Lawstreet Journal

[COVID-19] Finance Minister Relaxes Dates For Filing ITR And GST, Aadhar And PAN Card Linking [Read Press Note]

Lawstreet Journal 25 Mar 2020 9:33pm

Image courtesy: Lawstreet Journal Executive [COVID-19] Finance Minister Relaxes Dates For Filing ITR And GST, Aadhar And PAN Card Linking [Read Press Note]

In order to provide relief to the people of the India from the impact of lockdown, Union Finance Minister Nirmala Sitharaman yesterday (March 24, 2020) made announcement that she took steps to waive off and relax dates of Income Tax Return (ITR), Aadhar and PAN Card linking date GST filing etc.

Following are the relaxations announced by Finance Minister:

  1. The Finance Minister announced an increase in the threshold for default under the Insolvency and Bankruptcy Code (IBC) to Rs. 1 crore. Currently, the threshold of triggering insolvency cases stands at Rs. 1 lakh.
  2. In a major relief for the public, as only essential services remain open in many parts of the country to curb the spread of coronavirus, the Finance Minister announced free-of-charge withdrawals from ATMs of any bank for next three months.
  3. The government also waived the requirement of maintaining certain minimum balance in bank accounts. Currently, customers have to maintain certain minimum balance in their accounts or pay a penalty charge to the banks concerned.
  4. For taxpayers, the government extended the due date for filing tax returns towards income earned in financial year 2018-19 (assessment year 2019-20) to June 30.
  5. The Finance Minister also announced a relaxation in the interest rate applicable on delayed income tax returns (ITRs) to 9 per cent from the existing 12 per cent.
  6. Extending tax dispute resolution scheme "Vivad Se Vishwas" by three months, to June 30, Ms. Sitharaman said those availing the scheme will not be required to pay 10 per cent interest on principal as mandated under existing… Continue Reading...

    Tagged: Corona Updates  
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