Union Finance Minister Nirmala Sitharaman on March 24th, 2020 announced a slew of relief measures for taxpayers and businesses to aid the fight against the coronavirus pandemic (COVID-19).
The last date for filing of the income tax return for the financial year 2018-19 stands extended to June 30th, 2020. The new date for mandatory filing of Aadhaar with Permanent Account Number (PAN) is June 30th, 2020.
Sitharaman mentioned that Debit cardholders withdrawing cash from any bank ATM will now be able to do it free of charge for a period of three months.
Finance Minister remarks came as 30 States and Union Territories were placed under lockdown to tackle the spread of the coronavirus pandemic, shutting down businesses and disrupting daily life.
Here are the top 10 points:
- Delayed deposit of TDS till 3oth June- Reduced interest 9%
- Due date for all notices/orders/appeals/applications/reports/any other document/any compliance by taxpayers up-to June 30th, 2020
- All investments/Saving instruments for rebates can be made by 30th June 2020
- Adhaar-PAN linking date extended to June 30th, 2020
- Vivad Se Vishwas Scheme extended up-to June 30th, 2020, No additional charge of 10% up-to 30th June 2020, earlier disputed tax has to be deposit by March 31st, 2020 without additional charge of 10%
- March, April and May 2020 month GST returns and composition returns filing date extended up-to June 30th, 2020
- Companies with less than Rs 5 crore turnover no interest, late fees or penalty
- Other companies more than Rs 5 crore turnover, no Late fee and penalty, only interest at reduced rate of 9%
- Date for opting composition scheme extended to June 30th, 2020
- Sabka Vishawas scheme (Indirect Taxes) extended from March 31st, 2020 to June 30th, 2020, no interest will be levied at all
- Custom clearance till June 30th, 2020 will be 24*7
- From 1st April till September 30th, 2020, no additional fees for late filings
- Holding board meetings period of 60 days relaxation till next 2 quarters
- Applicability of CARO 2020 will be from FY 2020-2021 instead of 2019-2020
- 2019-2020, if no meeting held with Independent director, no violation
- For newly incorporated companies, the commencement of business form can be filed with an additional time of 6 months
- If the company director not comply with the minimum mandatory period to be stayed in India u/s 149 of Companies act, it will not be treated as violation
- Threshold of default raised from Rs 1 lakh to Rs 1 crore
- If the situation of COVID-90 continues like this, after April 30th, 2020, may suspend section 6 months section 7, 9 and 10 of IBC for next 6 months
- Debit card holders can withdraw cash from any bank ATM- No charge up-to next 3 months
- No minimum balance requirement fees for bank accounts
- Bank charges reduced for digitally transactions related to all trade finance.