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Brief on Finance Minister Announcement on 24.03.2020

Finance Minister Announcement on 24.03.2020

Income Tax

Dates for Notice/Filing/Intimation/Notification/Appeal/Sanction Order/Any other doc or compliance/Investment in saving investment or rollover benefit for CG etc. extended to 30.06.2020 (Compliances wrt CTT/Equalisation Levy/Blackmoney Tax Act etc. included) even where the time limit was post 31/3


VIVAD SE VISHWAS SCHEME – Date extended to 30th June, 2020 from 31st March, 2020. No 10% additional charge will be levied for all applications made to this date.

Investment benefits under income tax act, capital gains reinvestments, Chapter VI-A deposit benefits to be extended to 30th June, 2020 (from 31st March, 2020)

IT Returns
IT Returns last date for FY 2018-19 (AY 2019-20) extended to 30th June, 2020
Delayed payments till 30th June, 2020 – Interest reduced from 12% to 9% (AY 2019-20)

TDS
No extension of TDS date. But on delayed deposit of TDS, the reduced interest of 9% will be charged

Aadhar PAN linking date extended to 30th June, 2020 from 31st March, 2020

Due Dates For Issue of Notice, Intimation, Filing of Appeal, Furnish Returns, Sanctions, Applications and other compliances by Tax Payers also extended to 30th June, 2020

GST


Due date to file GST returns extended to 30th June, 2020 for March, April & May. Specific staggered dates will be intimated
No Late Fee, No Penalty for companies having turnover of less than Rs.5 crore
Date for opting for composition scheme extended to 30th June, 2020.

OTHER

Debit cardholder of any bank to withdraw cash for free from any ATM.
No Minimum Balance Fee on bank balance till June 2020
Bank charges for digital trade transactions for all trade finance consumers reduced

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