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Last Updated : Mar 24, 2020 07:10 PM IST | Source: Moneycontrol.com

FM Nirmala Sitharaman says FY19 I-T filing, Aadhaar-PAN linking deadline extended to June 30, 2020

She also said that interest on delayed deposit for TDS will be reduced to 9 percent from 18 percent earlier.


Finance Minister Nirmala Sitharaman in a press conference on March 24 said that last date of filing income tax return for the financial year 2018-19 will now be June 30, 2020. Interest rate on late payment will be reduced to 9 percent from 12 percent.

She also said that interest on delayed deposit for TDS will be reduced to 9 percent from 18 percent earlier.

Aadhar, PAN linking date will also be extended to June 30 from March 31 earlier.

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The deadline for settling tax disputes under the Vivad se Vishwaas scheme, without paying any interest and penalty, will be extended from March 31, 2020 to June 30.

Last date for filing March, April and May 2020 GST returns is being extended to June 30, 2020, she said.

For companies with a turnover of less than Rs 5 crore, no interest, late fee or penalty will be charged.

No late fee, penalties for companies with a turnover of more than Rs 5 crore but interest would be charged at 9 percent.

Nirmala Sitharaman on Coronavirus LIVE

Payment date under the ‘Sabka Vishwas’ scheme, which was for settling disputes in the indirect tax regime, has been extended till June 30, 2020.

"We are relaxing holding of board meetings for a period of 60 days till the next two quarters," Sitharaman said.

Applicability of The Companies Auditors’ Report Order 2020, which was supposed to have come into force in 2019-20, has been shift to 2020-21.

"If there is a company director who does not comply with the minimum residency requirement, it shall not be treated as a violation," Sitharaman added.

It will not be seen as a violation if independent directors cannot hold a single meeting in FY20.

"We may consider suspending Section 7, 9 and 10 of the Insolvency and Bankruptcy Code (IBC), at a later stage, if the current situation continues beyond six months," the FM said.

The threshold for default under IBC will be raised to Rs 1 crore from Rs 1 lakh earlier.

The Ministry also extended import permits for fisheries expiring in April by 3 months. One-month delay will be condoned in arrival of consignment of fisheries.

Debit cardholders who withdraw cash from any bank ATM can do it free of charge, from any other bank’s ATM, for the next three months. Also, there shall not be any minimum balance requirement fee, the FM said.

Bank charges are being reduced for digital trade and transactions.

On the financial market, the FM said all the regulators and RBI and MoF are working together to monitor the development of the market. "SEBI has come up with certain guidelines to ensure stability in the stock market. We are consciously monitoring the stock market thrice in a day. A lot of inputs have come, the task force is also looking into them."

Sitaraman also added that an economic package would be "announced sooner rather than later." The PM is actively involved in the framing of the package, she said.

Earlier in the day, Sitharaman had tweeted that an economic package was being readied to cushion the impact of COVID-19 outbreak in the country which has forced many states into a temporary lockdown.

As many as 560 districts in India are now under complete lockdown.

So far, India has reported 492 confirmed cases, with 10 dead. The Union Health Ministry said that 37 people have recovered so far.

Prime Minister Narendra Modi will also address the nation at 8 pm today.

"Will address the nation at 8 PM today, 24th March 2020, on vital aspects relating to the menace of COVID-19," the PM tweeted.

This will be his second address in a week.

[This is a developing story. Please check back for updates.]

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First Published on Mar 24, 2020 02:31 pm
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