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इंडियन आवाज़     07 Apr 2020 03:01:51      انڈین آواز

Corona Crisis: Deadline for income tax returns extended to June 30


Deadline for income tax returns for FY 2018-19 extended to June 30: Nirmala announced relief measures amid coronavirus crisis.

Announcing a slew of relaxation measures related to compliance and regulation, Finance Minister Nirmala Sitharaman on Tuesday said that the deadline for filing income tax returns for the financial year 2018-19 has been extended till 30 June, 2020 from the existing last date of 31 March.

Glimpse of FM Announcements today

Income-tax related announcements

For FY 2018-19 originally, the last date for filing belated returns was 31st march 2020. Now the same is extended upto 30th June 2020
Interest on Late Payment of Tax reduced from 12% to 9%
Interest on Late Payment of TDS reduced to 9%
Late date for linking Aadhaar & PAN extended to 30th Jun 2020
Last date for Vivad Se Vishwas Scheme extended to 30th Jun 2020. There wont be any addition of 10% till 30th Jun 2020
All due dates including Issue of Notice, Appeals, Notification, Approvals, Sanctions, Returns, Application, Savings investments, capital gains investments now extended upto 30th Jun 2020

GST related announcements

Mar, Apr & may 2020 GST returns & composition returns all extended to 30th Jun 2020 Co with less than 5 crore t/o no interest, no late fees, no penalty For bigger companies, No  Late fees & penalty . Interest @ 9%
Opting for Composition scheme also extended to 30th June 2020

No additional fees for late filing till 30th Jun 2020
For holding Board meetings, relaxation of 60 days till next 2 quarters
CARO 2020 applicable from 2020-21 instead of 2019-20
If independent director is not attending a meeting, it will not be considered as violation.

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