Corona Effect: FM Nirmala Sitharaman moves Tax deadlines to 30th June, eases business rules
Delhi: Finance Minister Nirmala Sitharaman, on tuesday, announced a slew of measures for extension of statutory and regulatory compliances due to coronavirus outbreak. She said that the deadline for filing income tax returns for the financial year 2018-19 has been extended till 30 June, 2020 from the existing last date of 31 March.
She mentioned that soon the economic task force team will announce economic relief package. She also said that interest on delayed deposit for TDS will be reduced to 9 percent from 18 percent earlier.
Here are the key announcement from the press conference
GST/Indirect Tax related announcement
- All GST returns for March, April, May and composition returns extended to June 30, 2020
- For companies less than 5 cr no late fee and penalty to be charged. For above Rs 5 cr, only int at the rate of 9%
- Sabka Vishwaas scheme for indirect taxes having last date till March 31 has been extended to June 30,2020. No interest to be levied
For Customs
- Customs clearance till 30th June 2020 will operate 24×7 as an essential service.
Financial Services:
- *Debit card holders who withdraw cash from any bank ATM can do it free of any charge for next three months. This measure comes as a relief for customers who can withdraw from any bank without any charge levied on them.
- There will be no charges on not keeping the minimum balance requirement. Country’s largest lender State Bank of India had already waived the requirement of hold
- Reduced digital charges for trade transactions
- For Financial year 2018-19, last date for returns extended to June 30, 2020. For delayed payments made till June 30, interest rate reduced to 9% from 12%.
- For delayed deposit of TDS, interest has been reduced to 9 % from 18%
- Aadhaar-pan linking extended to June 30 from March 31
- Vivaad se Vishwaas scheme extended to June 30. And no additional payment of 10% to be paid
- All compliances under Income Tax Act, Wealth Tax Act, Benami Transaction Act, Black Money Act have been extended to 30th June