Nirmala Sitharaman PC LIVE: Income Tax Return filing deadline extended, economic package on cards
Finance Minister Nirmala Sitharaman is addressing a press conference on Tuesday regarding the financial impact that coronavirus has had across the country. Sitharaman has announced series of relief measures the most important being extension of income-tax and GST return deadline.
Nirmala Sitharaman PC LIVE UPDATES
- Economic package to aid those impacted by COVID-19 will be announced soon: FM Nirmala Sitharaman
- The last date to file income tax returns for FY 2018-1 extended till June 30. For delayed payments interest rates reduced from 12% to 9%: FM Nirmala Sitharaman.
- The interest rate on delayed deposit of TDS reduced: FM Nirmala Sitharaman
- Aadhar Card-Pan Card linking last date extended to June 30: Nirmala Sitharaman
- No extra 10% interest will be charged between now and June 30: Nirmala Sitharaman
Last date of filing GST returns for March, April and May 2020 has been extended to June 30: Nirmala Sitharaman
Fight Against Coronavirus
For companies that have less than 5 crore turnover, no interest, no late fee, no penalty will be charged. For bigger companies, late fee and penalty will be null and void but interest will be charged at a subsidised interest of 9%: Nirmala Sitharaman
Under Sabka Vishwas Yojana, people can now pay their dues till June 30, no extra interest will be charged from them: Nirmala Sitharaman
Customs clearance now an essential service, till June 30th, 2020 it will be working 24/7: Nirmala Sitharaman
For newly incorporated companies, additional time of 6 more months will be given to file the declaration of commencement of business: Nirmala Sitharaman