Due date to file ITR and GST return extended

CA Vivek chaudhary | Last updated: 08 April 2020

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Due to the COVID-19 pandemic, the government has extended several important financial deadlines. The due date for filing Income Tax Returns for FY 18-19 is now 30th June 2020. Similarly, GST returns for March, April, and May, as well as the annual GST return for FY 18-19, are also extended to 30th June 2020. Several other tax-related deadlines, including Aadhaar-PAN linking and the 'Vivaad Se Vishwas' scheme, have also been pushed to the end of June.

In the view of the outbreak of COVID-19, the Finance Minister announced the various extension of statutory due dates. The due date to file Income Tax Return for FY 18-19 has been extended to the 30th June 2020 and the due date to file GSTR-3B due in the month of March, April, and May has also been extended to the 30th June 2020. The due date for filing GST Annual Return for the FY 18-19 has also been extended to the 30th June 2020.

Direct Tax

1. Last date of ITR for FY 18-19 extended to 30th June,2020.
2. Interest on delay deposit of TDS reduced to 9% from existing 18% p.a.
3. Aadhaar-PAN linking date extended to 30th June,2020.
4. "Vivaad Se Vishwas" scheme extended to 30th June,2020.
5. Last date for Investment for claiming deduction u/s 80C extended to 30th June,2020.

Indirect Tax

1. Due Date for filing GST return for the month of March, April and May extended to 30th June,2020.
2. Due Date for opting composition scheme has also been extended to 30th June,2020.
3. Companies having turnover Less than 5Cr - No Interest, No Late Fee, No Penalty.
4. "Sabka Vishwas" Scheme last date extended to 30th June,2020.
5. Custom Clearance will operate 24X7 up to 30th June 2020.

ITR and GST Due Dates Extended to 30th June

Companies Act, 2013

1. For Newly Incorporated Companies- Filling of Commencement of Business intimation was to be done within 6 Month is further extended by 6 Month.
2. Creation of 20% Deposit reserve requirement for the corporates has now extended for up to 30th June 2020.
3. No additional fees for various form filing, moratorium period given up to 30th June 2020.

Insolvency and Bankruptcy Code, 2016

1. IBC Threshold Limit raised to 1cr from 1 Lakh.

General:

1. Restriction on number of transaction for cash withdrawal through ATM’s has been removed for next 3 Months.
2. No bank charges on not keeping the minimum balance in saving accounts.