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Coronavirus COVID-19 outbreak: ITR filing date for FY 2018-19 extended till June 30; volatility in stock markets monitored

New Delhi: In view of coronavirus outbreak, Finance Minister Nirmala Sitharaman on Tuesday (March 24) introduced to increase the final date for filing of the earnings tax return for FY2018-19 to June 30, 2020. Addressing a press convention, the Finance Minister additionally introduced that the rate of interest on delayed fee has been lower to 9 per cent from 12 per cent.

The authorities has additionally extended the final date for linking PAN with distinctive biometric ID Aadhaar to June 30 from March 31. Giving particulars of the extension of dates to assist residents deal with the lockdown, she stated the Vivad se Vishwas tax dispute decision scheme has been extended by three months to June 30. 

Those availing the scheme by the extended deadline won’t need to pay 10 per cent curiosity on the principal quantity. Notably, due dates for issuing varied notices beneath the Income Tax Act have additionally been extended. 

GST filing deadline extended 

The Finance Minister additionally extended the deadline for filing GST returns for March-May to June 30. On the late filing of GST returns, no late payment, penalty or curiosity will probably be charged for corporations with turnover of as much as Rs 5 crore.

According to FM, corporations with greater than Rs 5 crore turnover, won’t be charged any late payment and penalty on GST return filed by 15 days, including {that a} decreased rate of interest of 9 per cent will probably be charged.

Sitharaman stated ‘Sab ka Vishwas’ oblique tax dispute redressal scheme has additionally been extended to June 30 and no curiosity on fee made till June 30 will probably be charged.

Additionally, the federal government relaxed firm provisions together with that of necessary holding of board conferences and filing of return by newly included corporations. 

Regulators monitoring volatility in stock markets: FM

Finance Minister Nirmala Sitharaman stated that regulators and her ministry are monitoring developments and volatility in stock markets, including that the developments on stock markets are monitored thrice a day.

The authorities is engaged on an financial bundle to cope with the hardships brought on by the lockdown to manage the coronavirus disaster and the identical will probably be introduced quickly, she stated including totally different sub-groups have held sectoral discussions. 

Meanwhile, the Finance minister additionally acknowledged that the federal government could provide you with an financial bundle to forestall the COVID-19 pandemic from inflicting main hurt to the financial system.

She stated as a primary step they have been addressing the compliance-related points and an financial bundle masking problems with concern to the business can be introduced individually later, including “The economic package is going to be announced soon.” 

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