Finance Minister Nirmala Sitharaman on Tuesday announced some relief to Indian citizens in view of the coronavirus outbreak. Sitharaman asserted that there is no move to impose ‘financial emergency in the country.
The Finance Minister also announced an extension of deadline for ITR filing and Aadhaar-PAN linking to June 30, 2020.
Here are key takeaways from Finance Nirmala Sitharaman’s press conference:
1) Last date to file Income Tax returns (I-T return) for FY18-19 extended to June 30, 2020.
2) Due date for issue of notice for all laws linked to duty compliance extended till June 30
3) Very close to coming out with economic package to deal with coronavirus crisis
4) For delayed deposit of TDS, interest has been reduced to 9 % from 18%.
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5) No move to impose ‘financial emergency’ as was claimed by some reports.
6) All compliances under Income Tax Act, Wealth Tax Act, Benami Transaction Act, Black Money Act, Vivaad se Vishwaas, have been extended to June 30, 2020.
7) Aadhaar-PAN linking extended to June 30, 2020 from March 31, 2020.
8) For delayed deposit of TDS, interest has been reduced to 9 % from 18%
9) Payment date under the ‘Sabka Vishwas’ scheme, which was for settling disputes in the indirect tax regime, has been extended till June 30, 2020.
10) No interest, no penalty and no late fee on GST will be charged for companies with a turnover of less than Rs 5 crore.