• Due to covid 19 virus, there is severe disruption in the normal working of almost all sectors of economy including functioning of the banks, other institution etc.There can be instances that some eligible persons may not be able to submit the form 15G and 15H timely to the banks, other institution etc. This would result into the deduction of TDS by the banks and other institution even where there is no tax liability. To mitigate the genuine hardship of such persons, the CBDT issues such direction/clarifications by excercise of its powers u/s 119 of the act.
• In case if a person had submitted valid forms 15G and 15H to the banks or other institution for F.Y. 2019-20 than these form 15G and 15H will be valid upto 30.06.2020 for F.Y. year 2020-21 also.It is reitrated that the payer who has not deducted tax on the basis of said forms 15G and 15H , shall require to report details of such payments/credits in the TDS statement for the quarter ending 30.06.2020 in accordance with the provisions of rule 31A(4)(vii) of income tax rules 1962.

GSTR -3B

• Those having aggregate annual turnover less than Rs. 5 Crore can file GSTR-3B due in March, April and May 2020 by the last week of June 2020,
• No interest, late fee, and penalty to be charged. –
• Those having aggregate annual turnover Rs. 5 Crore and above can file returns due in March, April and May 2020 by last week of June 2020 but the same would attract reduced rate of interest @9 % per annum from 15 days after due date (current interest rate is 18 % per annum).
• No late fee and penalty to be charged, if complied before till 30th June 2020.

• • Section-44AB
  • Limit is 1 crore to 5 crore
  • Limit of 5 crore only if–
  • Total receipt in cash do not exceed 5 percent and
  • Total payment in cash do not exceed 5 percent