Updates

Due Date For ITR – FY 2018-19

• The time for filing of original as well as revised income-tax returns for the FY 2018-19 (AY 2019-20) has been extended to 31st July, 2020.
• Due date for income tax return for the FY 2019-20 (AY 2020-21) has been extended to 30th November, 2020. Hence, the returns of income which are required to be filed by 31st July, 2020 and 31st October, 2020 can be filed upto 30th November, 2020. Consequently, the date for furnishing tax audit report has also been extended to 31st October, 2020.

Self Assessment Tax

• In order to provide relief to small and middle class taxpayers, the date for payment of self-assessment tax in the case of a taxpayer whose self-assessment tax liability is upto ₹ 1 Lakh has also been extended to 30th November, 2020," the tax department said.
• However, no such relief has been granted to taxpayers with self-assessment tax liability exceeding ₹ 1 Lakh.
• Additionally, the CBDT noted that the reduced rate of interest of 9 percent for delayed payments of taxes and levies specified in the Ordinance, shall not be applicable for payments made after June 30, 2020.

Investment Date for deduction
The date for making various investment/ payment for claiming deduction under Chapter-VIA-B of the IT Act which includes section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim), 80G (Donations) etc. has also been further extended to 31st July, 2020. Hence the investment/ payment can be made upto 31st July, 2020 for claiming the deduction under these sections for FY 2019-20.

Investment Date for deduction u/s 54-54GB
The date for making investment/ construction/ purchase for claiming roll over benefit/ deduction in respect of capital gains under sections 54 to 54GB of the IT Act has also been further extended to 30th September, 2020. Therefore, the investment/ construction/ purchase made up to 30th September, 2020 shall be eligible for claiming deduction from capital gains.

TDS/TCS Return for Q4 FY 2019-20
The furnishing of the TDS/ TCS statements and issuance of TDS/ TCS certificates being the prerequisite for enabling the taxpayers to prepare their return of income for FY 2019-20, the date for furnishing of TDS/ TCS statements and issuance of TDS/ TCS certificates pertaining to the FY 2019-20 has been extended to 31st July, 2020 and 15th August, 2020 respectively.

Issuance of Notice by Department
The date for passing of order or issuance of notice by the authorities and various compliances under various Direct Taxes & Benami Law which are required to be passed/ issued/ made by 31st December, 2020 has been extended to 31st March, 2021. Consequently, the date for linking of Aadhaar with PAN would also be extended to 31st March, 2021.

Commencement of Operation for SEZ
The date for commencement of operation for the SEZ units for claiming deduction under section 10AA of the IT Act has also been further extended to 30th September, 2020 for the units which received necessary approval by 31st March, 2020.

Deferrement of Various Registration
Deferment of the implementation of new procedure for approval/ registration/ notification of certain entities u/s 10(23C), 12AA, 35 and 80G of the IT Act has already been announced vide Press Release dated 8th May, 2020 from 1st June, 2020 to 1st October, 2020. It is clarified that the old procedure i.e. pre-amended procedure shall continue to apply during the period from 1st June, 2020 to 30th September, 2020. Necessary legislative amendments in this regard shall be moved in due course of time.

Reduced Rate of TDS/TCD for FY 2019-20

• The Central Board of Income Tax ordered a 25% reduction in the rate of income tax deducted at source (TDS) and tax collection at source (TCS) from 14 May to 31 March to provide more money in the hands of taxpayers.
• This concession is applicable for 23 specified payments where TDS is levied at rates ranging between 20% and 1% and 11 payments where TCS is applicable.

Filing of NIL GSTR – 3B
NIL GSTR – 3B can be filed through SMS & it is effective from 8 June 2020

Returns filing through EVC
The registered person in accordance with the provisions of Companies Act, 2013 shall during the period from the 21st day of April, 2020 to the 30th day of September, 2020, also be allowed to furnish the FORM GSTR-3B verified through electronic verification code (EVC).
Also that a registered person registered under the provisions of the Companies Act, 2013 shall during the period from the 27th day of May, 2020 to the 30th day of September, 2020, also be allowed to furnish the details of outward supplies in FORM GSTR-1 verified through electronic verification code (EVC).

