As Coronavirus has wreaked havoc across the world including India, governments of different countries are taking measures to contain the highly contagious virus. More than 480 cases including nine deaths have been reported across India.
In this wake Finance Minister Nirmala Sitharaman briefed media on statutory and regulatory compliance matters on Tuesday. She announced a raft of measures in the wake of lockdown due to Coronavirus outbreak.
In a major initiative, the government has extended the deadline for filing belated income tax return (ITR) to June 30, 2020 from earlier March 31, 2020. The decision has been made in view of the unprecedented situation prevailing due to coronavirus across the country. For delayed payments made till June 30, interest rate has also been reduced from 12 percent to 9 percent. She also said the government is working on an economic relief package.
Highlights of Press Briefing:
2:20 pm – Work is going on and we are close to coming up with an economic package: FM
2:22 pm: Delayed payments interest rates reduced to 9% from 12%
2:26 pm – For FY 2018-19, last date for IT return extended till June 30: FM
2:28 pm: TDS – Interest reduced from 18% to 9% if deposited upto 30th June 2020
2:32 pm – For FY 2018-19, delayed payment interest reduced from 12% to 9%; no extension for TDS; delayed deposit will attract 9% against 18%: FM
2:38 pm – 8-point economic relief announced by FM Income Tax compliance GST compliance Customs compliance MCA compliance IBC compliance Fisheries compliance Bank-related compliance Commerce-related compliance.
2:55 pm – Aadhaar-Pan Card linking date extended till June 30 – Vivad Se Vishwas scheme also extended till June 30; no additional charge of 10% : FM
3:00 pm: Aadhar PAN linking date extended to 30th June 2020