Union Finance Minister Nirmala Sitharaman today announced various statutory and regulatory compliance relief measures amid a complete shutdown almost all over the country to control the spread of the highly contagious coronavirus or Covid-19 infection. The last date for filing belated income tax return (ITR) for the FY 2018-19 has been extended from March 31 to June 30, 2020.
The deadline for filing returns of goods and services tax (GST) for March, April and May this year has also been extended till June 30. The government has also extended the last date for linking PAN card with Aadhaar from March 31 to June 30.
Bank account holders do not need to worry about maintaining a minimum monthly balance as non-maintenance charges will be waived off for three months. ATM withdrawals from any bank ATMs will also be free for debit card holders for the next 3 months.
The finance ministry is already working an economic package to mitigate the impact of coronavirus on the Indian economy. Prime Minister Narendra Modi has also announced setting up of a task force, to be headed by Sitharaman, to look at measures to limit economic hardship caused by the COVID-19 pandemic.
All regulators, the RBI and finance ministry working together to keep monitoring volatility in stock markets: FM
-There was a lot of pressure on people to follow the March 31 deadline and so we have extended it: FM
-Finance ministry is working on suggestions coming from the task force. Economic package is being worked out. Sooner we shall come with an announcement on that: FM
-Every attention being given to the economy. PM is closely monitoring situation: Sitharaman
- Bank charges reduced for digital trade transaction for all trade finance consumers: Sitharaman
-Go to banks only when it is absolutely required. Do online transactions
-Minimum balance charges waived off for bank accounts: FM
-Debit card holders who withdraw cash from any ATMs can do it free of charge for 3 months: FM
IBC Section 7, 9 and 10 may be suspended for six months to stop companies being forced to insolvency: Sitharaman.
-Insolvency and Bankruptcy Code: The existing threshold of ₹1 lakh hiked to ₹1 crore. This is being done to protect MSMEs.
- For a director in any company, less than minimum residency of 182 days, shall now not be treated as a violation: Sitharaman.
-For newly incorporated companies: 6 more months to file commencement of business report.
- Vivad se Vishwas tax dispute resolution scheme extended by 3 months to June 30. Those availing the scheme by the extended deadline will not have to pay 10 per cent interest on the principal amount: Sitharaman.
-Applicability of Companies Auditors’ Report Order 2020 shifted to 2020-21: FM
-Board meeting rules relaxed for 60 days: FM
-Customs clearance now an essential service, till June 30th, 2020 it will be working 24/7: FM
-For bigger companies, only interest but no late fee and no penalty for GST: FM
- For companies with less than ₹5 crore turnover, no interest, late fee or penalty will be charged: Sitharaman
-Deadline for filing March, April, May GST returns extended to June 30: Sitharaman.
- No move to impose financial emergency as was claimed by some reports: FM
-Vivad Se Vishwas Scheme has been extended from April 1 to June 30. No additional 10% payment: FM
-Aadhaar-PAN linking deadline extended to 30th June: FM
-Delayed deposits of TDS, only reduced interest rate of 9% will be charged on delayed deposits till June 2020. No extension of deadline.
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