Finance Minister Nirmala Sitharaman's Top Announcements On Relief Measures Over Coronavirus

Dozens of cities and at least 75 districts across the country entered a second day of lockdownto tackle the spread of coronavirus.

Finance Minister Nirmala Sitharaman's Top Announcements On Relief Measures Over Coronavirus

Finance Minister Nirmala Sitharaman announced a slew of relief measures for taxpayers and businesses to aid the fight against the fast-spreading coronavirus pandemic as the country entered a second day of lockdown in several regions. The Finance Minister said the last date for filing of income tax return for financial year 2018-19 stands extended to June 30, and also announced June 30 as the new date for mandatory filing of Aadhaar with Permanent Account Number (PAN). "Debit card holders withdrawing cash from any bank ATM will now be able to do it free of charge for a period of three months," the Finance Minister said while addressing the media. Her remarks came as dozens of cities and at least 75 districts across the country entered a second day of lockdown to tackle the spread of the coronavirus (COVID-19) pandemic, shutting down businesses and disrupting daily life.

She also said that the government is working on an economic package and an announcement in this regard will be made soon. "The country is abiding by the Prime Minister's call for staying at home to fight against the coronavirus," Nirmala Sitharaman added. 

Here are highlights of what Finance Minister Nirmala Sitharaman said:

  • For financial year 2018-19, last date for filing income tax return extended to June 30, 2020
  • Interest rate on delayed payment cut to 9% from 12%
  • Due date for linking Aadhaar with PAN extended from March 31 to June 30 
  • Tax dispute resolution scheme Vivad Se Vishwas extended by three months to June 30
  • Those availing Vivad Se Vishwas scheme will not have to pay 10% interest on principal
  • Due dates for issuing various notices under Income Tax Act extended
  • Interest rate for filing a delayed return brought down
  • Last date of filing March, April, May GST returns, composition returns extended to June 30
  • No interest, no penalty, no interest late fee for filing delayed returns for companies with turnover up to Rs 5 crore
  • In respect of MCA 21 registry, moratorium being issued till September 30, 2020
  • No additional fees for late filing
  • Mandatory requirement for companies to hold board meetings, which government has decided to relax for next two quarters
  • If no board meeting held for 2019-20, it will not be considered a violation
  • Raising threshold for default under Insolvency and Bankruptcy Code (IBC) to Rs 1 crore
  • Debit card holders withdrawing cash from any bank ATM can do it free of charge for three months
  • Today's moves under special task-force constituted by government recently to tackle coronavirus outbreak
  • Sebi has come up with few guidelines to address volatility, instability in financial markets
  • Government monitoring financial markets thrice a day; closely monitoring situation