Home > Uncategorized > Changes in GST & Income Tax by FM Nirmala Sitharaman

Changes in GST & Income Tax by FM Nirmala Sitharaman

Finance minister Nirmala Sitharaman is holding a press conference on 24th March 2020 from 2 PM.

Income Tax

  • 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.

GST

  • 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.

Banking

  • 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.

About Prateek Agarwal

Prateek Agarwal is a Practicing Chartered Accountant from Jaipur and been in practice for more than 7 years. He writes mainly about GST and Finance.


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