Annual Return (Form 9) & GST Audit (Form 9C) for FY 2018-19

Mandatory - If tax payer is having aggregate turnover more then ₹ 2 Crore
Optional - If tax payer is having aggregate turnover less then ₹ 2 Crore

All Taxpayer having aggregate turnover more than ₹ 5 Crore
Relaxation granted to Small Dealers having turnover less than ₹ 5 Crore

The Extended due date is 30.09.2020.

• Who needs to file Form 9 (Annual Return)?
• Who needs to file Reconciliation Statement in FORM GSTR-9C (Audit Report)?
• Due Date for filing Annual Return and Audit Report:

Due date of GSTR-3B after extension
Taxpayers having aggregate turnover > ₹ 5 Crore in preceding FY

Tax Period	Relief Date*	Interest
February, 2020	24th June, 2020	NIL in case if return filled within 15 days after actual due date @ 9% if filled before Relief Date, interest will be calculated after 15 days till the actual date of filing
March, 2020
April, 2020
May, 2020	27th June, 2020
June, 2020	20th July, 2020
July, 2020	20th August, 2020
August, 2020	20th September, 2020
Note: 1.Relief is available only for late fee and penelty till relief date 2.Reduced Interest applicable only those tax payers who will file the return on or before relief dates If returns of above mention tax period not filled till relief date interest will be applicable at normal rate @ 18% and regular late fee shall also be leviable for such delay along with liability for penalty

Due date of GSTR-3B after relief
Taxpayers having aggregate turnover up to ₹ 5 Cr. in preceding FY (State Category I)

Tax Period	Relief Date*	Interest @9% with Late Fees
February, 2020	30th June, 2020	24th September, 2020
March, 2020	03rd July, 2020	30th September, 2020
April, 2020	06th July, 2020
May, 2020	12th September, 2020
June, 2020	23rd September, 2020
July, 2020	27th September, 2020
August, 2020	01st October, 2020	NA
Note: In case the return for the said months are not furnished on or before the date mentioned in the notification then interest @ 18% per annum shall be charged from the due date of return, till the date on which the return is filed. In addition, regular late fee shall also be leviable for such delay along with liability for penalty.

Due date of GSTR-3B after relief
 

Tax Period	Relief Date*	Interest @9% with Late Fees
February, 2020	30th June, 2020	24th September, 2020
March, 2020	05th July, 2020	30th September, 2020
April, 2020	09th July, 2020
May, 2020	15th September, 2020
June, 2020	25th September, 2020
July, 2020	29th September, 2020
August, 2020	01st October, 2020	NA
Note: Note: In case the return for the said months are not furnished on or before the date mentioned in the notification then interest @ 18% per annum shall be charged from the due date of return, till the date on which the return is filed. In addition, regular late fee shall also be leviable for such delay along with liability for penalty.

Due date of GSTR-1 after relief
 

Tax Period	Relief Date*
March, 2020	10th July, 2020
April, 2020	24th July, 2020
May, 2020	28th July, 2020
June, 2020	05th August, 2020
Quarterly Taxpayers January, 2020 to March, 2020	17th July, 2020
Quarterly Taxpayers April, 2020 to June, 2020	03rd August, 2020
Note: Note: Note: No Late fee u/s 47 due to delay in submission of GSTR – 1, if statement is filed as per above mentioned dates.

Compliance for composition taxpayers
 

Form	Tax Period	Extended Date
GST CMP-08	Jan to March, 2020	07.07.2020
GSTR-4	FY 2019-20	15.07.2020

Compliance for ISD, TDS & TCS taxpayers
 

S No.	Return Type Form	To be filled by	Tax Period	Due Date	Extended Date
1	GSTR-5	Non Resident Taxpayers	March, April & May, 2020	20th of Succeeding Month	30th June, 2020
2	GSTR-6	Input Service Distributors	-do-	13th of Succeeding Month	30th June, 2020
3	GSTR-7	Tax Deductors at Source (TDS Deductors)	-do-	10th of Succeeding Month	30th June, 2020
4	GSTR-8	Tax Collectors at Source (TDS Collectors)	-do-	10th of Succeeding Month	30th June, 2020

E-way Bill validity extended
Where an e-way bill has been generated and its period of validity expires during the period after 20th day of March, 2020 that has been generated on or before 24th day of march,2020, the validity period of such e-way bill shall be deemed to have been extended till the 30th day of June, 2020.

