Nirmala Sitharaman, announced big reliefs about income tax and gst
The Finance Minister of India, Nirmala Sitharaman, announced a cornucopia of relief measures for taxpayers and businesses as the country is encountering utterly lockdown to curb the coronavirus (COVID-19) outbreak. Proclamation of relaxations in the due dates for filing of certain income tax as well as Goods and Services Tax (GST) returns, The Finance Minister said the government is already working effectively to protect the economy against the rapidly-spreading pandemic, and will make an important announcement soon. The relief instruments introduced after the Prime Minister, Narendra Modi, announced a special task-force headed by the Finance Minister to help businesses facing ailment due to the pandemic. The country has reported more than 500 coronavirus cases till date, and health experts have warned that a big jump could be imminent.
1) The Finance Minister announced an increase in the threshold for default under the Insolvency and Bankruptcy Code (IBC) to Rs 1 crore. Currently, the threshold of triggering insolvency cases stands at Rs 1 lakh.
2) The Finance Minister announced the Government has waived charges of withdrawals from ATMs of any bank for next three months.
3) The Finance Minister announced the Government has waived minimum bank balance violation charges and penalties, which are currently imposed by banks.
4) The Finance Minister announced the Government has extended the due date for filing of income tax returns of financial year 2018-19 (assessment year 2019-20) to June 30.
5) The Finance Minister announced the Government has provided a relaxation in the interest rate applicable on delayed income tax returns (ITRs) to 9 percent from the existing 12 percent.
6) The Finance Minister announced the Government has extended the last date of tax dispute resolution scheme "Vivad Se Vishwas" by three months, to June 30.
7) The Finance Minister announced the Government has extended due date for mandatory linking of Aadhaar number with your PAN to June 30.
8) The Finance Minister announced the Government has provided a relaxation for companies to hold board meetings for next two quarters.
- Tax Mokesh