Changes in GST & Income Tax by FM Nirmala Sitharaman
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Finance minister Nirmala Sitharaman is holding a press conference on 24th March 2020 from 2 PM.
Last date to file ITR for Financial Year 2018-19 extended to 30th June 2020 from 31st March 2020.
Aadhar-Pan linking date extended to 30th June 2020 from 31st March 2020.
Delayed payment of income tax will attract interest of 9% in place of 12%.
No date has been extended for payment of TDS but interest will be reduced to 9% from 18% till 30th June 2020.
Any investments made in Section 80C, 80D, CGDS scheme etc up to 30th June 2020 can be taken as deduction in FY 2019-20.
All compliances under Income Tax Act, Wealth Tax Act, Benami Transaction Act, Black Money Act, Vivaad se Vishwaas, have been extended to June 30, 2020.
Due date of any appeal, proceedings etc will be 30th June 2020.
Due date for March, April and May for all returns is extended to 27th June 2020, 28th June and 30th June 2020 in a staggered manner.
Persons which has turnover of less than Rs. 5 crore doesn’t has to pay late fees, interest, penalty related to March, April and May returns.
Persons which has turnover of more than Rs. 5 crore has to pay interest at the discounted rate of 9% per annum for late payment of GST after the standard due dates (i.e. 20th April, 20th May and 20th June for March, April and may respectively.)
Registered persons can opt in composition scheme till 30th June 2020.
No due date has been extended for February 2020 in this press statement.
No charges on withdrawal using ATM/debit card on any bank ATM up to 30th June 2020.
Minimum balance charges waived up to 30th June 2020.
Reduced bank charges on digital trade.