COVID-19 : Due-date relaxation announcements

This document covers

1. Announcements in 2021 (latest)
   1. Income Tax
   2. GST
   3. Ministry of Corporate Affairs
2. Announcements in 2020
   1. Income Tax
   2. PM Cares Fund
   3. GST
   4. Ministry of Corporate Affairs
   5. Banking Laws
   6. Other Announcements

1. Income Tax

1.1 Jun 25nd 2021 : Further Income Tax due date extensions and exemptions for FY 2020-21

1. The due date to link PAN with Aadhaar is now extended to Sep 30th 2021 from Jun 30th 2020 due to COVID-19 pandemic
2. Due date for filing TDS / TCS returns for Jan to Mar 2021 is extended to 15th Jul 2021 due to COVID-19 pandemic
3. Relief given for those who like to re-invest the Capital Gains u/s 54 to 54GB for which the last date of such compliance falls b/w 1st Apr to 29th Sep, 2021 may be completed on or before 30th Sep, 2021
4. Amount received by a taxpayer for medical treatment from employer or from any person for treatment of COVID-19 during FY 2019-20 and subsequent years is exempted under Tax
5. Ex-gratia payment received by family members of a person from the employer of such person or from other person on the death of the person on account of COVID-19 during FY 2019-20 and subsequent years is exempted from income tax. If such amount is received from ..
   • from Employer - Full Amount is exempted
   • from any other persons- Limited to Rs. 10 Lakhs
6. Uploading of the declarations received from recipients in Form No. 15G / 15H during the quarter ending 30th Jun, 2021, which is required to be uploaded on or before 15th Jul, 2021, may be uploaded by 31st Aug, 2021.
7. Last date of payment of amount under Vivad se Vishwas
   • (without additional amount) which was earlier extended to 30th June, 2021 is further extended to 31st August, 2021.
   • (with additional amount) has been notified as 31st October, 2021.

1.2 May 20th 2021 : Extensions in IT, TDS Filing Due Dates for FY 2020-21

In view of the 2nd wave of the COVID-19 pandemic, Thursday, May 20th, the Central Board of Direct Taxes (CBDT) has extended several of the due dates related to Income Tax, TDS and related due dates for FY 2020-21. No changes announced for FY 2019-20 tax year.

1. The Due date for filing Income tax returns ( Non-Audit / Regular ) for FY 2020-21 (AY 2021-22) is extended to 30th Sep 2021 from 31st Jul 2021


2. The Due date for filing Income Tax returns (Audit Cases - Companies and high income cases) for FY 2020-21 (AY 2021-22) is extended to 30th Nov 2021 from 31st Oct 2021
3. The Due date for filing Tax Audit reports (Audit Cases) for FY 2020-21 (AY 2021-22) is extended to 31st Oct 2021 from 30th Sep 2021
4. The Due date of filing belated / revised return of Income Tax Returns for FY 2020-21 (AY 2021-22) extended to 31st Jan 2022 from 31st Dec 2021
5. The Due date for filing TDS returns for Jan 2021 to March 2021 quarter is extended to 30th Jun 2021 from 31st May 2021
6. The Due Date for Statement of Financial Transactions (SFT) for the FY 2020-21 has been extended to 30th Jun 2021 from 31st May 2021
7. The Due date for issuance of Form 16 to employees is extended to July 15 2021 from June 15 2021

1.3 May 02nd 2021 : Further extensions in IT Filing Dates for FY 2019-20

1. The due date for Filing Income Revised or Belated Tax Return for FY 2019-20 is extended to 31st May 2021 from 31st Mar 2021. You may eFile through Self Service or Expert Assisted IT Filing Service # EZTax.in Online IT Return Filing
   
   


2. The due date for filing appeal to Commissioner (Appeal) (for which the last date is after April 1st 2021) is now extended to 31st May 2021 or date specified in the section whichever is later.
3. The due date for filing Income Tax return in response to notice u/s 148 (for which the last date is after April 1st 2021) is now extended to 31st May 2021 or date mentioned in notice whichever is later.
4. Payment of tax u/s 194IA , 194IB and 194M and Filing of Form 26QB, 26QC and 26QD which is required to be paid/filed before 30th April 2021 is now extended to 31st May 2021.
5. GOI extended the time limit for payment under Vivad se Vishwas Act from 30th Apr 2021 to 30th June, 2021
6. ITD made technological changes in data sharing formats by switching from XML to JSON. EZTax.in is updated with the new formats, you may use EZTax.in Online IT Return Filing like last year.


