In the wake of coronavirus pandemic wreaking havoc on the Indian economy, Union Finance Minister Nirmala Sitharaman announced that an economic package will be rolled out soon.
Addressing media on Tuesday, she said the last date for filing Income Tax Return has been extended to June 30, from existing March 31.
An interest of 9% and not 12% will be levied on late payments.
Sitharaman extended important deadlines
Further, the deadline to link Aadhaar with PAN card has been postponed to June 30, 2020. As far as Vivad se Vishwas scheme is concerned, the date has been extended to June 30, she added. There will be no additional payment of 10%.
The last date to file March, April, May 2020 GST returns and Composition returns were also extended to June 30.
Small and big companies exempt from penalty and late fee
In a bid to give relief to businesses, Sitharaman said the companies having less than Rs. 5 crore turnover, will be exempt from interest, late fee, and penalty.
Though bigger companies will also not be asked to pay late fee or penalty, the interest will be charged at reduced rate of 5%.
The date for opting for composition scheme was extended to June 30.
Board meetings and independent directors were given relaxations
Sitharaman clarified that with respect to the MCA-21 registry, there is a moratorium from April 1 till September 30, but passing the deadline will not invite a penalty.
The mandatory period to hold board meeting was relaxed until 60 days for the next two financial quarters.
In FY 2019-20, if independent directors don't attend even one meeting, no action will be initiated.
What she said
Customs clearance will work round the clock
Sitharaman added that exporters and importers are already facing the brunt of lockdown and it would be unfair to trouble them more. "Hence, customs clearance till June 30, 2020, will operate 24X7 as an essential service," she added.
The flurry of measures come a day after Prime Minister Narendra Modi spoke to industrialists reassuring them that the government stands by them in turbulent times.