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Tax announcements by Hon’ble Finance Minister of India Nirmala Sitharaman on 24th March, 2020

To help industry deal with the economic hindrances arising due to COVID-19

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Hon’ble Finance Minister of India has addressed a press conference to announce a package to help industry deal with the economic hindrances arising due to COVID-19. A number of announcements were made by the FM on various issues during the said press conference.

Following are the Direct tax announcements made by the Finance Minister:

  • For Financial year 2018-19, late date for filing Income Tax Returns has been extended from 31st March 2020 to 30th June 2020.
  • In respect for delayed payments of income tax for Financial Year 2018-19, interest rate has been reduced from existing 12% to 9%.
  • No extension has been granted, but for delayed deposit of TDS, interest rate has been reduced from existing 18% to 9%.
  • Aadhar-PAN linking date has been extended from 31st March 2020 to 30th June 2020.
  • Last date for availing Vivad se Vishwas Scheme has been extended to 30th June 2020. Earlier there was an additional charge of 10% for availing the scheme between 1st April 2020 to 30th June 2020. Now there would be no such additional charge
  • Due date for various compliances and investments by taxpayers in respect of various direct tax regulations from 20th March 2020 onwards have been extended to 30th June 2020.

Following are the Indirect tax announcements:

  • Last date for filing March, April and May 2020 GST Returns (including composition returns) extended to 30th June 2020. Different staggering dates will be applicable in the same way, for different regions.
  • For companies having less than 5 crore turnover: No interest, No late fee, No penalty will be charged.
  • For companies having turnover greater than 5 crore: No Penalty or Late fee. No Interest for 15 days but, Interest of 9%, post that.
  • Last date for opting composition scheme extended to 30th June 2020
  • Sabka Vishwas Scheme for Indirect tax extended to 30th June 2020
  • During Lockdown as well, Customs Clearance to operate 24×7 as an essential service, till 30th June 2020.
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