Nirmala Sitharaman LIVE: Finance Minister Nirmala Sitharaman has extended the deadline to file IT returns to 30 June 2020. She has also reduced interest rate to 9 percent vs 18 per cent, on delayed deposit of TDS. The deadline to file March, April, and May, has also been extended to June-end. Finance Minister also announced that the companies with less than Rs 5 Cr turnover, will not have to pay interest, late fee, or penalty, however, for bigger companies, no late fee and penalty will be charged but the interest will be levied at a reduced rate of 9 per cent. The deadline for many Acts and schemes, including Sabka Vishwas Scheme, has also been pushed to 30 June 2020.
Majority of the issues as recommended by us in our article “39th GST Council Meeting – Some more issues that could have been redressed” published on taxongo dated 19th March 2020 has been addressed by Hon’ble Finance Minister in his relief package announced today. #GST #RELIEF pic.twitter.com/Anc9rO4lMk
— Monarch Bhatt (@MonarchGST) March 24, 2020
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Amid coronavirus scare, any debit card can be used to withdraw money from any bank’s ATM, without any extra charge. Maintaining the minimum amount balance is also not mandatory, according to the announcements.
The Ministry of Corporate Affairs had yesterday rolled out a web form that was to ascertain the readiness of the companies towards fighting the Covid-19 pandemic.