7. The due date for Linking PAN and Aadhar is extended to 30th Jun 2020   31st Mar 2021  30th Jun 2021 from 31st Mar 2020. More on how to link Link Aadhaar with PAN


8. COVID19 affected travellers, NRIs, taxpayers who have 'Anomalies' against their residential status in India should report to Principal Income Tax Commissioner, (Intl. Taxation) to get relief, before Mar 31st

2. GST

2.1 May 28th 2021: GST Relaxations from 42nd GST Council Meeting

Major decisions made in 42nd GST Council meeting are mostly about A. Amnesty Scheme with reduce Late Fee, B. Rationalisation of Late Fees and the C. Simplification of GST Annual Return, & D. Reduction in Interest Rates as there is no major consensus on the rate reduction on Goods and Services.

1. Amnesty Scheme with reduced Late Fee for small businesses
   
   Late fee for not filing FORM GSTR-3B for the tax periods from July 2017 to April 2021 has been reduced or waived off as
   1. Maximum late fee is capped at Rs. 500/- (Rs. 250/- each for CGST & SGST) per return for taxpayers, who did not have any tax liability (i.e. including NIL Returns)
   2. Maximum late fee is capped at Rs. 1000/- (Rs. 500/- each for CGST & SGST) per return for taxpayers, who has any tax liability
   3. Important: The Amnesty Scheme with reduced Late Fees would apply if GSTR-3B returns for these tax periods are filed between 01st Jun 2021 to 31st Aug 2021 *
   
   
   
2. Rationalization of late fees for small businesses to be applicable for future filings
   
   

   GST Type	Return Type	Late Fee per Single Return
   Regular	GSTR-1 & GSTR-3B with NIL Return	500 (250 CGST + 250 SGST)
   Regular	GSTR-1 & GSTR-3B with Annual Turnover of Rs. 1.5 Crore	2000 (1000 CGST + 1000 SGST)
   Regular	GSTR-1 & GSTR-3B with Annual Turnover of Rs. 5 Crore	5000 (2500 CGST + 2500 SGST)
   Regular	GSTR-1 & GSTR-3B with Annual Turnover of > Rs. 5 Crore	10000 (5000 CGST + 5000 SGST)
   Composition	GSTR-4 with NIL Return	500
   Composition	GSTR-4 other than NIL Returns	2000
   Both	GSTR-7 (TDS Return)	Rs. 50 per day up to a maximum of Rs. 2000 per Return

   
   
   
3. Simplification of Annual Return for Financial Year 2020-21
   

   As announced earlier in GST Council meetings, it was reiterated that annual GSTR Returns made either optional or self-certifiable (hence no tax professional is needed to certify) for small and medium businesses up to certain turnover.

   Return Type	Turnover?	Required?	Certification?
   FORM GSTR-9 / 9A	below Rs. 2 Crore	Optional	Self Certification
   FORM GSTR-9 / 9A	above Rs. 2 Crore	Yes	Self Certification
   FORM GSTR-9C - Reconciliation for FY 2020-21	below Rs. 5 Crore	Optional	Self Certification
   FORM GSTR-9C - Reconciliation for FY 2020-21	above Rs. 5 Crore	Yes	Self Certification

   
   
   
4. Reduction in Interest Rates due to delayed GST Payments
   

   Another important decision made is to reduce the interest rates attributed towards delayed GST payments to ease during pandemic times.

