Skip to main content

Corona-virus Impact: Return Filing Has Been Shifted to 30 June 2020

Image
By Arpit Kulshrestha
income tax returns filing

The entire world today is struggling with COVID-19 crises. The pandemic has caused the economy to go steep down leading to a huge financial loss to businesses of all kinds. Amidst this calamity (corona outbreak), the government has come up with certain provisions to help the entire all the taxpayers accumulation of the country. 

Here is the list of provisions taken up by the government to help taxpayers fight with the prevailing market situation:

  • The due date for income tax returns filing for FY 2018-19 has been shifted to 30 June 2020. Returns filed on or before the said date will invite no penalties or interest.
  • Due dates for filing GSTR 3B are valid for the month of March, April and May and the last date for filing composition returns has been extended till the last week of June respectively. 
  • The government is not charging any interest or penalties from companies with an annual turnover of less than Rs. 5 Crore in terms of return filing till June. Delay in return filing will attract the interest of 9% for bigger firms. 
  • Businesses can apply for the availing Composition Scheme till the last week of June 2020. 
  • The last date for clearing all the dues under ‘Sabka Vishwas Scheme’ is shifted to 30 June 2020.
Read Also: FM Reliefs GST & Tax Compliance Over COVID-19 Pandemic

A complete lockdown for 21 days was announced by PM Narendra Modi on Tuesday (24 March) due to increasing corona crises. The lockdown is valid for the entire nation. Access to the crucial services only will be available. He also focused on the immediate need to restrict the spread of the disease in the country asking all the countrymen to support by staying at home.  

Comments

Post a Comment

Popular posts from this blog

Why Small Firms Should Consider Gen Payroll Software?

By Arpit Kulshrestha
Businesses in this competitive era would be required to manage the payroll. Payroll software has multiple operations such as paying employees, following tax laws, managing employee benefits, filing important documents, and keeping accurate records. Businesses that manage tasks manually or with spreadsheets can result in inappropriate compliance and issues, wasting time in doing operations. Gen Payroll software arrives to manage payroll with accuracy and resolve the issues that come therein. The merits and demerits of Gen Payroll software are mentioned below. Gen Payroll Software Gen Payroll is a payroll management software made by SAG Infotech . It eases and automates the process of payroll. The software’s features are tracking employee attendance, calculating salaries, ensuring compliance with laws like PF (Provident Fund), ESI (Employee State Insurance), and TDS (Tax Deducted at Source), as well as generating payslips. Businesses, whether small or large, can use this software. ...
3 comments
Read more

How ITR Software Assists Individuals in Filing Tax Returns

By Arpit Kulshrestha
Every assessee's process of income tax return (ITR) filing is significant, as it contributes to Indian's economy. The Income Tax Department has made efforts to facilitate this approach in recent years, but numerous people still see themselves steering a difficult financial system, multiple tax deductions, miscellaneous exemptions, and changing tax laws. This complexity can turn what must be an easy task into a significant challenge. In this context, income tax software evolves into an important partner, presenting a useful variety of accuracy, efficiency, and reassurance. The software enables return filing that permits taxpayers to handle their financial responsibilities when complying with the law. 1. Accurate Tax Calculations An incorrect income tax calculation of taxes could result in messages from the Income Tax Department or missed refunds. The tax software helps in finding taxable income and tax deductions that you may be allowed, like insurance or home loans. The co...
Post a Comment
Read more

Major GST & Filing Updates 2025: Must-Know for Businesses

By Arpit Kulshrestha
In 2025, India made amendments to its Goods and Services Tax (GST) system, which was introduced in 2017. The primary purpose of this amendment is to ensure that businesses and individuals comply with tax regulations, reduce tax fraud, and streamline tax management through the use of technology. The GST Network (GSTN) and the Central Board of Indirect Taxes and Customs (CBIC) have implemented new processes and software systems to streamline the tax return filing procedure for individuals. These improvements aim to simplify the tax filing process, minimise errors, and ensure that all taxpayers, as well as tax professionals, fulfil their tax obligations responsibly. Updates for the same have been given, and the impact they have had on business, accounting, and GST software providers. GSTR‑3B Locking Mechanism Introduced from July 2025 In 2025, an amendment was introduced regarding how businesses report their taxes using GSTR-3B. Now, the details of sales made by businesses, referred to as...
Post a Comment
Read more