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Defer advance tax to Dec, CAMIT plea to FM

MUMBAI, May 18, 2020: As the entire economy reels under uncertainty due to  corona impact, the Chamber of Associations of Maharashtra Industries and Trade (CAMIT) has appealed to the Finance Minister to defer the payment of at least two instalments of Advance Tax payable in June and September to December 2020, without the incidence of any interest.

CAMIT chairman Mohan Gurnani said in his letter to Finance Minister Nirmala Sitharaman that the country is going through a lockdown from March 2020, with all establishment closed and hence industry and trade apart from not having any income cannot even forecast the income for the year ahead due to uncertainty over the dreaded disease. Moreover the business community does not even have the liquidity to pay for advance tax.

“We would therefore like to request you to kindly defer the payment of at least two instalments of Advance Tax payable in June and September to December 2020, without the incidence of any interest. This will go a long way to help the business community to recover from the shock and be on their feet again,” Gurnani said.

“It is our endeavor to play a strong and proactive role in order to achieve the targets set by the government by taking all stakeholders along the path of growth and development,” he said and complimented the Narendra Modi Government “for so efficiently and aptly handling the most dreaded period seen by mankind and showing a path to the entire world.”

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