Coronavirus effect: Govt extends deadline for IT return filing till June 30


Daijiworld Media Network - New Delhi (SHP)
 
New Delhi, Mar 24: Finance minister, Nirmala Sitharaman addressed economic packages via video conference amid coronavirus pandemic.

A comprehensive plan announced to brace the economy from a devastating blow. "We have come up with a comprehensive plan about statutory and regulatory compliance matters," said finance minister Nirmala Sitharaman during a media presser on Tuesday.

"The lockdown has been done to flatten that curve of coronavirus’ spread. Therefore, I must appreciate you all for joining us today. We are close to coming up with an economic package, which will be announced soon." she added.
 
 
The last date to file IT returns was extended to June 30 from March 31 for the financial year 2018-2019. Announcements will be made on income tax, customs, the Insolvency and Bankruptcy Code (IBC)-related matters, bank-related compliances, fisheries, among other things. For the delayed payments, the interest rate is reduced from 12 per cent to 9 per cent.

The finance minister announced on Tuesday that the Aadhaar-PAN linking date has been extended to June 30 from what was March 31. The finance minister also said that the Interest rate on delayed deposit of TDS has been reduced. She said, "No extra 10 per cent interest will be charged between now and 30 June."
 
No interest, no penalty or late fee charged on companies with turnover lesser than Rs 5 crore. The interest rate for such companies reduced to 9 per cent. The finance minister stressed that only interest will be applicable on these firms and no penalties or late fee.

Payment under 'Sabka Vishwas' scheme, extended to June 30.

Customs clearance will operate till June 30 and will operate 24/7, serving major relief to the importers and exporters.

Mandatory requirement of holding board meetings relaxed for 60 days. If no board meeting is held for 2019-2020, it will not be considered a violation, said the finance ministry.

The finance minister Nirmala Sitharaman also said that the applicability of The Companies Auditors’ Report Order 2020, which was supposed to have come into force in 2019-20, has been shifted to 2020-21.

Newly incorporated firms will be provided an extra six months to file declaration. Generally, new firms are required to make a declaration within six months of their commencement.

Nirmala Sitharaman also said that If there was a company director who does not comply with the minimum residency requirement, it shall "not be treated as a violation."
 
Nirmala Sitharaman announced an extension of default threshold to Rs 1 crore from the current Rs 1 lac to prevent insolvency proceedings against MSMEs.

Possible suspension of Section 7, 9 and 10 of Insolvency and Bankruptcy Code (IBC) if the current crisis extends beyond six months.

Finance minister stressed that one-month delay will be condoned in the arrival of the consignment of fisheries. Import permits for fisheries expiring in April have been extended by three months.
 
In a relief to the public, the finance minister announced that debit cardholders who withdraw cash from any bank ATM can do it free of charge, from any other bank’s ATM, for the next three months. Also there will be no minimum balance requirement fee. Another announcement involved reduction of bank charges for digital trade and transactions.
 
Concluding the conference, Nirmala Sitharaman reiterated that an economic package will be announced soon.
 
Further, the FM said, "We are closely monitoring the situation. SEBI has come up with guidelines and stated its position on the recent volatility. We are monitoring the stock market."
 
In the end she clarified that banks not imposing the minimum balance requirement fee is for a three-month period, at least for now.

 

 
  

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Comment on this article

  • KRPrabhu, Bangalore

    Tue, Mar 24 2020

    NPA norm for bank loans be made 180 days from present 90 days...
    A the present lockdown period for 21 days how small traders petty business people and vehicle loan borrowers can pay instalments.?

    DisAgree Agree [3] Reply Report Abuse

  • Shinoj MK, Mangalore

    Tue, Mar 24 2020

    What about Bank EMI. It would have been great if she had announced all EMI waivers for 2 Month ( April & Month ) and counting


    This move will definitely help crores of Indian


    Kindly think on this matter dear FM

    DisAgree [1] Agree [6] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Tue, Mar 24 2020

    How about giving a Corona Virus Tax Holiday ...

