Massive changes for taxpayers and other Individuals- Read all Due date extensions

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As the world is facing the Coronavirus pandemic and lockdown & curfew situations, various deadlines of statutory dues are on the peak. Not only the taxpayers but the individuals are facing lots of problems.

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To get relief to every person, the Hon’ble Finance Minister Nirmala Sitharaman has made various announcements today (March 24, 2020):

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Deadline for Belated ITR: The Finance Ministry has extended the deadline for filing income tax return (ITR) today (March 24, 2020), due to the Coronavirus lockdown situation till June 30 2020. However, the earlier due date was March 31, 2020.

The deadline of March 30, 2020 was for the belated ITR for FY 2018-19. If the government doesn’t extend the date of filing belated Income tax return, the taxpayers would not able to file the belated ITRs. And the hefty penalty and prosecution would be levied by the government.

“Addressing a press conference, Finance Minister Nirmala Sitharaman said that the government has extended the deadline for filing of income tax returns to June 30”. Various entities were requesting the central government for extending the due date of ITR due to the raid spread of coronavirus.

Interest rates on delayed payment of Tax on ITR:  For FY 2018-19, delayed payment for tax payments have been reduced from 12 per cent to 9 per cent.

Interest rates on delayed payment of TDS: For delayed TDS deposit has been reduced from 18 per cent to 9 per cent

Deadline for PAN – Aadhar Linking: Not only this, but the government has also extended the due date of linking PAN – Aadhar from March 31, 2020 to June 30, 2020. It means now your PAN will not become “inoperative”.

Deadline for Vivad se Vishwaas scheme: The government has also decided to extend the deadline for settling tax disputes under the Vivad se Vishwaas scheme without paying any interest and penalty to June 30, 2020 from March 31, 2020. The extension of the deadline means that individuals can now settle their tax dispute by June 30, 2020 without paying any penalty and interest (No additional 10% Payment).

FM raises threshold limit for IBC proceedings to Rs 1 crore: Threshold for IBC extended to 1 crore rupees. Depending on situation, an IBC moratorium for 6 months may be on the cards if situation remains bad. However latter not implemented yet

No need to maintain the minimum balance in bank accounts: No penalty shall be levied for not maintaining the minimum balance amount in the bank accounts.

No need to search for own bank ATMs, visit any ATM: People are allowed to use any of the ATMs for using the facilities. Finance Minister has waived off extra charges on using other bank’s ATMs, giving people the facility to use nearby ATMs without paying any extra charge. 

Deadline for GST returns filing extended to June 30, 2020, penalty, late fee, interest waived off: The deadline to file March, April, and May, has also been extended to June 30, 2020. Therefore, the companies with less than Rs 5 Cr turnover, will not have to pay interest, late fee, or penalty, however, companies having turnover more than 5 Cr., no late fee and penalty will be charged but the interest will be levied at a reduced rate of 9 per cent.

CARO extended from 2020- 21: CARO 2020 will now be made effective from the year 2020-21.

Composition Scheme date extended: Last date to opt for composition scheme extended to 30th June 2020.

Relaxation in Board Meetings: Board Meetings Period to be relaxed by a period of 60 days till next two quarters.

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