   Turnover?	Month?	15 days	16-30 days	31-45 days	46-60 days	after 60 days
   below 5 Crores	Mar 2021	NIL	9%	9%	9%	18%
   below 5 Crores	Apr 2021	NIL	9%	9%	18%	18%
   below 5 Crores	May 2021	NIL	9%	18%	18%	18%
   above 5 Crores	May 2021	9%	18%	18%	18%	18%

In many respects the decisions made were a welcome move in reducing the GST Compliance burden on Small & Medium Businesses (SMEs). Team EZTax.in recommend the taxpayers to utilise this opportunity to file their GST Returns promptly and be current. Every pandemic has an end and the end for COVID19 do come shortly. It is important for SMEs to be optimistic. Chat with our team from the below chat button to know more or call us @ +91 7288 900 900

2.2 Before May 28th 2021

1. The due date for filing GSTR 1 IFF (Monthly) for quarterly taxpayers is extended by 15 days i.e 28/05/2021 from 13/05/2021
2. The due date for filing GSTR 1 (Monthly) is extended by 15 days i.e 26th May 2021 from 11th May 2021
3. The due date for filing form GSTR 4 for FY 2020-21 is extended to 31st May 2021 from 30th Apr 2021
4. Govt announced Reduction in rate of interest due to COVID for the delayed GST Payments from normal rate of interest of 18% per annum to a lower rates 0/9/18 % that increase by the number of days.
5. Govt announced GST Late waiver for 30 days beyond the due dates for Mar, Apr 2021 GSTR 3B covering both monthly and QRMP businesses.
6. Get the Monthly Compliance Schedule @ Latest Tax Compliance Calendar
7. Private Limited Companies, OPC & LLPs who are required to file GST Returns with DSC are allowed to file with EVC from 27th Apr 2021 to 31st May 2021


8. Taxpayers who wants to opt for Quarterly GST Filing for FY 2021-22 can change from 1st Feb 2021 to 30th Apr 2021. More on QRMP

3. Ministry of Corporate Affairs

1. The due date for filing MSME-1 (Filing of Returns in respect of Outstanding Payments to MSME's @ ROC) for the period Oct 2020 to March 2021 is 30th Apr 2021. Know Who is MSME ?
2. Per MCA new Circular .. every Company must use Accounting Software having "tamper proof" Audit Trail from FY 2021-22 Easiest Online GST Accounting Software .. is enabled for Audit Trail Today.
3. New Form MGT-7A – Abridged Annual Return for OPC and Small Companies. More on New Form MGT-7A

1. Income Tax

Applicable to Individuals and other than Individuals

1. The due date for Filing Income Tax Return for FY 2019-20 is extended to 10th Jan 2021 from 31st Jul 2020 *
2. The due date for Filing Income Revised or Belated Tax Return for FY 2019-20 is extended to 31st May 2021 from 31st Mar 2021
   
   
3. The due date for Linking PAN and Aadhar is extended to 30th Jun 2020   31st Mar 2021  30th Jun 2021 from 31st Mar 2020. More on how to link Link Aadhaar with PAN
4. The due date for Filing Income Tax Return for FY 2018-19 is extended to 30th Jun 2020 31st Jul 2020 30th September 2020 30th November 2020 from 31st Mar 2020
5. The due date for TDS, TCS Returns by deductor other than Govt. for Q4 FY 2019-20 is 30th Jun 2020 31st Jul 2020.
6. The TDS rate on payments for contract, professional fee, rent, commission, dividend, brokerage etc shall be reduced by 25% of existing rates. Now this TDS rates reduction is further extended up to Nov 30th 2020.
7. The date for making investments & payments for claiming deduction under Section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim), 80G (Donations), extended to Jun 30th 2020 31st July 2020 for FY 2019-20
8. The date for making investments under Sec 54*, 54GB for claiming reinvestment benefits, extended to 30th Sep 2020 for FY 2019-20
9. All delayed payments of advance tax, self assessment tax, TDS, TCS, equalization levy, STT, CTT made between 20th Mar 2020 and 30th Jun 2020 31st Jul 2020 will be charged at reduced interest rate i.e., 9% p.a instead of 12% p.a
10. Waiver of interest u/s 234A where self assessment tax is up to Rs 1 Lakh
11. The due date for issue of notice, intimation, order, investment in tax saving instruments, investments for rollover benefit of capital gains under Income Tax has been extended to 30th Jun 2020 31st Jul 2020
12. Due date for Form-16 generation has been extended to 15th Aug 2020 to give an opportunity for those employers who are unable to meet the timelines.

