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“Every attention is being given to the economy, PM is closely monitoring situation” Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman and Anurag Singh Thakur, Minister of State Finance and Corporate Affairs addressing the MEDIA during a Press Conference via Video Conferencing.

BREAKING NEWS : Debit cardholders who withdraw cash from any bank ATM can do it free of charge, from any other bank’s ATM, for the next three months. Nirmala Sitharaman also announced that there shall not be any minimum balance requirement fee. The last date for income tax returns for the financial year 2018-19 is extended from 31st March to 30th June.

By Our Chief Editor B. R. Abdul Wajid

New Delhi : Union Finance Minister Nirmala Sitharaman today addressed a press conference via video conference on various statutory and regulatory compliance issues amid a complete shutdown almost all over the country to control the spread of the highly contagious virus Covid-19 infection. The finance ministry is already working an economic package to mitigate the impact of coronavirus on the Indian economy. Prime Minister Narendra Modi has also announced setting up of a task force, to be headed by Union Finance Minister Nirmala Sitharaman, to look at measures to limit economic hardship caused by the COVID-19 pandemic.

Some of the HIGHLIGHTS of the Press Conference given below :

The last date for income tax returns for the financial year 2018-19 is extended from 31st March to 30th June, announced Nirmala Sitharaman during Press Conference. She said that she will be making announcements on income tax, customs, the Insolvency and Bankruptcy Code (IBC)-related matters, bank-related compliances, fisheries, among other things. She added that for the delayed payments, interest rate has been reduced from 12 percent to 9 percent.

The Aadhaar-PAN linking date has been extended to 30th June 2020 from what it was 31st March 2020. Nirmala Sitharam also said that the Interest rate on delayed deposit of TDS reduced. She said, “No extra 10 percent interest will be charged between now and 30 June.” Vivad Se Vishwas Scheme has been extended from April 1 to June 30. No additional 10% payment. She said.

No interest, penalty for firms with less than Rs 5 Cr turnover. Nirmala Sitharaman also said that there is no interest, no penalty and no late fee will be charged for companies with a turnover of less than Rs 5 crore. The minister said that the interest rate for such companies is reduced to 9 percent. She added that only interest will be applicable, but no late fee and no penalty for bigger companies.

Payment under ‘Sabka Vishwas’ scheme extended to 30th June. Customs clearance will operate 24×7 till 30 June. Mandatory requirement of holding board meetings relaxed for 60 days. Extra 6 months given to newly incorporated firms to file declaration. The government is considering to suspending Section 7, 9 and 10 of the Insolvency and Bankruptcy Code (IBC), at a later stage, if the current situation continues beyond six months.

Nirmala Sitharaman said that “The government is working on an economic package to deal with the hardships caused by the lockdown to control the coronavirus crisis and the same will be announced soon.”

B.R.Abdul Wajid
Editor in Chief
India & Abroad