Social Responsibility Of Every Taxpayer During CORONA
We have seen different announcements by the Government of India this week after the lockdown of 21days to avoid the Corona virus. This very first announcement by Finance Minister Nirmala Sitharaman was on legal compliances (on Income Tax, GST, MCA, under The Companies Act, Audit and so on) giving to help the Taxpayers at large. This was the first relief given to the taxpayer individuals at large in the nation.
From that point, the relief was declared for the BPL (Below Poverty Line) cardholders, Jandhan Account holders, MANREGA (The Mahatma Gandhi National Rural Employment Guarantee Act, 2005) workers, Ujwala Yojna Gas connections, etc. to the composition of Rs.1.70 Lacs Crores. The RBI has turned out with its approaches yesterday i.e. 27.03.2020 and providing the help by giving relief on EMI instalments, reducing the rate of interest, relaxing the standards for provisioning & norms for slippage of accounts. There are lot more announcements and declarations will come from this point for relief to battle and prevent the mighty COVID 19.
The point I was to worry upon the individual taxpayers are the first for relaxation according to the Central Government of India for important and necessary relief because of lockdown. And here lies the Social Responsibility of the taxpayers. However, the date of filing the income tax returns (ITR) has been extended and no interest or concessional interest will be charged till 30th June, 2020, so I thought as a responsible taxpayer we should not wait till the last date and pay the sum to the Government. This we as a advisor or consultant, Chartered Accountants will likewise advised & look through out customers to pay ahead of time not to wait for the due dates. Majority of the taxes are paid online now a day & the payment can be done from anywhere at remote location, or from home as a part of work from home.
Aside from the most recent 10 days, this financial year was over & we are working entire year.
These are some points by which you can discharge your social responsibility and duty:-
- You can pay GST for the month of Feb & March 2020.
- You can pay Income Tax based on your calculation for A.Y.2020-21, this will be considered as Advance Tax if paid before 31st March, 2020 & Self-Assessment Tax is paid after 31st March, 2020.
- You can pay self-assessment tax for A.Y.2019-20 however the date of filing reached out to 30th June, 2020.
- You can pay the additional tax liability, if any on account of updation or revision of the return for A.Y.2019-20.
- You can pay TDS deducted in the month of March 2020.
- You can pay the profession tax deducted from salary.
The Neusource Startup Mind is the finest business startup consultant that offers various services of compliances along with the registration like Producer Company Registration, ESIC Registration, Proprietorship Firm Registration, LLP Registration, Instant PAN Card or read more about ITR Date Extended
“An idea can change your life”: Well it’s true! I am glad that India is rising its way towards startup culture. It has literally pushed people to at least give it a try and not just live in a bubble. Being an entrepreneur you need a team and Neusource is there to help you and to raise your startup.