    DisAgree [2] Agree [6] Reply Report Abuse

  • G Veer S, Nagpur

    Tue, Mar 24 2020

    Confusion on confusion. Don't know how conversant this FM is on these matters. As per her statement IT filing deadline has been extended to June 30th from March 31st. Our tax year is from April 1st to March 31st. So, it is by March 31st deadline IT should be filed. It takes time to receive tax receipts after March 31 then preparations and then file taxes. So there should be some time like 3-4 months allotted to file taxes after March 31. This year is different than usual but it looks like the procedure is better this year than other years. For example in Canada the tax year is the calendar year and taxes should be filed by the following April 30th. But this year the deadline has been extended to June 30th.
    So, madam what is the IT filing deadline date for other years????...

    DisAgree Agree [2] Reply Report Abuse

  • Alex, Mangalore

    Wed, Mar 25 2020

    What she is saying is for financial year 2018-19 which is assessment year 2019-2020.
    Currently we will be filing for Assessment year 2020-21, after April 2020, the last date is 31st July usually of 2020.

    DisAgree Agree Reply Report Abuse

  • naveen mascarenhas, derabail

    Tue, Mar 24 2020

    no need of paying taxes this time this should be your statement. you are requesting businessman to sit at home and pay salaries .from where will they gather funds are you providing anything from your side?

    DisAgree [3] Agree [12] Reply Report Abuse

  • Manoj, Kavoor

    Tue, Mar 24 2020

    Goof up by FM: We r presently in the FY 2019-20, d extension given is for FY 2018-19 (last year) for those who haven't filed their returns. There was no mention of the Current FY 2019-20. If it is so then, let me tell you tat the due date for filing returns for non-corporate assessees is 31st of July for this year and not 30th of June. Also, if anyone can help me understand whether there is extension for payment of taxes for the FY 2019-20🤔🤔. Other than this point, all r welcome steps for the present situation especially no charges on any ATM use and no minimum balance in account, etc. Good job☺

    DisAgree [2] Agree [7] Reply Report Abuse

  • Santan Mascarenhas, Kinnigoli/Mumbai/Bangalore

    Tue, Mar 24 2020

    Manoj

    Here, she is talking about FY 2018-19 corresponding to Assessment Year 2019-20,

    The normal date for filing IT return for FY 2019-20 corresponding to Assessment Year 2020-21 is as you wrote July 31, 2020. It may be extended, as generally done in other years, depending upon the situation.

    DisAgree [2] Agree [4] Reply Report Abuse

  • Evans C. Sumitra, Udupi/ New York, USA.

    Tue, Mar 24 2020

    Good job by Finance Minister Nirmala Sitaraman for extending deadline for IT return filing till June 30. It will be a help to all income tax payers to some extent.

    DisAgree [14] Agree [5] Reply Report Abuse

  • Alex, Mangalore

    Wed, Mar 25 2020

    You have mistaken,
    That is for the last year 2018-19 which is Assessment year 2019-2020.
    Currently we are in Financial year 2019-2020 and the Assessment year is 2020-21

    DisAgree Agree [1] Reply Report Abuse

  • Aachi, Riyadh

    Tue, Mar 24 2020

    What about bank loans EMI ?

    DisAgree [1] Agree [13] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Tue, Mar 24 2020

    They always wanted to shift to shift the Financial Year to 1st July to avoid comparison ...

    DisAgree [7] Agree [11] Reply Report Abuse

  • Aloysius, Kinnigoli

    Tue, Mar 24 2020

    All expenses depends on basis of transportation and its depends on fuel price.
    When Crude price was USD 100 and Petrol price was Rs 74/-
    Now Crude prince is USD 23/- Petrol price _________ ??

    DisAgree [3] Agree [17] Reply Report Abuse

  • Sahil, Mangaluru

    Tue, Mar 24 2020

    Whatever we should thankful to congress that keeping Indian economy alive till 2015 and stock market.and allowed make trial BJP unnecessary trial...... Now reached down hill... From this point show your strength not in talking in action.

    DisAgree [10] Agree [28] Reply Report Abuse


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