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March 31, 2020

Know Revised due dates of returns from 1 April 2020 in Income Tax, GST & MCA

by facelesscompliance in Corporate Law, GST, Income Tax

There is No Change in Financial Year 2019-20 ends on 31 March 2020 Government Press Release.

Know various due dates of returns extended in Income Tax, GST & MCA for the months of February 2020, March 2020, May 2020 and June 2020

The government, Ministry of Finance has clarified that there is no change in Financial Year 2019-20 and it ends on 31 March 2020

In Social Media there are fake circular or notification which is shared. Government clarified all such documents are fake. The document jn circulation is not changes in financial year. This is stamp duty amendments. Earier stamp duty amendments made by Finance Act, 2019 (onterim budget) were to become effective from 9th Janury, 2020. Which later were oushed to 1st April, 202 vide notification dated 8th January, 2020.

The attached notification postpones applicability of amendnment to indian stamps act to be effective from 1st July, 2020 now

The change is only in various due dates which are due for filing various forms returns and reply to notice in Income Tax and GST from 31 March to 30 June

Press release copy of government

The Various Returns Due Dates in GST Goods and Serivce Tax which are due monthly or quarterly or yearly are extended in some cases by one month and in others by 3 months depending upon Turnover

Sr. No. Return Turnover Months/Period Regular Due Date Revised Due Date Interest Late Fees & Penalty
1 GSTR-3B Less than Rs.5 Crore February 20/03/2020 Last week of June 2020 No Interest No Penalty
      Less than Rs.5 Crore March 20/04/2020  Last week of June 2020 No Interest No Penalty
    Less than Rs.5 Crore April 20/05/2020 Last week of June 2020 No Interest No Penalty
    Less than Rs.5 Crore May 20/06/2020 No Change No change No Change
    More than Rs.5 Crore   February 20/03/2020 04/04/2020 9%   No Penalty
    More than Rs.5 Crore   March 20/04/2020 05/05/2020 9%   No Penalty
      More than Rs.5 Crore   April 20/05/2020 04/06/2020 9%   No Penalty
    More than Rs.5 Crore   May 20/06/2020 No change No change No change
2 GSTR- 1(Monthly) More than Rs.1.5 Crore February 11/03/2020 Last week of June 2020 Not applicable No Change
      More than Rs.1.5 Crore March 11/04/2020  Last week of June 2020 Not applicable No Change
      More than Rs.1.5 Crore April 11/05/2020 Last week of June 2020 Not applicable No Change
      More than Rs.1.5 Crore May 11/06/2020 Last week of June 2020 Not applicable No Change
3 GSTR-1 (Quarterly) Less than Rs.1.5 Crore Jan – Mar 2020 30/04/2020 Last week of June 2020 Not applicable No Change
4 CMP-08(Queerly)   Composition Scheme Jan- Mar 2020 18/4/2020 Last week of June 2020 No Interest No Penalty
5 GSTR- 4(Annual Return) Composition Scheme 2019-20 30/04/2020 Last week of June 2020 No Interest No Penalty
6 GST Audit More than Rs.5 Crore 2018-19 31/03/2020 30/06/2020 No Change No Change
7 GST Annual Return More than Rs.2 Crore 2018-19 31/03/2020 30/06/2020 No Change No Change

Government will issue a notification as to provide actual revised due dates in staggered manner falling under the last week of June 2020

Above deadlines are as per Press Release dated 24th March 2020, Subject to the subsequent notification to be issued in this regard by GST department

Income Tax Returns Due Dates extended up to 30th June 2020

Return /Form Original Date/ Norms New Dates/ Norms
Income Tax Return for 2018-19 March 31,2020 June 30,2020
Revise Return for 2018-19 March 31,2020 June 30,2020
Aadhaar – Pan linking March 31,2020 June 30,2020
Vivad se Vishwas Scheme March 31 : with out any add payment June 30: add payment @10% June 30,2020 without addition payment
Delayed payments of advanced tax self-assessment tax, regular tax TDS,TCS equalisation levy, STT,CTT Interest rate @
12 – 18 %
Reduced interest rate of 9% for payment made between March – June 2020
Due dates for various matters such as notice intimation, filing of appeal Expiring betweeb March 20- June 29 June 30,2020
Payment under Sabka Vishwas March 31,2020 June 30,2020 with out Interest

Above deadlines are as per Press Release dated 24th March 2020, Subject to the subsequent notification to be issued in this regard by Income Tax department

Ministry of Corporate Affairs has extended various deadlines for filing forms

MCA Form Compliance Original Date/ Norms New  Date/ Norms
CARO 2020 Applicable from FY 2019-20 Applicable from FY 2020-21
Commencement of business filing 1 month 6 month
Late filing of any document Late fees as applicable No additional fees till 30 September
LLP Settlement Scheme, 2020 31 Aug 2020 30 September 2020

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