India goes under complete lockdown as we try to model the successes of Singapore and Taiwan in the war against Covid-19. Subsequently, several tax deadlines have been extended up to June 30, 2020.
India is closed, please come later !!
Coronavirus vs India… PM Modi in his 8 pm address on Tuesday, declared a complete lockdown in all of India until March 14. This move was crucial as India is standing over the edge of the Pandemic’s Stage-3. The move was greatly admired by WHO and world leaders.
Avoid Panic Buying… Despite PM Modi’s promise of a steady supply of daily essentials across the country, some people are resorting to Panic Buying. Ration shops, Chemists, Dairies, Petrol Pumps and Public Service Units such as Police and Hospitals to remain open. So hold back on panic & spend some quality time with your family.
Funds to fight Covid-19… PM Modi declared allocation of INR 15,000 Crore to states for the purchase of ventilators, ICUs, Medical kits and for training purposes.
What does it mean for my Taxes?
Deadlines extended… In the wake of Covid-19, FinMin addressed several changes. These changes majorly include several extended deadlines like- The last dates to file ITR (FY 18-19), Vivaad-se-Vishwas scheme, PAN-GST linking and filing March-April-May GST Return have been extended up to June 30, 2020.
Interests relaxed… Considering the challenging situation that the country is facing now, FM announced no interest on late filing of GST. The interests charged on delayed deposits of TDS were also slashed to 9% from 18%.
Rumor Mill working 24/7… In desperate times like these, rumors spread easily. One such rumor was the extension of the current Financial Year 2019-20 up to June 30, 2020. Clarification: There is no change in the FY starting date. FY 2020-21 will start from April 1 as always.
P.S Have you decided upon your Financial Resolutions for the upcoming FY?
It’s safe to say that these are very fragile times. It is very important to unite as a Country and take Individual Responsibility. Stay Home and Stay safe.
Byte of the day
“This lockdown an economic cost for the country but…India is the first priority…”
– Prime Minister, Narendra Modi