Updated: March 24, 2020 4:23:19 pm
In view of the coronavirus pandemic, the final date for filing earnings tax return for 2018-2019 has been extended to June 30, Union Finance Minister Nirmala Sitharaman announced Tuesday. For delayed funds, the rate of interest has additionally been reduce to 9 per cent from 12 per cent, she added.
Giving particulars of the extension of dates to assist citizen deal with the lockdown, she mentioned 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 is not going to have to pay 10 per cent curiosity on the principal quantity.
The authorities has additionally extended the final date for linking PAN with distinctive biometric ID Aadhaar to June 30 from March 31. Also, due dates for issuing numerous notices underneath the Income Tax Act have additionally been extended.
No penalty for late GST filing for firms with lower than Rs 5 cr turnover
The finance minister additionally extended the deadline for filing GST returns for March-May to June 30 and likewise relaxed penalties and late charge cost for firms with turnover of up to Rs 5 crore for late GST filing. “No late fee, penalty or interest will be charged for companies with turnover of up to Rs 5 crore. A reduced interest rate of 9 per cent will be charged,” she mentioned.
Govt raises insolvency threshold to Rs 1 crore to assist small cos
To assist small firms dealing with the specter of defaults due to coronavirus-related lockdown, the federal government on Tuesday raised the edge that will set off insolvency proceedings to Rs 1 crore from present Rs 1 lakh.
This elevating of the edge will assist small and medium enterprises, Sitharaman mentioned.
Also, the federal government will think about suspending Sections 7, 9, 10 of the Insolvency and Bankruptcy Code (IBC) for six months if the present financial scenario continues past April, she mentioned, including this might assist firms being compelled into insolvency on default of loans.
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