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Finance Minister eases the rules in case of Finances amid the Coronavirus outbreak

Finance Minister eases the rules in case of Finances amid the Coronavirus outbreak

Definitely it is a global crisis with this pandemic spreading its tentacles all over and the cases and death toll increasing, India is collaboratively combating this menace and all the officials are doing their part.
Where on one hand the lives of people are a priority, it is undeniable that the lockdown of almost the entire globe has a drastic effect on the economy all over the world. With the Sensex and NIFTY crashing badly on Monday, Sensex crashed by 4,000 points and Nifty crashed by 13 percent, it is not just the stock market. Individuals, vendors, firms, the entire world is in an economical and life crisis.
To ease out a bit in case of finances, Nirmala Sitharam, Finance Minister on Tuesday at 2:55 pm announced at a video conference –
For tax
a) In the financial year of 2018-2019, the last date for returns extended to June 30, 2020 and the interest rate has been reduced from 12% to 9%, delayed payments made till June 30.
b) For a delayed deposit of TDS, interest has been reduced to 9 % from 18%
c)Aadhaar-pan linking extended to June 30 from March 31
d) Vivaad se Vishwaas scheme extended to June 30. And no additional payment of 10% to be paid
In the case of Banking
a) for the next three months, debit cardholders can withdraw cash from any ATM free of charge.
b) Minimum balance requirement has been done away with
c) Reduction in charges for digital trade transactions
GST
a) All GST returns for the month of March, April, May, and composition returns extended to June 30, 2020
b) 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%
Customs
a) Sabka Vishwaas scheme for indirect taxes having last date till March 31 has been extended to June 30,2020. There will be no interest levied.
b) Customs clearance will operate 24/7 till June 30
Companies
a) MCA21 registry, there is a moratorium being issued from April 1 till Sep 30 no additional fees for late filing.
b) There is a mandatory requirement for holding a Board meetings. We are relaxing it for 60 days for the next two quarters.
c)For newly incorporated cos, additional time of six more months is being given for filing a declaration of commencement of business
d)Companies having turnover Less than 5Cr there will be No Interest, No Late Fee, No Penalty charged.
e) Every Company Required to Create a Deposit Reserve of 20% of the deposits maturing within Next 1yrs by 30-04-2020. This deadline extended to 30-06-2020. A similar requirement was there for Debenture maturing. It is also extended to 30-06-2020.
f) IBC Basic Limit of 1 Lac Increased to 1Cr for filing of Case

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