“Since February 2020 onward the economic condition is deteriorating sharply and the Government needs to give some cushion to taxpayers in such a time of war with invisible enemy,” VTA said Business Bureau : Vidarbha Taxpayers Association (VTA) on Saturday appreciated the proactive steps initiated by the Central Government, State Government, local bodies, police, doctors, medical staff and personnel of essential services to combat rising threat of corona virus in the region.
In a statement released here, VTA said the threat of Covid-19 would continue affect the economy not leaving even the common taxpayers for few more months. VTA further appreciates formation of Covid-19 Economic Response Task Force by Government of India to handle the situation in the interest of taxpayers. Accordingly VTA sent a memorandum to Prime Minister Narendra Modi and Finance Minister and Chairperson of Covid -19 Economic Response Task Force Nirmala Sitharaman highlighting suggestions for kind considerable under such time of distress. Shrawankumar Malu, President of VTA, suggested that due date for filing of Income Tax return u/s 139(4) of Income Tax Act, 1961 for 2019-20, which is March 31, 2020 should be extended to avoid penalty in case of delay.
Likewise EMIs of soft loans of salaried people, professionals and small business entrepreneurs may be spared for couple of months. Similarly, interest wavier is required in case of delay in payment of March 15 Advance Tax. Tejinder Singh Renu, Secretary of VTA, said that that Goods and Service Tax (GST) requires many time to time formalities by the taxpayers and thus these also should be relaxed appropriately. Many licenses expires during year end, therefore such license be allowed to work till situation improves. State Governments should also be asked to follow same procedure in case of licensed issued by them. Hotel, restaurants and travel industry are also hit very badly, some appropriate concessions and relaxations to them if of utmost requirement.
VTA also requested that the Government needs to understand that the taxpayers plan their finances during year end. “Since February 2020 onward the economic condition is deteriorating sharply and the Government needs to give some cushion to taxpayers in such a time of war with invisible enemy,” VTA said.