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.