Owing to the fact that the country is reeling under the impact of the sudden outburst of COVID – 19 and the Government has issued that the states should be shut down to prevent the further spread of the COVID – 19 Pandemic, our Finance Minister – Ms. Nirmala Sitharaman held a press conference on statutory and regulatory compliance matters. Addressing the media she said that the Central Government is preparing an economic package to help the country tide over economic losses incurred due to the COVID – 19 outbreak.

The following relaxations have been implemented :

  1. Income Tax

-       The due date for the filing of Return of Income for FY 2018 – 2019 has been extended to 30th June 2020. The rate of interest on such delayed payment has been reduced from the existing 12% to 9%.

-       In case of delayed deposit of TDS, rate of interest shall be reduced to 9% from 18% for payments made till 30th June 2020.

-       Vivaad se Vishwas scheme extended to 30th June 2020. No additional charge of 10% on paying principal amount for amounts involved under Vivad Se Vishwas Act.

-       All compliances under Income Tax Act, Wealth Tax Act, Benami Transaction Act, Black Money Act, Vivad Se Vishwas Scheme has been extended to 30th June 2020. These include due dates for issue of notice, intimation, notification, approval order, sanction order, filing of appeal, furnishing of returns, statements, applications, reports, any other documents and time limit for completion of any proceedings by any authority including investment in Capital Gain bonds, tax saving instruments etc.

-       The deadline for linking PAN with Aadhaar has been extended to 30th June 2020 (for the eighth time!).

 

  1. Financial Services

-       Debit Card holders of any bank can withdraw cash from any ATM without any charges upto 30th June 2020. The steps have been taken to ensure customers who are need of money do not overcrowd at bank branches.

-       No charges for not keeping minimum balance requirement. The SBI has already waived the requirement of holding minimum balance in savings account.

-       There is a reduction in digital charges for all trade transactions.