Briefing media in New Delhi on Tuesday, the Minister announced that last date for filing of income tax return for the financial year 2018-19 has been extended till 30th June of this year. She said, interest on delayed payment of income tax reduced to 9 per cent from the 12 per cent. She said, delayed deposit of TDS will attract nine per cent interest. Sitharaman said, PAN-Aadhar linking and Vivad Se Vishwas scheme have also been extended till 30th June. She clarified that no additional payment of 10 per cent would be levied on the people who wants to take benefit of this scheme.
The Minister has also announced that last date for filling of March, April and May 2020 GST and composition return have also been extended till June.
Government has decided that no interest, penalty and late fees will be imposed on those companies which have turnover less than five crores. The companies which have more than five crore turn over will attract 9 per cent interest without imposition of any late fee and penalty.
She said, Sabka Sath, Sabka Vishwas scheme launched for settling disputes related to indirect taxes has also been extended till June. She said, custom clearance will remain open 24 X 7. She said, no additional fees shall be charged for late filing during a moratorium period from 1st April to 30th September of this year. She said, the mandatory requirement for holding meetings of the board of companies shall be extended by a period of 60 days. She said, government has decided to raise the threshold of default to one crore rupees from the existing threshold of one lakh rupees. She said, the step will prevent triggering of insolvency proceedings against Micro, Small and Medium Enterprises.
In a major relief to people, government has decided that debit card holders can withdraw money from any branch of any banks without paying charge for the next three months. Government has also abolished the minimum balance requirement limit.