Extension of all Notice, Appeal, etc.
The Government has also decided that the due date for issue of notice, notification, approval order, sanction order, filing of appeal, furnishing of return, statements, applications, reports, any other documents, time limit for any compliance under the GST laws where the time limit is expiring between 20th March 2020 to 30th August 2020 will be extended to 31st August 2020.
Other relevant points

• Late fees is waived off on GSTR – 3B for the month Feb’20, Mar’20 & Apr’20, if within the specified dates.
• Late fees is waived off on GSTR – 3B for the month May’20, Jun’20 & Jul’20 for taxpayers having turnover up to 5 Cr, if within the specified dates.
• Maximum late fees is capped to Rs. 500/- for the period of Jul’17 to Jan’20, if filed between 1st Jul’20 to 30th Sep’20. However, it is waived off if return filed is NIL.

List of state( Category Wise )
State Category I:
Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, UTs of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands or Lakshadweep.
State Category II:
Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha, the Union territories of Jammu and Kashmir, Ladakh, Chandigarh or Delhi.

Notice of Refund or rejection of ITC u/s 54
Where the notice has been issued for rejection of refund claim, in full or in part and where the time limit for issuance of order in terms of the provisions of sub-section (5), read with sub-section (7) of section 54 of the said Act falls during the period from the 20th day of March, 2020 to the 30th day of August, 2020, in such cases the time limit for issuance of the said order shall be extended to fifteen days after the receipt of reply to the notice from the registered person or the 31st day of August, 2020, whichever is later.

Extension for revocation of cancellation of registration
To facilitate Taxpayers who could not get their cancelled GST registration restored in time, an opportunity is being provided for filling of application for revocation of cancellation of registration up to 30.09.2020, in all cases where registrations have been cancelled till 12.06.2020.

1. Raise the GST Rate on Mobile Phones from 12% to 18% w.e.f. 01.04.2020.
2. GST rate on all types of matches (Handmade and other than Handmade) has been rationalised to 12% (from 5% on Handmade matches and 18% on other matches) w.e.f. 01.04.2020.
3. Reduce GST rate on Maintenance, Repair and Overhaul (MRO) services in respect of aircraft from 18% to 5% with full ITC and to change the place of supply for B2B MRO services to the location of recipient w.e.f. 01.04.2020.
4. Interest for delay in payment of GST to be charged on the net cash tax liability w.e.f. 01.07.2017 (Law to be amended retrospectively).
5. Where registrations have been cancelled till 14.03.2020, application for revocation of cancellation of registration can be filled up to 30.06.2020.
6. Due date for filing the Annual return and the Reconciliation Statement for financial year 2018-19 to be extended to 30.06.2020.
7. Late fees not to be levied for delayed filing of the Annual return and the Reconciliation Statement for financial year 2017-18 and 2018-19 for taxpayers with aggregate turnover less than ₹ 2 crores.
8. Relaxation to MSMEs from furnishing of Reconciliation Statement in FORM GSTR-9C (Audit Report), for the financial year 2018-19, for taxpayers having aggregate turnover below ₹ 5 crores.
9. Extension of due dates for FORM GSTR-3B for month of February, 2019 to April, 2020. Similar extension is also recommended for FORM GSTR-1.
10. Bunching of refund claims allowed across financial years to facilitate exporters.
11. Certain class of registered persons (insurance company, banking company, financial institution, non-banking financial institution, GTA, passenger transportation service etc.) to be exempted from issuing e-invoices or capturing dynamic QR code.
12. The dates for implementation of e-invoicing and QR Code to be extended to 01.10.2020.
13. E-way bill validity extended up to 30/04/20 Issuing between 20/03/20 to 15/04/20.
14. Time limit for any compliance under the GST laws where the time limit is expiring between 20th March 2020 to 29th June 2020 will be extended to 30th June 2020.
15. Continuation of existing system of furnishing FORM GSTR-1 & FORM GSTR-3B till September, 2020. That’s means- New Returns System is deferred till September’2020.

