{"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


Income Tax updates-
<\/strong>1. Income Tax FY 18-19 Last Date 30 June 2020. Interest @9%p.a.
2. No extension in TDS payments for FY 19-20. Only interest @9%p.a, for payments upto 30 June 20.
3. Aadhar PAN linking extended to 30 June 20.
4. Vivad se Vishwas Scheme extended to 30 June 20, without additional 10%.
5. Due dates for all compliances, and furnishing of returns and reports, including investment in 80C, extended to 30 June 20.
Income Tax and GST updates see more<\/p>\n\n\n\n

GST CHANGES-
<\/strong>1. Last date for Mar-Apr 20 returns, including Composition will be 30 June 20.
2. Companies < Rs 5 Crore turnover, will not be charged any interest and late fees.
3. Companies > Rs 5 Crore turnover, will be charged interey@9% p.a., that too after 15 days.
4. Opting for Composition, can be done till 30 June 20, depending on states. <\/p>\n\n\n\n

Announcement by Finance Minister Today\u00a0<\/strong>on Income Tax and GST updates<\/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

2. On Delayed Deposit of TDS Interest Reduced to 9%<\/p>\n\n\n\n

3. Adhaar and Pan Card Linking Extended to 30th June 2020<\/p>\n\n\n\n

4. Scheme of Vivad sai Vishvas Extended to 30th June 2020.<\/p>\n\n\n\n

 5. Investment for Deduction under 80C Also Extended to 30-06-2020<\/p>\n\n\n\n

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

7. Companies having turnover Less than 5Cr – No Interest, No Late Fee, No Penalty.<\/p>\n\n\n\n

8. Under GST Date for opting for Composition Scheme is also Extended to 30-06-2020. <\/p>\n\n\n\n

9. Custom and Excise Scheme Sabka Vishvas  is further extended to 30-06-2020<\/p>\n\n\n\n

10. Custom Clearance will operate 24X7 upto 30th June 2020<\/p>\n\n\n\n

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

12. CARO New Order now applicable From FY 2020-21.<\/p>\n\n\n\n

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

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

15. IBC Basic Limit of 1 Lac Increased to 1Cr for filing of CA .<\/p>\n\n\n\n

\"gst<\/figure>\n\n\n\n

see and click for more updates FM TWITTER <\/a>
Ministry of Finance@FinMinIndia<\/a>\u00b7
<\/p>\n","protected":false},"excerpt":{"rendered":"

Income Tax updates- 1. Income Tax FY 18-19 Last Date 30 June 2020. 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