"Great things never come from comfort zone"           "Wealthy people invest first and spend what’s left and broke people spend first and invest what’s left"           "Investment is an asset or item that is purchased with the hope that it will generate income or appreciate in the future"           "The secret to getting ahead is getting started.................Start using your Savings to Earn Money"           "The best gift, and investment, you can give your child is your time"           "Investing in your child’s education is never a wasted effort"           "Making money and handling money are both different things"



Key Announcements on 24 March 2020 by Finance Minister Nirmala Sitharaman

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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Ronan Johnson on 10/13/2021 1:36:52 PM says:
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