1. VIVAD SE VISHWAS SCHEME IN INCOME TAX - No interest & penalty if tax paid by 31st March 2020. Some additional amt. By 30th June.
2. India is now Fifth largest economy in the world.
3. GDP nominal growth has been estimated at 10%.
4. A fiscal deficit of 3.8% has been estimated.
5. The goal is double farmers income by 2022. Finance Minister lists 16 point action plan to boost farmer’s income.
6. GST resulted in ₹ 1 Lakh crore gains to consumers, removed inspector raj and helped transport sector.
7. Comprehensive measures for 100 water-stressed districts being proposed.
8. Set up of Kisan rail so that perishable farm goods can be quickly transported across the country.
9. Pradhan Mantri Kisan Urja Suraksha Evem Utthan Mahabhiyan (PM KUSUM) to be expanded to provide 20 lakh farmers in setting up standalone solar pumps.
10. Agricultural credit target has been set at ₹ 15 lakh crore.
11. A very focused safe water 'Jal Jeevan Mission' and sanitation programme 'Swachh Bharat Yojna' have been launched to tackle health concerns.
12. The total allocation for Swachh Bharat Mission is ₹ 12,300 crore in 2020-21.
13. By 2030, India is set to have the largest working age population in the world.
14. Over 5 lakh MSMEs have benefited from debt restructuring.
15. A robust mechanism is in place to monitor the health of all scheduled commercial banks.
16. There will be degree-level full-fledged online education programme to be offered by the top 100 institutions in the country.
17. Introduction of 'Ind-SAT', an exam for Asian and African countries to help make India a higher education destination.
18. An investment clearance cell will be set up that will provide end to end facilitation and support including pre-investment advisory, info on land banks and facilitate clearance at state level.
19. 100 more airports to be developed by 2024.
20. Task force is to be set up to recommend marriageable age for women.
21. Insurance cover for a depositor will be raised to ₹ 5 lakh from ₹ 1 lakh.
22. To provide significant relief to taxpayers, IT rates will be decreased. Under the new regime, tax rates will be as follows:

• Upto ₹ 2,50,000 - Nil
• From ₹ 2,50,001 to ₹ 5,00,000 - 5% (Rebate can be claimed if Total Income is upto ₹ 5,00,000, hence, NIL tax)
• From ₹ 5,00,001 to ₹ 7,50,000 - 10%
• From ₹ 7,50,001 to ₹ 10,00,000 - 15%
• From ₹ 10,00,001 to ₹ 12,50,000 - 20%
• From ₹ 12,50,001 to ₹ 15,00,000 - 25%
• Above ₹ 15,00,000 - 30%

 

The new tax rates will be optional. Option to Individual without around 70 exemptions/ Deductions (With 1.5L Chapter VIA Deductions)
23. Dividend Distribution Tax - scrapped for companies. Dividends to be charged to recipients.
24. Pre-filled tax return for individuals in new regime.
25. Turnover threshold for audit of MSME raised to ₹ 5 Crore from Rs. 1 Crore.
26. Options for Co-operative Societies: Co-operatives can choose a 22 percent tax with 10 percent surcharge and 4 percent cess with no exemptions. Date of approval of affordable housing projects for availing tax holiday on profit earned by developers extended by 1 year.
27. A scheme has been proposed to bring down litigation in direct taxation scheme.
28. Custom duty raised on footwear and furniture.
29. A health cess will be levied on import of medical equipment.
30. Income Tax Act to be amended to allow faceless appeals against tax orders on lines of faceless assessment.
31. To ease allotment of PAN, new process of instantly allotting PAN through Aadhaar will be brought.
32. New Electricity Generating Companies Corp Tax Rate 15%.
33. 100% Tax exemption to foreign investment in Priority Sector.
34. Start Ups - ESOPs to employees to be taxable after 5 years or sale or as per other conditions.
35. Turnover limit for exemption for Start Ups now 100 Cr.
36. TAX AUDIT THRESHOLD LIMIT - Increased to 5 Cr. But with business with cash transaction of not more than 5%.
37. Tax Holiday to developers of affordable housing extended by 1 year.
38. Limit of difference with circle can be 10% now (up from 5%)

Companies were earlier required to file form ADT-1 as an attachment with eForm GNL-2. Now, with effect from October 20, 2014, ADT-1 is available as an eForm and the same is required to be filed for appointment / re-appointment of Statutory Auditor.
The newly introduced eForm ADT-1 can be downloaded from the below mentioned link: