FINANCE MINISTER SPEECH IMPORTANT POINTS 24032020
Government
extends tax deadlines to June 30
extends tax deadlines to June 30
Deadlines for filing income
tax and GST returns have
been extended to June 30, as part of a slew of relaxations of financial yearend
compliance announced by Finance Minister Nirmala
Sitharaman on Tuesday. The changes had been
prompted by the shutdown
of large parts of the country in a bid to control the
spread of the COVID19 viral
infection, so that taxpayers were not forced to endanger
their health in a bid to meet
compliance requirements, she said.
tax and GST returns have
been extended to June 30, as part of a slew of relaxations of financial yearend
compliance announced by Finance Minister Nirmala
Sitharaman on Tuesday. The changes had been
prompted by the shutdown
of large parts of the country in a bid to control the
spread of the COVID19 viral
infection, so that taxpayers were not forced to endanger
their health in a bid to meet
compliance requirements, she said.
Bank account holders
would not be charged extra
for using a debit card to
withdraw money from the
ATMs of other banks for the
next three months, and charges for not meeting minimum balance requirements would also be
waived. Bank charges for
digital transactions were also being reduced.
would not be charged extra
for using a debit card to
withdraw money from the
ATMs of other banks for the
next three months, and charges for not meeting minimum balance requirements would also be
waived. Bank charges for
digital transactions were also being reduced.
Income tax returns for
the financial year 201819 can now be filed until June 30, with the interest rate on
delayed payments reduced to 9% from 12%. The last
date for linking Aadhaar with PAN has also been extended from March 31 to
June 30.
the financial year 201819 can now be filed until June 30, with the interest rate on
delayed payments reduced to 9% from 12%. The last
date for linking Aadhaar with PAN has also been extended from March 31 to
June 30.
Other taxpayer
compliance deadlines, including for investment in
savings instruments or for rollover benefit of capital gains, under the Income Tax Act and other laws have
also been extended. The deadline for filing
GST returns for March, April
and May, as well as for opting for the composition
scheme, has been extended
to June 30 for smaller companies — with less than ₹5
crore aggregate annual turnover — without any interest, late fee or penalty being
charged.
compliance deadlines, including for investment in
savings instruments or for rollover benefit of capital gains, under the Income Tax Act and other laws have
also been extended. The deadline for filing
GST returns for March, April
and May, as well as for opting for the composition
scheme, has been extended
to June 30 for smaller companies — with less than ₹5
crore aggregate annual turnover — without any interest, late fee or penalty being
charged.
For bigger companies, only
interest would be charged at
the reduced rate of 9%.
The date for filing annual GST returns for 201819 has
also been extended to the last week of June.
Deadlines for the Vivaad
se Vishwas and Sabka Vishwas schemes for defaulting
taxpayers are also being extended.
interest would be charged at
the reduced rate of 9%.
The date for filing annual GST returns for 201819 has
also been extended to the last week of June.
Deadlines for the Vivaad
se Vishwas and Sabka Vishwas schemes for defaulting
taxpayers are also being extended.
Threshold raised ---
The Centre has also decided
to raise the threshold of default under Section 4 of the
Insolvency and Bankruptcy Code, 2016, from ₹1 lakh to ₹1 crore in order to prevent
triggering of insolvency proceedings against Micro,
Small and Medium Enterprises. “We will continue to
watch the situation. If it improves, there is no reason to
worry. However, if the current situation continues
beyond April 30 we may
consider suspending Sections 7, 9, 10 of the IBC for a
period of 6 months to stop
companies at large from being forced into insolvency
proceedings in such force
majeure cases of default,” said Ms. Sitharaman.
to raise the threshold of default under Section 4 of the
Insolvency and Bankruptcy Code, 2016, from ₹1 lakh to ₹1 crore in order to prevent
triggering of insolvency proceedings against Micro,
Small and Medium Enterprises. “We will continue to
watch the situation. If it improves, there is no reason to
worry. However, if the current situation continues
beyond April 30 we may
consider suspending Sections 7, 9, 10 of the IBC for a
period of 6 months to stop
companies at large from being forced into insolvency
proceedings in such force
majeure cases of default,” said Ms. Sitharaman.
Statutory corporate requirements are also being
relaxed at this time, including filings in the MCA21 registry, mandatory board
meetings, residency requirements for independent
directors and deposit reserve requirements.
The Finance Minister added that customs clearance
operations would run around the clock, all seven
days of the week, till the end
of June.
relaxed at this time, including filings in the MCA21 registry, mandatory board
meetings, residency requirements for independent
directors and deposit reserve requirements.
The Finance Minister added that customs clearance
operations would run around the clock, all seven
days of the week, till the end
of June.
For fisheries imports, the
validity of sanitary permits
were being extended, while other requirements were
being relaxed
validity of sanitary permits
were being extended, while other requirements were
being relaxed
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