First Booster Dose : Regulatory Reliefs for IT, GST, ATM & Bank Balances too…

By, thefocus_admin - March 24, 2020 03:49:11

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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.