On 24 March 2020, the Finance Minister addressed the media on the various statutory and regulatory compliance issues amid a complete shutdown of almost the entire country to control the spread of COVID-19. The key announcements are summarized below.
Income tax
The due date for filing the income tax return for FY 2018/19 extended from 31 March 2020 to 30 June 2020.
- Aadhar – PAN linking date to be extended from 31 March 2020 to 30 June 2020.
- Vivad Se Vishwas Scheme extended from 31 March 2020 to 30 June 2020 with no additional 10% payment if such payment is made by 30 June 2020.
- No extension of the date for deposit of tax deducted at source (TDS). However, interest on delayed payments reduced from 18% per annum to 9% per annum.
- Reduction of the interest rate from 12% to 9% on delayed payments of advance tax, self-assessment tax, regular tax, TDS, tax collected at source (TCS), securities transaction tax (STT), and commodities transaction tax (CTT) made between 20 March 2020 and 30 June 2020.
- No fee / penalty to be charged for delay relating to the period from 31 March 2020 to 30 June 2020.
- Due dates for the issue of notices, intimation, approval order, sanction order, filing of appeals, furnishing returns, statements, applications, reports, any other document including investment in savings or investment on roll-over benefits under the following acts where time limit is expiring between 20 March 2020 to 29 June 2020 to be extended to 30 June 2020:
- Income-tax Act;
- Wealth Tax Act;
- Prohibition of Benami Property Transaction Act;
- Black Money Act;
- STT Law;
- CTT Law;
- Equalization Levy; and
- Vivad Se Vishwas Scheme.
Goods and services tax (GST)
- Last date for filing GST returns for March, April and May 2020 extended to 30 June 2020 for those having aggregate annual turnover less than INR 50 million. No interest, late fees or penalty to be charged.
- No late fees or penalties for companies with turnover of INR 50 million or more if complied before 30 June 2020. However, reduced interest at 9% (from 18%) will be charged.
- Date for opting for composition scheme and filing of composition returns for FY 2019/20 extended until the last week of June 2020.
- Due date for filing GST annual returns for FY 2018/19 extended from 31 March 2020 to the last week of June 2020.
- Payment date under Sabka Vishwas Scheme extended to 30 June 2020 with no interest.
- Due dates for issue of notices, intimation, approval order, sanction order, filing of appeals, furnishing returns, statements, applications, reports, and any other document where time limit under the GST laws is expiring between 20 March 2020 to 29 June 2020 to be extended to 30 June 2020.
Customs
- Customs clearance to operate 24/7 as an essential service until 30 June 2020.
- Due dates for issue of notices, intimation, approval order, sanction order, filing of appeals, furnishing returns, statements, applications, reports, and any other document where time limit under the Customs and Allied Laws is expiring between 20 March 2020 to 29 June 2020 to be extended to 30 June 2020.