Comprehensive Announcement on relief for Statutory Compliance Regulations by Hon’ble Finance Minister

The country is struggling with a coronavirus (COVID-19) infection. Meanwhile, the government on Tuesday provided a big relief for the common man. Finance Minister Nirmala Sitharaman held a press conference after discussing the current situation with the Finance Ministry officials. During this, he said that a relief package for the industries facing the crisis will be announced soon. Made a big announcement for the common man as well. Nirmala said- for the next three months there will be no charge on withdrawing money from any ATM. Apart from this, the condition of keeping a minimum balance in bank accounts has also been abolished. The Finance Minister said that the date for filing ITR returns and linking PAN-Aadhaar has also been extended till June 30.

• The interest charged on delayed payment of TDS has been reduced from 12% to 9%.

• The last method for filing income tax for the financial year 2018-19 was extended till June 30.

• The dispute also extended the date of the trust scheme and the Aadhaar-PAN link to 30 June.

• Companies with a turnover of less than Rs 5 crore will not incur any interest, penalty and late fees on late GST filing. In March-April-May the filing date was extended to 30 June.

• Relief to importers and exporters, custom clearance now included in essential services till 30 June. Will work for 24 hours.

• This year, directors of companies were relieved from the imperative of staying in the country for 182 days.

• Vivaad Se Vishwas Scheme extended to 30.06.2020 (without additional 10% of tax)

• Sabka Vikas scheme for Service Tax (Indirect Taxes) extended till 30.06.2020 - without any interest liability

• Board meetings are relaxed for 60 days for next 2 quarters.

• Revised CARO to get applicable from FY 20-21 instead of FY 19-20.

• For newly incorporated companies - Commencement of business is to be filed within 6 months, which is now extended for another 6 months.

Even before the outbreak of coronavirus (COVID-19), the country's economy had gone into sluggishness, but with the outbreak of coronavirus, it is now expected to go towards recession. Apart from this, conditions like curfew in many states and lockdown in almost the entire country have stalled industrial activities.

Also read: Fiscal 2019-20 will endways 30th June 2020, while the fiscal year 2020-21 will begin on 1st July 2020, but ends on 31st March 2021.