COVID-19 Latest updates by NewsMobile | Key announcements by Finance Minister

The Union Finance Minister Nirmala Sitharaman on Tuesday addressed a conference to tackle issues related to Coronavirus.

Some of which includes the following:

1. For the year 2018-19, the last date to file ITR has been extended to June 30, 2020, and the Interest rate on delayed payment is reduced to 9% from 12%.

2. On delayed deposit of TDS Interest, it is now reduced to 9%.

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3. Aadhar and Pan Card linking extended to June 30, 2020.

4. Scheme of Vivad se Vishvas extended to June 30, 2020.

5. Investment for deduction under 80C also extended to June 30, 2020.

6. GST last date for filling GST returns for March, April and May 2020 is extended to June 30, 2020.

7. Companies having a turnover of less than 5 crores will have no interest, no late fee, and no penalty.

8. Under GST date for opting for Composition Scheme which has also been extended to June 30, 2020.

9. Custom and Excise Scheme Sabka Vishvas is further extended to June 30, 2020.

10. Custom Clearance will operate 24X7 upto June 30, 2020.

11. MCA21 related- Moratorium issued upto June 30, 2020. There will be no additional fees for filing of various forms. Relaxing board meeting by 60 Days for next two quarters.

12. CARO new order now applicable from the year 2020-21.

13. For newly incorporated companies- filling of Commencement of Business intimation was to be done within six months is now further extended by six more Month.

14. Every Company required to create a deposit reserve of 20% of the deposits maturing within the next year by April 30, 2020, will now be extended to June 30, 2020. A similar requirement was there for Debenture maturing. It is also extended to June 30, 2020.

15. IBC basic limit of one lack increased to one crore for filing of Cas.

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