This week, we have noticed various announcements by the Govt. of India after the lockdown of 21days for the prevention of COVID 19. This first announcement by Hon. Finance Minister was on Statutory compliance's giving the relief to the Taxpayers at large, on Income Tax, GST, MCA, under The Companies Act, Audit and so on. This was the first relief given to the taxpayers at large in the country. Thereafter, the relief was announced for the BPL Cardholders, Jandhan A/c, MANREGA workers, Ujwala Yojna Gas connections, etc. to the tune of Rs.1.70 lacs crores. The RBI has come out with its policies today i.e. 27.03.2020 giving the relief on EMI payments, reducing the rate of interest, relaxing the norms for provisioning & norms for slippage of accounts. There are many more announcements will come hereafter for relief to fight the mighty COVID 19.
The point I was to stress upon the taxpayers are the first for relief in the eyes of the Central Govt. for necessary relief due to lockdown. And here lies the Social Responsibility of the taxpayers. Though, the date of filing the return is extended & no interest or concessional interest will be charged till 30th June, 2020, I think we should not wait till the last date and pay the amount to the Govt. Kitty in the need of the hour without looking the due dates. This we as consultant, Chartered Accountants will also advised & peruse out clients to pay in advance not wait for the due dates. Majority of the taxes now a day are paid online & the payment can be made from anywhere at remote location, or from home as a part of work from home.
Friends, except the last ten days, this financial year was over & we are working full year.
Some of the points come in my mind, on how we discharge our social responsibility by paying taxes are enumerated as follows.
- WE can pay GST for the month of Feb, 2020 & March 2020.
- WE can pay Income Tax on the basis of our calculation for A.Y.2020-21, this will be considered as Advance Tax if paid before 31st March, 2020 & Self Assessment Tax is paid after 31st March, 2020.
- WE can pay self-assessment tax for A.Y.2019-20 though the date of filing extended to 30th June, 2020.
- WE can pay the additional tax liability, if any on account of revision of the return for A.Y.2019-20.
- WE can pay TDS deducted in the month of March 2020.
- WE can pay the profession tax deducted from salary.
Now it is open to our chartered accountants consciousness to look into what other liability can be discharged as early as possible without waiting for the extended date. You advised to your client should be to pay in advance or at least on original time than extended time in this F.Y.as a part of Social Responsibility. Our profession being a part of the nation-building will also be a part of nation survival in this period of COVID 19
.When you feel it is our Govt. imagine if we not pay, or delay in pay how can they will have money for the measures to prevent the national emergency. As all we aware that, emergency problems need urgent solutions in no time. I also advice following things, if possible we can do, Though the EMI due for Housing loans for three months are not to pay, in case you have provision do not wait & pay as schedule. Being professional, do not think of having any benefit of extension, to self or to your client as a part of Social Responsibility.
We can also advise our clients, to donate The Prime Minister Relief Fund any small amount from Rs.1000/- onwards as per the capacity & ask them that we will be happy to claim the deduction of 100% of such donations for all our clients while filing the returns of A.Y.2020-21. Anything which can be done as work from home is only advisable. As a must part of Social Responsibility, we have to stay at home till Govt decides. The Central Govt. The Hon Finance Minister considers us as first to give relief we should be the First to discharge our Social Responsibility. CA.Satish Badve