The lockdown was announced even before the end of FY 2019-20. Financial planning to be held by 31 March went haywire. In view of this, the Central Government has changed many rules related to GST and Income Tax. If you have not done your tax planning yet, there is still a chance. CA Vikas Agarwal knows similar changes related to GST and income tax …
GST: Notice of Neil Returns possible through SMS
February, March, April 2020 GSTR-3B with 9% interest as per the slab given in the table below, regular traders can deposit till 30th June without late fee. Composite dealers can fill the GST CMP 08 form for the March Quarter by 7 July. While the GSTR-4 form can be filled by July 15. Input tax for February to August, which could have taken up to 10% more of the credit earlier in GST 2A (ITC) has been granted relief.
Low interest on late TDS deposits
In order to get an exemption from income tax in the financial year 2019-20, the date of investing in mediclaim, life insurance, donations, etc. has been extended from 31 March to 30 June. If you take a policy for tax exemption in May, it can be shown in FY 2019-20. Not only this, under Section 54 to 54 GB of IT Act, you can avail capital gains, etc. till June 30. The date of the Nil deduction certificate and TDS return has been increased to 30 June.