 04, 2019 | Category: Income Tax, Partnership Firm

Assessment of Partnership Firm under the Income Tax Act

Partnership firm is not a separate legal entity from the person it constitutes of; however, for income tax purpose, it is considered as a separate legal entity.  A partnership firm...

Read More
Income Tax Return in India
Khushboo Priya
| Date: Apr 19, 2019 | Category: Income Tax

Income Tax Return Filing, Slabs, ITR Forms, Benefits, e-Filing, Penalty

Income Tax Return (ITR) is no less than a nightmare to taxpayers. After all, who likes to pay tax? Possibly, nobody. But if you don't file ITR in time, you...

Read More

ARTICLES

Hi! My name is Akanksha! Let's talk.