Vidarbha Taxpayers Association (VTA) highly appreciates the proactive steps initiated by the Central Government, State Government, Administration, Local Bodies and not to forget the services of our, police, doctors, medical staff and personnel of essential services to combat the rising threat of coronavirus in our region.
Admittedly Covid-19 has and will continue harming our economy not leaving even common taxpayers for few more months. VTA further appreciates the formation of the Covid-19 Economic Response Task Force by the Government of India to handle this situation in the interest of taxpayers and our country. Accordingly, VTA dispatched memorandum to Narendra Modi – Prime Minister and Nirmala Sitharaman – Finance Minister and Chairperson, Covid -19 Economic Response Task Force with suggestions for kind considerable under such time of distress.
Shrawankumar Malu, president VTA suggested that it’s requested 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 should be extended to avoid the penalty in case of delay. Likewise EMIs of soft loans of Salaried people, professionals and small business entrepreneurs may please be spared for couple of months. Similarly interest wavier is required in case of delay in payment of 15th March Advance Tax.
Tejinder Singh Renu, secretary of VTA suggested that Goods and Service Tax (GST) requires many time to time formalities by the taxpayers; these also should be relaxed appropriately. Many licenses expire during year-end, therefore such a license is allowed to work till the situation improves. State Governments should also be asked to follow the same procedure in case of a licensed issued by them. Hotel, Restaurants and Travel Industry are also hit very badly, some appropriate concessions & relaxations to them if of the utmost requirement.
VTA requested that Government needs to understand that taxpayers plan their finances during year-end, however since February 2020 onward the economic conditions are deteriorating sharply and the Government needs to give some cushion to taxpayers to keep them survived during such time of war with an invisible enemy.