FM Announces Compliance Related Relief Measures

The Finance Minister today announced certain compliance related relief measures for individuals, in view of the corona virus outbreak. Accordingly, the following measures were announced.

1. Last date to file IT returns extended to 30 June 2020 for those filing income tax returns for FY 18-19.

2. If TDS deposit has been delayed it would attract an interest rate of 9% from the earlier 18%.

3. The Aadhaar-pan linking deadlines has been extended to June 30 from March 31, 2020.

4. The last date for filing March, April and May 2020 GST returns and compensation returns extended to June 30, 2020.

5. All compliance requirements under Income Tax Act, Wealth Tax Act, Benami Transaction Act, Black Money Act, Vivaad se Vishwaas, have been extended to June 30, 2020.

6. The Sabka Vishwas Scheme date has been extended to June 30.

7. Due date to complete pending payments of central and excise duties have been extended to June 30, 2020, without any interest or late fee charge.

8. Mandatory requirement of holding board meetings is being relaxed by a period of 60 days, this relaxation is for the next two quarters.