In view of the coronavirus pandemic, the last date for filing income tax return for 2018-2019 has been extended to June 30, Union Finance Minister Nirmala Sitharaman announced Tuesday. For delayed payments, the interest rate has also been cut to 9 per cent from 12 per cent, she added.
Giving details of the extension of dates to help citizen cope with the lockdown, she said the Vivad se Vishwas tax dispute resolution scheme has been extended by three months to June 30. Those availing the scheme by the extended deadline will not have to pay 10 per cent interest on the principal amount.
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.
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.
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