Coronavirus: Deadline for filing ITR for FY19 extended to June 30, says FM Nirmala Sitharaman

The government has also extended the last date for linking PAN with unique biometric ID Aadhaar to June 30 from March 31. Also, due dates for issuing various notices under the Income Tax Act have also been extended.

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No penalty for late GST filing for companies with less than Rs 5 cr turnover

The finance minister also extended the deadline for filing GST returns for March-May to June 30 and also relaxed penalties and late fee payment for companies with turnover of up to Rs 5 crore for late GST filing. “No late fee, penalty or interest will be charged for companies with turnover of up to Rs 5 crore. A reduced interest rate of 9 per cent will be charged,” she said.

Govt raises insolvency threshold to Rs 1 crore to help small cos

To help small companies facing the threat of defaults due to coronavirus-related lockdown, the government on Tuesday raised the threshold that would trigger insolvency proceedings to Rs 1 crore from current Rs 1 lakh.

This raising of the threshold will help small and medium enterprises, Sitharaman said.

Also, the government will consider suspending Sections 7, 9, 10 of the Insolvency and Bankruptcy Code (IBC) for six months if the current economic situation continues beyond April, she said, adding this would help companies being forced into insolvency on default of loans.