In a big development in the view of coronavirus outbreak, Modi government has given a major relief to the common man, traders, MSMEs, big corporates and others too. Addressing a press conference, Union Finance Minister Nirmala Sitharaman, MoS Finance Anurag Thakur with officials made many key announcements to give relief in the troubled times of coronavirus outbreak. From ATM cash, minimum balance, Income Tax, GST Return, PAN, Aadhaar, IBC, and corporate affairs, here are key announcements:-
- Very close to coming out with economic package to deal with coronavirus crisis - Last date for filing income tax return for FY19 extended to June 30; interest rate for delayed payment cut to 9 pc from 12 pc - Reduced interest of 9 pc, instead of 18 pc, will be charged for delayed deposit of TDS
- Aadhaar-Pan linking date extended to June 30 from March 31 - Vivad se Vishwas scheme extended to June 30, no 10 pc additional charge on paying principal amount involved in tax dispute - Last date for filing March, April, May 2020 GST returns extended to June 30 - For companies with less than Rs 5 cr turnover, no interest, penalty and late fee to be charged on late GST return filing - For companies with turnover of over Rs 5 cr, no late fee and penalty will be charged on late GST return filing; interest rate reduced to 9% - Sab ka Vishwas indirect tax dispute redressal scheme extended to June 30; no interest on payment made till June 30 - Requirement of mandatory holding of board meetings for companies extended by 60 days - Threshold of default extended to Rs 1 cr from existing Rs 1 lakh now to prevent insolvency proceedings against MSMEs - Free of charge cash withdrawal from any other bank ATM allowed for debit card holders for 3 months - Complete waiver of minimum balance charges for savings bank account Also, Finance Minister Nirmala Sitharaman said regulators and her ministry are monitoring developments and volatility in stock markets.