2. PM Cares Fund

Applicable to Individuals and other than Individuals

1. 100% deduction allowed on donations to the PM-CARES Fund (* later updated)
2. The limit on deduction of 10% of gross income is not applicable for donations made to PM CARES Fund (* later updated)

3. GST

Latest as on Oct 01st 2020

1. GSTR-9 & GSTR-9C are extended from 30th Sep 2020 to 31st October 2020

Per 40th GST Council meeting held on Jun 12th 2020... recommended to have a reduction in Late Fee for Past GST Returns and other measures to reduce the compliance burden

1. Late fee & Interest waived off for NIL Returns for the period of July 2017 to Jan 2020 if filed between July 1 2020 to Sep 30 2020
2. Max late fee capped @ Rs. 500/- per return if any tax liability for the period of July 2017 to Jan 2020 if filed between July 1 2020 to Sep 30 2020
3. Late Fee & Interest are waived off for GSTR 3B Filing for the months of May, June, & July 2020 for the taxpayers having turnover up to Rs 5 Cr if filed before 30th Sep 2020
4. Revocation of GST Cancellation can be done till 30th Sep 2020 for all registrations cancelled till 12th Jun 2020

Other relief given to all who registered under GST before May 30th from various meetings

1. The due dates for filing Feb, March and April GST returns has been extended till the last week of 30/06/2020 for those whose turnover is below 5 Crores.
2. Interest will be charged at reduced rate of 9% p.a instead of 18% p.a for the companies with turnover more than Rs 5 crores. No Late Fee and Penalty will be charged if complied before June 30th 2020
3. The due date for filing Annual return for FY 2018-19 is extended to 30th Sep 2020 from 31st Mar 2020
4. The due date for filing CMP 08 for Composition taxpayers has been extended to 07th Jul 2020 from 18th Apr 2020 for Jan to Mar 2020
5. The due date for filing FY 2019-20 GSTR-4 for Composition taxpayers has been extended to 15th Aug 2020 31st Oct 2020
6. The due date for opting into composition scheme has been extended to 30th Jun 2020 from 31st Mar 2020

4. Ministry of Corporate Affairs

Applicable to Private Limited, OPC and LLP

1. No additional fee shall be charged for late filing during a moratorium period (01/04/2020 to 30/09/2020) in respect of any document, return, statement etc required to be filed in MCA system irrespective of its due date
2. Additional time of 6 more months given to newly incorporated companies for declaration of commencement of business in eform 20A. Now, it can be filed up to 1 year from the date of incorporation of company
3. A company director who does not comply with minimum residency requirement of 182 days or more in India shall not be considered as violation
4. Applicability of CARO-20 which was supposed to be effective from FY 2019-20 has been shifted to FY 2020-21.
5. The mandatory requirement of holding Board meetings shall be extended by a period of 60 days till next 2 quarters i.e., till 30th September 2020
6. Company and LLP Forms like Director KYC (DIR-3 KYC), DPT-3 (Annual Return), INC 22A, holding EGM, Registration as Independent Director, Form 11 etc can be filed up to 30th Sep 2020 31st Dec 2020 without any Late Fee

5. Banking Laws

Applicable to all who has bank account

1. Debit card holders can now withdraw cash from any bank without any additional charges for next 3 months.
2. There will be a complete waiver of fees charged by the banks for not maintaining the minimum balance
3. There will be reduction of bank charges for digital trade transactions for all trade finance consumers

6. Other Announcements

1. Due Date for filing Employee Provident Fund (EPF) electronic challan cum return for the month of March is extended to 15th May 2020 from 15th Apr 2020
2. Rs 3 lakh crores Collateral-Free Automatic Loans for Businesses, including MSMEs. To pay after 12 months of moratorium
3. Pending refunds to co-operatives, charitable trusts, non-corporates will be processed immediately to relieve.
4. Statutory PF Contribution by Employer and employee has been reduced to 10% from 12% for May, Jun, Jul 2020.
5. The difference between Manufacturing and service sector is eliminated and the long-due new MSME definition is expected to be approved soon. Gives opportunity for certain MSMEs not to lose the benefits that they used to enjoy per old regime due to increase in the revenue / investment.