March marks the closing a financial year. It’s that time of the year when people make their investments, do their last minute tax planning, pay their advance taxes etc. This March however, has been pretty exceptional for one reason – the Novel Corona virus (COVID 19) which has affected over 110 countries including India. Given the magnitude and extent of its spread, the WHO has declared it a Pandemic. Apart from human suffering, it’s also sent across a wave of anxiety in the minds of business owners as what happens next seems unknown.
In addition to the routine compliances, there are also certain deadlines which need to be met by 31st March 2020.
- For taxpayers not having filed their Return of Income for AY 2019 – 2020, 31st March 2020 is the last date – beyond which the Return of Income cannot be filed.
- For taxpayers who have identified a mistake in their original tax returns for FY 2018 – 2019, and need to file a revised return of income – the revised return needs to be filed by 31st March 2020.
- The Direct Tax Vivad Se Vishwas Act provides for payment of disputed taxes with complete waiver of interest and penalty till 31st March 2020 and with some additional payment till 30th June 2020.
- The last date for linking Aadhaar number with PAN is 31st March 2020. Non linking of PAN with Aadhaar makes the PAN inoperative from 1st April 2020.
- Country – By – Country Report in Form No. 3CEAD for PY 2018 – 19 by a parent entity or the alternate reporting entity, resident in India, in respect of international group of which it is a constituent of such group to be filed by 31st March 2020.
- Country – By - Country Report in Form No. 3CEAD for a reporting accounting year (assuming reporting accounting year is April 1, 2018 to March 31, 2019) by a constituent entity, resident in India, in respect of the international group of which it is a constituent if the parent entity is not obliged to file report u/s 286(2) or the parent entity is resident of a country with which India does not have an agreement for exchange of the report etc. to be filed by 31st March 2020.
Considering the fact that most organizations have been compelled to close down their operations / implement a ‘work from home’ policy to fully realize the object of social distancing as a means to contain the spread, morbidity and mortality due to the disease, an extension to the above deadlines beyond March 2020 would come as a welcome move.