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COVID-19 Update: Summary of relief measures announced by Finance Minister

Blog: NASSCOM Official Blog

Amidst the disruption caused by global pandemic, the government announced slew of measures to provide relief to the taxpayers/ corporate in the form of extension of due dates of various compliances under various Indian laws.

Summary of measures announced are summarized below:

Income Tax:

Particulars Due Date Relief announced
Income Tax returns for Financial Year (FY) 2018-19 March 31, 2020 June 30, 2020
Aadhar-PAN linking March 31, 2020 June 30, 2020
Vivad se Vishwas scheme No additional 10% amount, if payment made by March 30, 2020. No additional 10% amount, if payment made by June 30, 2020.
Issue of notice, intimation, notification, approval order, sanction order, filing of appeal, furnishing of return, statements, applications, reports or any other documents

Completion of proceedings by authority and

Any compliance by taxpayer[1]

Due date of compliance between March 20, 2020  to June 29, 2020 June 30, 2020
Delayed payments of advanced tax, self-assessment tax, regular tax, TDS, TCS, equalization levy,  STT, CTT  made between March 20, 2020 and June 30, 2020 Applicable rate of interest – 12% or 18% Reduced interest rate of 9%

and

No late fee/penalty

GST/ Indirect Taxes

Corporate Affairs:

 

Considering the hardships faced by the taxpayers in meeting compliance requirements due to outbreak of COVID-19, the relief measures announced are a welcome move. Waiver of interest, late fees and penalties would provide relief to tax payers while adhering with statutory compliances during the lockdown period.

Necessary legal circulars and legislative amendments for giving effect to the aforesaid relief will be issued shortly. Copy of the PIB press release is attached for your reference.

We will keep you posted on further developments in this regard.

[1] including investment in saving instruments or investments for roll over benefit of capital gains   under Income Tax Act,  Wealth Tax Act, Prohibition of Benami Property Transaction Act, Black Money Act,  STT law, CTT Law, Equalization Levy law, Vivad Se Vishwas  law

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