Corona virus lock-down : From Aadhaar-PAN link to ITR filing

10 financial deadlines in India that have got extended

The Indian government has recently extended a number of money-related deadlines. The changes have
been prompted by the shutdown of large parts of the country in a bid to control the spread of
deadly coronavirus. These include filing of belated and revised Income Tax Return (ITR),
renewal dates of insurance policies, among others.

Here are details of the financial deadlines that have been extended:

1) Renewal dates of health and motor insurance policies
The Finance Ministry recently extended the renewal dates of health and motor insurance
policies falling during the nationwide lockdown period till May 15 to ensure continuity. This
extension is for policies that are due for renewal between March 25 and May 3.

2) ECR filing by employers
In a bid to relax mandatory electronic challan return (ECR) filing by the employers, the
Employees’ Provident Fund Organization (EPFO) has extended the deadline by a month, from
current April 15 to May 15 for the filings which were due for March 2020. The EPFO also
decided to waive off any interest liability and penalty in this extended period.

3) Belated and revised ITR filing
Income tax returns for the financial year 2018-19 can now be filed until June 30, with the interest
rate on delayed payments reduced to 9 percent from 12 percent. According to the Income Tax
department, an assessee who does not submit a return of income within the deadline is allowed to
file a belated return at a later time with certain penalty charges. Also, one can revise ITR in case
a mistake has been made in the original one.

4) PAN-Aadhaar linking
The last date for linking Aadhaar with PAN has also been extended from March 31 to June 30.

5) GST filing
The deadline for filing GST returns for March, April and May, as well as for opting for the
composition scheme, has been extended to June 30 for smaller companies — with less than Rs 5
crore aggregate annual turnover — without any interest, late fee or penalty being charged. The
date for filing annual GST returns for 2018-19 has also been extended to the last week of June.

6) Premium for postal life insurance
India Posts has extended the last date of paying premium for postal life insurance and rural postal
life insurance till June 30.

7) Tax disputes under the Vivad se Vishwaas scheme
The government has decided to extend the deadline for settling tax disputes under the Vivad se
Vishwaas scheme without paying any interest and penalty from March 31, 2020 to June 30,
2020. The extension of the deadline means that individuals can now settle tax disputes by the
new deadline without paying any penalty and interest.

8) Tax-saving investments
The government has also provided relief for those individuals who are yet to complete their tax
savings. They can complete investments in tax-saving instruments by June 30, 2020.

9) Deposits in PPF and Sukanya Samriddhi Account
The Finance Ministry has also extended the deadline for mandatory minimum deposit in Public
Provident Fund (PPF) and Sukanya Samriddhi Account (SSA) for 2019-20 by three months up to
June 30.

10) Validity of forms 15G and 15H
The Central government has extended the validity of Forms 15G and 15H submitted by fixed deposit
holders during fiscal 2019-20, till June 30.


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