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Key-Announcements-on-24-March-2020-by-Finance-Minister-Nirmala-Sitharaman

 

Key Announcements on 24 March 2020 by Finance Minister Nirmala Sitharaman

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Union Finance Minister Nirmala Sitharaman on Tuesday March 24, 2020 announced a slew of measures, in order to provide some relief to the country as the coronavirus pandemic spreads. These are as under-


  • Complete waiver of minimum balance charges for savings bank account. While State Bank of India had already waived to keep a minimum balance in savings account.
  • Cash withdrawal from any other bank ATM allowed for debit card holders for 3 months is free from any charge.
  • Aadhaar-Pan linking extended to June 30, 2020 from March 31, 2020.
  • For Financial year 2018-19, Assessment Year 2019-20, the last date for Income Tax Returns extended to June 30, 2020. For delayed payments made till June 30, interest rate reduced to 9% from 12%.
  • For delayed deposit of TDS, interest rate has also been reduced to 9 % from 18%.
  • Last date for filing GST Returns for March-April-May extended to June 30, 2020.
  • For companies having turnover with less than Rs 5 crore, no interest, penalty and late fee to be charged on late GST return filing but for companies having turnover above Rs 5 crore, only interest at the rate of 9% will be charged.
  • Threshold of default extended to Rs 1 crore from existing Rs 1 lakh now to prevent insolvency proceedings against MSMEs.
  • If situation continues beyond April, govt to consider suspending sections 7, 9 & 10 of IBC for 6 months to stop companies being forced into insolvency.
  • Mandatory requirement of holding board meetings is being relaxed by a period of 60 days for next 2 quarters.
  • For newly incorporated companies, additional time of six more months is being given for filing declaration of commencement of business.
  • Sab ka Vishwas indirect tax dispute redressal scheme extended to June 30; no interest on payment made till June 30, 2020.
  • Customs clearance now an essential service, till June 30th, 2020 it will be working 24/7.
  • Due date for issue of notice for all laws linked to duty compliance extended till June 30.




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