{"id":107,"date":"2020-03-25T06:28:44","date_gmt":"2020-03-25T06:28:44","guid":{"rendered":"http:\/\/upvypaar.in\/?p=107"},"modified":"2020-03-25T06:28:46","modified_gmt":"2020-03-25T06:28:46","slug":"income-tax-and-gst-updates","status":"publish","type":"post","link":"https:\/\/upvypaar.in\/index.php\/2020\/03\/25\/income-tax-and-gst-updates\/","title":{"rendered":"Income Tax and GST updates"},"content":{"rendered":"\n<p class=\"has-background has-cyan-bluish-gray-background-color wp-block-paragraph\"> <br><strong>Income Tax updates- <br><\/strong>1. Income Tax FY 18-19 Last Date 30 June 2020. Interest @9%p.a.<br>2. No extension in TDS payments for FY 19-20. Only interest @9%p.a, for payments upto 30 June 20.<br>3. Aadhar PAN linking extended to 30 June 20.<br>4. Vivad se Vishwas Scheme extended to 30 June 20, without additional 10%.<br>5. Due dates for all compliances, and furnishing of returns and reports, including investment in 80C, extended to 30 June 20.<br>Income Tax and GST updates see more<\/p>\n\n\n\n<p class=\"has-text-color has-background has-very-dark-gray-color has-pale-cyan-blue-background-color wp-block-paragraph\"><strong>GST CHANGES-<br><\/strong>1. Last date for Mar-Apr 20 returns, including Composition will be 30 June 20.<br>2. Companies &lt; Rs 5 Crore turnover, will not be charged any interest and late fees.<br>3. Companies &gt; Rs 5 Crore turnover, will be charged interey@9% p.a., that too after 15 days.<br>4. Opting for Composition, can be done till 30 June 20, depending on states. <\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><strong> Announcement by Finance Minister Today\u00a0<\/strong>on Income Tax and GST updates<\/p><p>*1. For FY 2018-19-Last Date To File ITR Extended to 30-06-2020, Interest rate on delayed Payment Reduced to 9% from 12%<\/p><\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">2. On Delayed Deposit of TDS Interest Reduced to 9%<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">3. Adhaar and Pan Card Linking Extended to 30th June 2020<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">4. Scheme of Vivad sai Vishvas Extended to 30th June 2020.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;5. Investment for Deduction under 80C Also Extended to 30-06-2020<\/p>\n\n\n\n<p class=\"has-background has-pale-pink-background-color wp-block-paragraph\">6. GST Last Date For filing GST Returns for Mar, Apr and May 2020 is extended to 30-06-2020<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">7. Companies having turnover Less than 5Cr &#8211; No Interest, No Late Fee, No Penalty.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">8. Under GST Date for opting for Composition Scheme is also Extended to 30-06-2020.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">9. Custom and Excise Scheme Sabka Vishvas&nbsp; is further extended to 30-06-2020<\/p>\n\n\n\n<p class=\"has-background has-luminous-vivid-orange-background-color wp-block-paragraph\">10. Custom Clearance will operate 24X7 upto 30th June 2020<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">11. MCA21 RELATED- Moratorium issued upto 30-06-2020. There will be no additional fees for filling of various Forms. Relaxing Board Meeting by 60 Days for Next 2 Quarters.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">12. CARO New Order now applicable From FY 2020-21.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">13. For Newly Incorporated Companies- Filling of Commencement of Business intimation was to be done within 6 Month is further extended by 6 Month.<\/p>\n\n\n\n<p class=\"has-background has-light-green-cyan-background-color wp-block-paragraph\">14. Every Company Required to Create a Deposit Reserve of 20% of the deposits maturing within Next 1yrs by 30-04-2020. This deadline extended to 30-06-2020. Similar requirement was there for Debenture maturing. It is also extended to 30-06-2020.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">15. IBC Basic Limit of 1 Lac Increased to 1Cr for filing of CA .<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/pbs.twimg.com\/media\/ET4HL4fUYAYaykD?format=jpg&amp;name=large\" alt=\"gst and income tax updaes\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">see and click for more updates <a href=\"https:\/\/twitter.com\/FinMinIndia?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor\">FM TWITTER <\/a><a href=\"https:\/\/twitter.com\/FinMinIndia\"><br>Ministry of Finance@FinMinIndia<\/a>\u00b7<br><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Income Tax updates- 1. Income Tax FY 18-19 Last Date 30 June 2020. Interest @9%p.a.2&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,10],"tags":[],"class_list":["post-107","post","type-post","status-publish","format-standard","hentry","category-gst-updates","category-income-tax-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Income Tax and GST updates ITR, GST Aadhaar-PAN linking deadlines<\/title>\n<meta name=\"description\" content=\"get the latest Income Tax and GST updates, gst latest notifications,income tax update and notification,gst and income tax return news.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/upvypaar.in\/index.php\/2020\/03\/25\/income-tax-and-gst-updates\/\" 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