Live updates: FM Nirmala Sitharaman announces various compliance measures

                               

Live updates: FM Nirmala Sitharaman announces various compliance measures

For companies with turnover of over Rs5cr, no late fee or penalty but Interest will be charged at a reduced rate of 9% for late GST filing: FM Sitharaman We are relaxing holding of board meetings for a period of 60 days till the next two quarters, FM said. FM says Customs and excise: Sabka Vishwas to settle disputes extended from March 31st to June 30, 2020. FM says Customs Department will do their duty as essential services 24*7 till 30th June 30. FM Sitharaman: Last date for I-T returns for FY19 extended to June 30, 2020. For delayed payment up to June, the Interest rate will be reduced from 12% to 9%. Deadline for Vivaad se Vishwas scheme also extended to June 30, 2020. No 10% additional charge from now to June 30, FM says. Last date for filing March, April and May 2020 GST returns and also compensation returns, all are being extended to 30th June, 2020: FM said. FM says all notifications, statements, filings, appeals filings, investment in savings instruments extended to June 30, 2020. Very close to coming out with an economic package to deal with coronavirus crisis. It will be announced sooner than later, Finance Minister Nirmala Sitharaman in Delhi said. Interest on delay in tax payments for FY18-19 reduced to 9% from 12%; Interest on delay in deposit of TDS will be reduced to 9% from 18%, FM added. Aadhaar & PAN card linking date extended to June 30, Nirmala Sitharaman said. Finance Minister Nirmala Sitharaman addresses the media on the statutory and regulatory compliance matters in light of the Coronavirus outbreak. FM to make announcements on income tax, customs, the Insolvency and Bankruptcy Code (IBC)-related matters, bank-related compliances, fisheries, among other things. The last date for income tax returns for the financial year 2018-19 is extended to June 30. FM Sitharaman said, “we are very close to coming up with an economic package which will be announced, “sooner rather than later.” FM Nirmala Sitharaman holds a press conference to address queries regarding deadlines related to income tax filing, GST compliances, and more, as the March 31 deadline approaches. Finance Minister Nirmala Sitharaman to address media at 2 PM today on statutory, regulatory compliance matters.

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