An appeal to Hon’ble FM for Relaxation from Tax & other compliance activities of the taxpayers
The Finance Minister
New Delhi – 01.
Subject: Relaxation from Tax & other compliance activities of the taxpayers
At the outset, www.theTaxTalk.com appreciates the efforts taken by the Government in ensuring the control over Cornona Virus which has created a panic amongst all of us.
We, the citizens of the country feel honoured to have the Prime Minister Like Respected Shri Narendra Ji Modi who is directly communicating to the citizens of the country. We pledge to follow “Janta Curfew” on 22nd March as appealed by the Government.
Respected Madam, we all assure you of our fullest support in the initiative taken by the Government for the betterment of all of us. All the industries and business houses have granted leave to the employee to have better control over Covin 19.
At this critical hour, we request you to kindly consider the following suggestions so that the purpose and objectives of social distancing can be more conveniently achieved. Compliances require not only the involvement of the owner but also Accountant and staff. The same is not only required the help of tax consultants, professionals, CA but also their staff which includes computer operator, assistants and peon in the offices. Needless to say, at micro level, everyone is concerned with their work even at the cost of the suffering of other persons. Compliances activity are normally required to be done by following due procedure of law and most of the compliances are done on the last dates by the taxpayers due to various other business priorities.
In the interest of all, the Government must extend all the due dates which are falling due in the month of March or April. An abrupt extension be granted till 30th April so that the situation of COVIN- 19 could be handled without pain.
In more particular, we humbly request you to kindly consider the extension of following dates.
- The deadline to link Aadhar with PAN is notified as 31st March 2020. The linking is mandated under section 139AA of the Income Tax Act – 1961. Non linking will not only make PAN inactive but will also be liable for penalty of Rs. 10,000/-.
- The last opportunity to file income tax return for the AY 2019-20 is 31st March 2020. If the returns are not filed, the taxpayers could not file it at any occasion subsequently. The same need immediate extension to avoid the panic in the market.
- The due date of payment of TDS is also need to be extended as it otherwise is liable for heavy interest liability.
- The due date for filing revised return u/s 139(5), for filing appeal at various forums, for filing rectification application u/s 154, also need to be extended.
- In case of NGO & Trust, CBDT has very carefully empowered the CIT (Exemption) to condone the delay in filing of audit report in Form No. 10B. However, power to condone the delay is there only till 31st March. It also need to be extended further by around 3 months time.
- All the forms and details of the scheme “Vivad Se Vishwas scheme” is finally done in the last week only. There is lot of difficulty as the taxpayers who wish to exercise it is required to do lot of paper working and other compliances. The scheme also needs extension for the benefit of the taxpayers.
- The time limit for compliances with various notices issued by Income Tax Department or by GST officials be unequivocally be extended by two months time.
- The recently concluded Dispute resolution scheme under the Indirect Tax has received enormous response from the Taxpayers. However, there are various taxpayers who have opted for the scheme but failed to make the payment as stipulated in the scheme. A relaxation should be provided for the payment so that they will still remain in the scheme. Interest can be charged for delay in payment in such cases. It will reduce the pain for all such taxpayers.
- There are various due dates which are due in the month of March and Apirl under GST laws. The same need to be categorically extended by 2 months. Even, the payment also need relaxation and the business houses are not able to recover the dues from their customers due to non-follow up or no visit for recovery.
- The banks are after their customers for the recovery in their account and to keep the account in order i.e., NPA control. The customers are not able to pay the amount due to closure of shop & establishments and due to no recovery / follow up from the customer. The NPA recognition norms need to be extended by another 3 months.
- SEBI has aptly given relaxation in publishing the quarterly data. On the same line, the banks are required to be instructed to not insist on the audit of the branches in a time bound basis. Normally, the bank allots the audit in the last week of March and insists on the completion of audit within 10 to 15 days time frame. In the interest of all, the bank may be instructed not to ask for audit of its branches before 30ThApril. This is not only for Nationalized bank but also for private sector bank.
We are sure that under your able leadership & guidance, we will be able to control Covid 19.
With Thanks & Regars
An Appeal to the Taxpayers:
- At this critical hour, don’t deduct the salary / wages of your employee.
- Be generous in providing the money/donation/loan to the needy- Not in expectations of the return but on the ground of humanity.
- Kindly contribute the amount to the PMRY fund or give amount to the charitable organization who are working nearer to you.
- Keep yourself safe and healthy – It is a key to keep others healthy and safe.