Time-extension for filing Income Tax/GST returns!
Posted on: 24/Mar/2020 4:24:55 PM
With various preventive measures undertaken to prevent coronavirus spread, and the day-to-day progress of planned activities getting severely affected, the Central Finance Minister Nirmala Seetharamn has announced that the time has been extended for filing Income Tax/GST returns and linking Aadhar card until 30th June.
The central Finance Minister Nirmala Seetharaman and the Joint Finance Minister Anurag Thakur met the press together and had a session.
Finance Minister Nirmala Seetharaman shared:
The present situation causes anxiety! The industries have been facing severe losses over the last 2 months! The central government has been monitoring the developments very closely. Concessions would be given on filing returns for Income Tax/GST, etc. We have been seeking the opinions/remarks/suggestions from the industry sector.
The Relief Fund for Coronavirus effects on various fronts will be announced shortly.
The time-extension will be given until 30th June to file the Income Tax Returns. The penalty levied on delayed Income Tax returns Filing is reduced from 11% to 9%.
The deadline for linking Aadhar-PAN cards which was earlier set as 31st March is now being extended until 30th June.
Time-extension will also be given for filing returns on GST and Customs Tax.
No penalty will be levied on companies with less than Rs. 5 Crores per annum. The penalty for large industries has been reduced to 9%.
The central government is particular that the importers and exporters are not subjected to anxieties. So, the Customs Department will work 24-hours-a-day until 30h June!
6-month time duration is given to organizing the meeting of Corporate company founders.
