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Coronavirus Impact India: FM Nirmala Sitharaman extended ITR filling & Pan-Aadhaar link to 30th June

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Finance Minister Nirmala Sitharaman,  extended the time for compliance of all tax-related issues from March 31 to the end of June. The time for Aadhaar-PAN link has also been extended to 30 June.


Inside:
  • Nirmala Sitharaman gives relief to the people and business world regarding Coronavirus
  • The date of income tax return (2018-19) was extended till 30 June.
  • The interest on TDS will be 9 percent instead of 18 percent.

Today’s, FM Nirmala Sitharaman announced the relief to the people and business world regarding Coronavirus, the government will soon give relief packages. The government has extended the time for compliance of all tax-related issues from March 31 to the end of June. The time for the Aadhaar-PAN link has also been extended to 30 June. To give relief to the people and the business world regarding Coronavirus, the government will soon give relief packages.

Finance Minister Nirmala Sitharaman has given this information in a press conference on Tuesday. For the financial year 2018-19, the limit of IT returns has been increased to 30 June. The interest rate has also been reduced.

The GST fi ling date was also extended to June 30 to provide relief to small and medium traders. Similarly, the timing of the trust scheme has also been extended till June.

 

Finance Minister Nirmala Sitharaman Announcement:-

  • The scheme from dispute to trust was extended till June 30.
  • The interest rate of TDS will be 9 percent instead of 18 percent.
  • The date of filing GST returns for March, April, and May was also extended till 30 June.
  • The last date for Aadhaar-PAN link was done till 30 June 2020. It was also earlier till 31 March.
  • The date of income tax return (ITR 2018-19) was extended till 30 June.
  • There will be a 9% charge instead of 12% on return delay.

Funds of CSR can now be given in works related to coronavirus. This means that this fund will now be used in the fight against the coronavirus.

While giving relief to the corporate, it was said that the board meeting can be postponed for 60 days. This relief is currently for the next two quarters.

No penalty at present for the delay in filing GST returns for companies with turnover up to 5 crores.

Significantly, due to the outbreak of Coronavirus, many states have imposed lockdown and curfew, causing business and other activities to come to a standstill. Its big loss is due to companies and the economy. In such a situation, Finance Minister Nirmala Sitharaman has tweeted that she will announce a relief package for companies.

 

Relief on Living Country Limits

Finance Minister Nirmala Sitharaman told in the press conference that if the director of a company does not accept the minimum residency condition then it will not be considered a violation of the rules. A director had to stay in the country for at least 182 days, but if he is not able to do so now, then he will not be considered a violation of the rules.

Similarly, the company orders report of 2020 which was to come in the first fiscal year 2019-20, has now been postponed for the fiscal year 2020-21.

Finance Minister Nirmala Sitharaman also said that the board meeting of the companies has been granted 60 days for the next two quarters.

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