IndiaCatalog.com
India News
Search Web Directory
News Home
Covid-19 impact: Govt may extend Mar 31 deadline for paying income-taxes
Posted on 24th March 2020
In a unprecedented move, the central government is likely to extend the March 31 deadline of paying income taxes by a month, in view of Covid-19 pandemic, said two officials privy to the development. If situation worsens, it may be pushed till June end, officials added.

The move follows the difficulties being faced by the taxpayers in meeting the compliance requirement under the Income-tax laws. The ordinance with this regard would come soon, said one of the two officials. The Budget session of Parliament was cut short on Monday and both the houses were adjourned sine die.

Sources say that if implemented, this will be the first time in the history of tax filing, that the Centre would postpone the date of income tax filing which would lead to change in the structure of financial year.

“Amid a lockdown, it is impossible to complete time-barring assessment by month end. So, it is better to extend the financial year for one month,” said a senior tax officer. He further said that similar action should be taken for cases under Black Money Act whose assessment will also end this month end. Similarly, assesses should be given one more month to avail the tax resolution scheme Vivad Se Vishwaas as post March 31, an additional 10 per cent would be levied on the disputed amount. This would discourage people to participate in the scheme, he said.

Tax officials in a recent communique to the Central Board of Direct Taxes (CBDT) pressed upon changing the current financial year to June 30 instead of March 31 and requested CBDT to commence new fiscal from July 1 instead of April 1.

"Tax measures taken by countries across the world to tackle COVID-19 crisis needs to be emulated by CBDT. For this an ordinance can be brought which will be welcomed by one and all in the country," the letter said.

According to the letter, this amendment will be a sort of an umbrella legislation which would automatically extend timelines for all statutory obligations like filing returns, processing of Returns, completion of set-aside assessments and penalty proceedings, reopening assessment, proceedings under Benami Property Act and so on.

Such extension while projecting a humane face of tax administration, will also provide much required boost to the revenue and uphold principle of natural justice for the assesses, letter noted.

The letter has cited various consequences of Covid outbreak both for department and the taxpayers, which had halted the functioning of major cities like Mumbai and Delhi which adds maximum revenue to the collections target.

Sources say that the direct tax board has been nudging the tax officials to bring 100 per cent disputed tax cases under the VsV net and also to conclude time barring assessment in a usual manner. However, tax officials are of opinion in a health emergency like this the tax offices should be closed till Month end to avoid the further spread of the disease.

Other Latest News
Delhi borders sealed for a week, only essential services allowed: Chief Minister Arvind Kejriwal
Posted on 1st June 2020
Chief Minister of Delhi Arvind Kejriwal on Monday declared that the borders of the national capital will be sealed for the next week, in view of the rising number of coronavirus disease (COVID-19) cases amid this pandemic outbreak. He added that only essential services will be allowed to exempted at the borders.

Coronavirus Outbreak: In highest spike yet, India's COVID-19 tally crosses 1.90 lakh cases; 5,394 deaths
Posted on 1st June 2020
The total number of confirmed cases of COVID-19 infection in India crossed the 1.90 lakh-mark on Monday, while the death toll has topped the 5,300-mark as well. At 9:30 AM on this day, the COVID-19 tally in the country has reached 1,90,535 cases, which includes 93,322 active cases; 91,819 cured, discharged, or migrated patients, and 5,394 deaths.

Online classes 'First Bell' for Kerala school students begins today
Posted on 1st June 2020
The new academic year begins today in Kerala. The Kerala government will begin virtual classes for school students from today, in an effort to ensure that they do not miss out on lessons due to COVID-19 induced lockdown.

More than 45 lakh students will be part of this online initiative.

Power bill over Rs 100,000? Now it's must to file income-tax return
Posted on 1st June 2020
The government has notified new income-tax return forms for 2019-20, making it mandatory for high spenders to file ITR and allowing assesses to avail benefits of extended timelines in view of Covid-19.

People incurring large spending will not be able to escape paying taxes, with the government making filing mandatory in specific cases even in their income is below the taxable limit.

Wajid Khan, of music composer duo Sajid-Wajid dies at 42
Posted on 1st June 2020
Wajid Khan, of music composer duo Sajid-Wajid, died at the age of 42. The news was confirmed by singer Sonu Nigam, who posted a picture on Instagram and wrote, My brother Wajid left us.

Speaking about his health condition, music composer Salim Merchant told PTI, He had multiple issues. He had a kidney issue and had a transplant a while ago. But recently he got to know about kidney infection... He was on the ventilator for the last four days, after his situation started getting worse. Kidney infection was the beginning and then he got critical.

» Post a FREE Classified Advertisement
Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.
Jobs in India India Real Estate Automobiles Matrimonials Beauty & Fitness

Add a comment for Covid-19 impact: Govt may extend Mar 31 deadline for paying income-taxes
Please only use this form to enter comments on the above company. All comments are reviewed before they are displayed on the web site. Not all comments may be displayed. Check back with us to see if your comments have been displayed.
If you want us to email the comments posted by users, please Subscribe by email
Name*
Comments*
Security Code*
 

Be the first person to write a business review for Covid-19 impact: Govt may extend Mar 31 deadline for paying income-taxes

Most Read News

Uber trims a quarter of its India workforce, lays off 600 employees

IDFC First Bank seniors to forgo 65% of bonus amid Covid-19 crisis

Gold prices hit two-week low on optimism around reopening of economies

GDP growth in 2019-20 slows to 11-year low of 4.2%, Jan-Mar growth dips to 3.1%

Centre revises guidelines for international arrivals, reduces institutional quarantine period to 7 days

More India News

  India Web Directory
Business Profiles
Automotive Directory
IT/ITES/BPO Directory
Hotel Directory
Health Directory
Business Directory
Gems & Jewellery
Education Directory
Real Estate Directory
Agriculture Directory
Logistics Directory
Yellow Pages
NRI Guide
Photo Galleries
Global Web Directory
*** FREE India Classifieds
Order Premium Listings
Submit a Site
Business Reviews
Home
About us
Link to us
Advertise
Contact us
Google Search Keywords: India Catalog, IndiaCatalog, India Web Directory
    © 1999 - 2020 IndiaCatalog.com
    All Rights Reserved
Privacy Statement