COVID RELIEF MEASURES – INCOME TAX, GST and MCA

COVID RELIEF MEASURES – INCOME TAX, GST and MCA

The government has extended key compliance timelines for Income Tax and Goods & Service Tax (GST) and waived late fees to ease the compliance burden during the second wave of Covid-19.

The relief mesaures are tabulated below for ready reference. Alternatively, you may download the presentation – NJP Relief Measures – Income Tax, GST, MCA May 21.

(A) INCOME TAX

1. Relief for Tax Payers

Sr. No. Particulars Original Due Date Extended Due date
1 Filing Belated Return of Income u/s 139(4) for AY 2020-21 (FY 2019-20)  31.0.3.2021 31.05.2021
2 Filing SFT (Form 61) 30.04.2021 31.05.2021
3 Return filed in response to sec. 148 01.4.2021 or thereafter 31.05.2021 or as allowed under that notice, w.e.i. later
4 Filing Appeal to CIT (Appeals) under Chapter XX of the Act 01.4.2021 or thereafter
5 Objections to Dispute Resolution Panel (DRP) under sec. 144 -as above- -as above-
6 Payments of TDS deducted u/s 194IA, 194IB and 194M and filing of challan-cum-statement on the same 30.04.2021 31.05.2021
7 Payment of the amount payable under the Direct Tax Vivad se Vishwas Act, 2020 30.04.2021

(earlier extended date)

30.06.2021

2. Relief for Government related timelines

Sr. No. Particulars Earlier extended Date Extended Due date
1 Time limit for passing of any order for assessment or reassessment under the Income-tax Act, 1961(hereinafter called ‘the Act’ ) the time limit for which is provided under section 153 or section 153B 30.04.2021 30.06.2021
2 Time limit for passing an order consequent to direction of DRP under sub-section (13) of section 144C of the Act 30.04.2021 30.06.2021
3 Time limit for issuance of notice under section 148 of the Act for reopening the assessment where income has escaped assessment 30.04.2021 30.06.2021
4 Time limit for sending intimation of processing of Equalisation Levy under sub-section (1) of section 168 of the Finance Act 2016 30.04.2021 30.06.2021

(B) GOODS AND SERVICE TAX

1. GSTR- 3B : Waiver of late fees

Sr.No. Aggregate Turnover in preceding financial year Period of Relief Original Due Date Revised due Dates
(A) Monthly Return Scheme
More than Rs. 5 Crore March ’21 20.04.2021 05.05.2021
April ’21 20.05.2021 04.06.2021
Less than Rs. 5 Crore

(*Category – 1 States)

 

March  ’21 22.04.2021 20.05.2021
April ‘21 22.05.2021 19.06.2021
(B) Quarterly return Scheme (Less than Rs. 5 Crore) Quarter ended March ’21 22.04.2021 22.05.2021

* Category – 1 States: Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana or Andhra Pradesh or the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands and Lakshadweep

2. Reduced Interest for delayed payment

Sr.

No.

Aggregate Turnover in preceding financial year Period of Relief Delay from Due date
Delay in Days First 15 days Next 15 days Thereafter
(A) Monthly Return Scheme March,

April ’21

1. More than Rs. 5 Crore 9% 18% 18%
2. Less than Rs. 5 Crore Nil 9% 18%
(B) Quarterly return Scheme

(Less than Rs. 5 Crore)

1. Return filing Quarter ended March ’21 Nil 9% 18%
2. PMT 09 April ’21 Nil 9% 18%
(C) Composition Scheme (Less than Rs. 1.5 Crore under) Quarter ended March’21 Nil 9% 18%

3. Other Relaxed Due date

Sr.

No.

Form Period of Relief Original Due Date Extended Due date
(A) GSTR 1 April ‘21 11.05.2021 26.05.2021
(B) Invoice Furnishing Facility (IFF) for QRMPS taxpayers April ‘21 13.05.2021 28.05.2021
(C) GSTR 4 Financial Year ended 31.03.2021 30.04.2021 31.05.2021
(D) ITC 04 Quarter ended March ‘21 25.04.2021 31.05.2021

4. Other Covid Relaxations

Sr.

No.

Particulars Period under which it falls Extended date (or relaxation)
(A) Time limit for completion of action of verification of the application for GST registration and its approval (Rule-9 of CGST rules) 01.05.2021 to 31.05.2021 15.06.2021
(B) Completion of any proceeding or passing of any order or issuance 15.04.2021 to 30.05.2021 31.05.2021
(C) Refund orders under section 54(5) and 54(7) for the application 15.04.2021 to 30.05.2021 31.05.2021
(D) Rule 36(4): Input Tax Credit not to exceed 5% of total eligible ITC April ’21
May ’21 Cumulative ITC for both April and May ‘21 to be considered

(C) MCA

Sr.

No.

Particulars Period of relaxation Extended date

(or Relaxation)

(A) If due date of any form (except CHG-1, CHG-4 and CHG-9) is falling between 1.04.2021 to 30.05.2021 31.07.2021
(B) Gap between two consecutive Board Meetings may extend to 180 days during the Quarters April to June ‘21 and July to September ‘21 Gap between to Board meetings may extend to 180 days
(C) Date of creation/modification of charge

-before 1.4.2021 but the timelines had not expired as on 1.4.2021 OR

-falls any date between 1.4.2021 and 31.05.2021

1.04.2021 to 31.05.2021 Period between 1.4.2021 and 31.05.2021 not be counted in number of days within which form to be filed

Chintan Patel is CA, CPA(USA), CISA(USA), DISA, DIRM(ICAI) and certified Ind AS and FAFD by ICAI. He is Regional Council Member of WIRC of ICAI. He is partner of Naresh J. Patel & Co. having more than 18 years of post-qualification experience in Ind AS, IFRS, Companies Act, GST. He is an author of books Quick Guide to Ind AS, ICDS published by Taxmann and Speaker at more than 500 presentations.

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