Suresh Prabhu requests FM for extension of Income Tax & GST Due Dates

Suresh Prabhu requests FM for extension of Income Tax & GST Due Dates

Mr. Suresh Prabhu, Member of Parliament (Rajya Sabha) has requested honorable Finance Minister Mrs. Nirmala Sitaraman for extension of Income Tax & GST Return Due Dates.

As per his request letter, the due dates for filing Tax Audit and Transfer Filing Audit should be extended to 28th Feb 2021. Further Income Tax Return Filing due date should be extended to 31st March 2020.

For GST Due dates, the dates for filing Annual Return (GSTR-9) and GST Audit (GSTR-9C) for Financial Year 2018-19 should be extended to January 31, 2021.

News Source: Through Whatsaap Group. We have no official confirmation for the same.

As of now the Due date of submitting GST Annual Return and GST Audit for FY 2018-19 is 31st December 2020. Interestingly, Due date of submitting GST Annual Return and GST Audit for FY 2019-19 is also 31st December 2020. As of now there has been no news of an extension from the Ministry of Finance.

Late Fees for Non-Filing GSTR-9 & GSTR-9C

A late fee of Rs.200/- per day (Rs. 100 under CGST law +Rs. 100/- under State / Union Territory GST law) could be levied which would be capped to a maximum amount of half percent (0.25% under the CGST Law + 0.25% under the SGST / UTGST Law) of turnover in the State or Union Territory.

Late Filing fees of ITR

The Late Fees for Filing a Belated return is levied under section 234F of the Income Tax Act. Fees is as follows:

1. If the Total Income of the Taxpayer does not exceed Rs Five Lakh.

Rs. 1000

2. In any other case i.e. when Income of Taxpayer does not exceed Rs Five Lakh.

Rs. 10,000

Penalty for Late filing of Tax Audit [section 271B]

If any person fails to get his accounts audited as required under the provisions of section 44AB before the due date u/s 139(1), then AO may impose penalty which may be a sum equal to one-half percent of the total sales, turnover or gross receipts subject to a maximum of Rs. 1.5 Lakh.
If the assessee gets his accounts audited u/s 44AB and furnish the said report as required, then penalty u/s 271B shall not be levied if though the return of income is filed after the due date specified u/s 139(1).

Tags: GST

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