Nirmala Sitharaman: Tax filing dates extended, business rules eased, ATM, bank charges waived off in Covid relief measures. Here are key announcements by Nirmala Sitharaman – The Economic Times

Here are the key announcements:

Tax measures

*For Financial year 2018-19, last date for returns extended to June 30, 2020. Delayed payments made till June 30, interest rate reduced to 9% from 12%.

*For delayed deposit of TDS, interest has been reduced to 9 % from 18%

*Aadhaar-pan linking extended to June 30 from March 31

*Vivaad se Vishwaas scheme extended to June 30. And no additional payment of 10% to be paid

*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

For GST

*All GST returns for March, April, May and composition returns extended to June 30, 2020

*For companies less than 5 cr no late fee and penalty to be charged. For above Rs 5 cr, only int at the rate of 9%

For Customs

*Sabka Vishwaas scheme for indirect taxes having last date till March 31 has been extended to June 30,2020. No interest to be levied.

*Customs clearance till June 30 to work 24×7.

For Companies

*In respect of the MCA21 registry, there is a moratorium being issued from April 1 till Sep 30 no additional fees for late filing.

*There is a mandatory requirement for holding Board meeting. We are relaxing it for 60 days for the next two quarters.

*For newly incorporated cos, additional time of six more months is being given for filing declaration of commencement of business

*If there is a company director who does not comply with minimum residency requirement of 182 days, this was treated as a violation. It shall not be treated as one.

For Insolvency and Bankruptcy Code

*Threshold of default is Rs one lakh as of now. From Rs one lakh it is being raised to Rs one crore to prevent triggering of insolvency proceedings for SMEs.

*If it continues like this beyond April, then sec 7, 9, 10 of the IBC will be suspended for a period of six months.

via Nirmala Sitharaman: Tax filing dates extended, business rules eased, ATM, bank charges waived off in Covid relief measures. Here are key announcements by Nirmala Sitharaman – The Economic Times

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