Finance Minister Nirmala Sitharaman on Tuesday announced a slew of relief measures for the common man who have been troubled with various approaching deadlines as the financial year is coming to an end on March 31.
Likewise, the finance ministry has extended the last date of filing of income tax returns for the financial year 2018-19 to June 30. In addition, debit card holders can withdraw cash for free from any other bank ATMS for the next three months. Currently, an additional charge is levied for cash withdrawals exceeding three times a month from any other bank, other one’s own bank. In addition, the government has taken out the minimum balance requirement in bank accounts.
“These measures are being taken to ease the burden of compliance on citizens,” Sitharaman said during the press conference.
Here are the major announcements made by the finance minister on Tuesday:
For FY18-19
Last day for income tax returns extended to June 30, 2020.
Interest rates on delayed payments reduced from 12 per cent to 9 per cent
No extension but for delayed deposit on TDS, reduced interest rate to 9 per cent from current 18 per cent
Various dates for filing extended to June 30
Aadhaar-PAN linking last date extended to June 30
Vivaad se VIshwas scheme extended to June 30 and from now to June 30, no 10 per cent additional charge
GST: The last date for March, April, May 2020 GST returns and Composition returns extended to June 30th, 2020.
Due date for issue of notice for all laws linked to duty compliance extended till June 30.
For companies with less than Rs 5 crore turnover, no interest, late fee or penalty will be charged. For the bigger companies, the interest would be 9 per cent.
Date for opting composition scheme also extended till June 30.
During this period of lockdown, Customs Clearance will be operational 24x7.
MCA 21 registry
No late fee.
For board meeting requirements, relaxation of 60 days that is applicable for the next two quarters.
Additional time of six months given to newly incorporated companies to file declaration for commencement of businesses
IBC
If the situation continues beyond April, the government will consider suspending Sections of IBC for 6 months to stop companies being forced into insolvency.
Threshold of default extended to Rs 1 crore from existing Rs 1 lakh now to prevent insolvency proceedings against MSMEs.
Banking
Free ATM withdrawals for three months from any bank
No minimum balance for bank accounts
Reduce bank charges for digital trade transactions for all trade finance consumers.
