New Delhi : Finance Minister Nirmala Sitharaman today announced some relief towards income tax filing to reduce the hardship of the tax payers in view of coronavirus outbreak in the country.
key highlights:
- Debit card holders to withdraw cash free of charge from any other bank ATMs for the next three months
- Waiver of minimum balance in bank accounts for next months.
- Applicable on all banks.
Deadline for income tax filing for FY18-19 has been extended to June 30 - Interest for filing for delayed ITR for FY18-19 reduced to 9%, from 12%
Reduced interest rate of 9% on delayed deposit of TDS, as compared to 18% earlier - Aadhaar PAN linking date extended to June 30
- Deadline for for filing March, April, May GST returns and composition returns extended till June 30, 2020
- Vivad se Vishwas’ Scheme extended to June 30
- No additional 10% charge on Vivad Se Vishwas scheme till June 30, 2020
- Sabka Vishwas scheme on indirect taxes extended till June 30, no interest will be charged
- For companies, requirement of holding board meetings is being relaxed by a period of 60 days. This relaxation is for the next two quarters.
- Customs clearance now an essential service and till June 30th, 2020 it will be working 24/7
- To stop companies being forced into insolvency proceedings, the threshold for default under IBC raised to ₹1 crore, from ₹1 lakh. This will benefit MSMEs
- Newly incorporated companies get an additional 6 months to file declaration. There is a requirement to file declaration for the commencement of business within 6 months of incorporation.