Finance minister Nirmala Sitharaman today will hold a press briefing on pandemic coronavirus outbreak at 2 PM onwards.
Today, around 12:30 PM FM Sitharaman tweeted, “Even as we are readying an economic package to help us through the Corona lockdown (on priority, to be announced soon) I will address the media at 2 pm today, specifically on statutory and regulatory compliance matters. Via video conference.”
We have come up with a comprehensive plan about statutory and regulatory compliance matters, said fiance minister Nirmala Sitharaman during a media presser on Tuesday. She also said, “The lockdown has been done with an intention of flattening that curve of coronavirus’ spread. Therefore, I must appreciate you all for joining us today. We are close to coming up with an economic package, which will be announced soon.”
The last date for income tax returns for the financial year 2018-19 is extended from 31 March to 30 June, announced Nirmala Sitharaman on Tuesday. She said that she will be making announcements on income tax, customs, the Insolvency and Bankruptcy Code (IBC)-related matters, bank-related compliances, fisheries, among other things. She added that for the delayed payments, interest rate has been reduced from 12 percent to 9 per cent.
“Income Tax return file date postponed from 30th March 2020 to 30th June 2020,” FM Sitharaman.
Interest on delayed filing of income tax has been reduced from 12 per cent to 9 per cent.
Interest on TDS reduced from 18 per cent to 9 Per cent.
Last Date of adhar & Pan linking with various important documents increased from 31st March to 30th June.
Due dates for issue of notice, intimidation, notification, approval order, sanction order, filing of the appeal, furnishing of return, return statement, applications, reports, any other documents & any compliance by the taxpayers including the investments in savings instruments or investment for rollover benefit of capital gains under the income tax act, wealth tax act, probation of benami sampatti act, black money act, STT law, CTT law, equalisation levi law, vivad se vishvas law, where the time limit was expiring on 20th march has been extended to 30th June 2020.
“The last date for filing March, April, and May 2020 GST returns and also composition returns, all are being extended to 30th June 2020,” FM Sitharaman.
For companies which has less than 5 crore turnover, no interest, no penalty, or no late fee will be charged from them. For bigger companies, which above and bigger than 5 crore turnover will be charged reduced rate of interest of 9 per cent only.
The government announced on Tuesday that payment date under the ‘Sabka Vishwas’ scheme, which was for settling disputes in the indirect tax regime, has been extended till 30 June 2020.
In a major relief to imports/exporters, the government on Tuesday said that customs clearance now an essential service, till 30 June, 2020 and it will be working 24/7.
The government on Tuesday said that the mandatory requirement of holding board meetings is being relaxed by a period of 60 days, has been relaxed for the next two quarters. The finance minsitry said that if no board meeting held for 2019-20, it will not be considered a violation
The finance minister Nirmala Sitharaman also said that the applicability of The Companies Auditors’ Report Order 2020, which was supposed to have come into force in 2019-20, has been shift to 2020-21.
The finance ministry announced that for newly incorporated companies, there is a requirement to file declaration on commencement within six months, which the government is giving an additional six months to file their returns.
Nirmala Sitharaman also said that If there was a company director who does not comply with the minimum residency requirement, it shall “not be treated as a violation.”
Threshold of default extended to Rs 1 core from existing Rs 1 lakh, in order to prevent insolvency proceedings against MSMEs.
“Don’t rush to the bank for unless its very important, use online payment method (UPI transaction and Paytm). Now, no processing fee will be charged on using other bank atm at any e-commerce platform or ATM,” FM Sitharaman.
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