The last date for the income tax return for the financial year 18-19 is extended to 30th June 2020. For delayed payments interest rate has been reduced from 12% to 9%, said Union Finance Minister Nirmala Sitharaman.
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# IBC: – We may suspend sections 7,9,10 for MSME for six months beyond April 30 depending on situation: FM
# For newly incorporated companies, additional time of 6 more months to file declaration for commencement of business – For a director in any company, less than minimum residency of 182 days, shall now not be treated as a violation: FM
# For newly incorporated companies there is a requirement to file declaration for the commencement of business within 6 months of incorporation. Now we are giving them an additional time of 6 more months: Union Finance Minister Nirmala Sitharaman
# We may suspend sections 7,9,10 for MSME for six months beyond April 30 depending on situation: FM
# Work is going on and we are close to coming up with an economic package: FM
# For board meeting requirements, relaxation of 60 days that is applicable for the next two quarters: FM
# – For companies with less than Rs. 5 crore turnover, no interest, late fee or penalty will be charged
# GST: Last date for filing March April&May 2020 returns and composition return extended till 30th June 2020:
# Green circle: For companies less than 5 cr turnover, there will be NO interest, No late fees and NO penalty: FM
# Mandatory requirement of holding board meetings is being relaxed by a period of 60 days, this relaxation is for the next two quarters.
# Relief for imports/exporters: Customs clearance now an essential service, till June 30th, 2020 it will be working 24/7.
# Due date for issue of notice for all laws linked to duty compliance extended till June 30: FM
# Vivad Se Vishwas scheme also extended till June 30; no additional charge of 10% : FM
# For FY 2018-19, delayed payment interest reduced from 12% to 9%; no extension for TDS; delayed deposit will attract 9% against 18%: FM
# The last date for March, April, May 2020 GST returns and Composition returns extended to June 30th, 2020.
# Work is going on and we are very close to coming up with an economic package that will be announced sooner rather than later: Union Finance Minister Nirmala Sitharaman in Delhi.
“Even as we are readying an economic package to help us through the Corona lockdown (on priority, to be announced soon) I will address the media at 2pm today, specifically on statutory and regulatory compliance matters. Via video conference,” Finance Minister Nirmala Sithraman said in a tweet.
Prime Minister Narendra Modi will address the nation, second time in a week, at 8 pm today on the coronavirus outbreak.”Will address the nation at 8 PM today, 24th March 2020, on vital aspects relating to the menace of COVID-19,” Modi tweeted.
He had addressed the nation on efforts to combat the virus on March 19.
He had also announced setting up of a task force, to be headed by Finance Minister Nirmala Sitharaman, to look at measures to limit economic hardship caused by the COVID-19 pandemic.
