crisis

FM Announces Relief Measures Amid Coronavirus Crisis – Free PDF Download

 

 

FINANCE MINISTER NIRMALA SITHARAMAN’S BRIEFING VIA VIDEO CONFERENCE

INCOME-TAX RELATED COMPLIANCES

  • For financial year 2018-19:-
  • Last date for Income Tax returns will be extended to 30 June.
  • For delayed payment still 30 June for financial year 2018-19 interest rate is 9% from 12%.
  • No extension but on delayed deposit of TDS, reduced interest of 9% till 30 June 2020 against current 20%. 
  • Aadhaar PAN linking date extended to 30 June, 2020. Last date was earlier 31 March, 2020.
  • Various other dates for notice filing is extended to 30 June 2020.

GST-RELATED RELIEF ANNOUNCEMENTS

  • Last date for filingMarch-April-May 2020 GST returns and also composition returns are extended to 30 June, 2020.
  • For companies which have less than Rs 5 cr turnover, no interest, no late fee and no penalty charged.
  • For bigger companies, late fee and penalty will be levied and interest at reduced rate of 9% will be charged.

RELAXATION OF DATES FOR BOARD MEETINGS

  • There is a mandatory rule for holding board meetings.
  • Now, there is a relaxation of a period of 60 days till the next two quarters.
  • For year 2019-20, independent directors of company have not been able to hold even one meeting it won’t beseen as a violation.

CUSTOMS TO WORK AS AN ESSENTIAL DUTY

  • During this period as at present when there is lockdown,
  • Custom clearance till 30 June 2020 will operate 24×7

MINISTRY, SEBI, RBI MONITORING MARKET TRADING

  • We are in contact in the morning, afternoon and evening regarding the market.

ECONOMIC PACKAGE IS BEING WORKED OUT

  • The Prime Minister is closely monitoring the situation.
  • There is a multi-layered composition of task force –
  • a group of industry leaders forming a sub group,
  • a group of MPs,
  • a group of
  • Finance Ministry is working intensely with the various sub-groups.

 

 

 

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