Nirmala Sitharaman, Finance Minister of India, has extended deadlines for filing Income Tax returns to June 30 2020. She also stated that the interest rates on the delayed TDS deposits are reduced from 18% to 9%.
The deadline for IT return has been extended to End of June from March-May. She announced that corporates and companies having a turnover of less than 5 Crore rupees will not be paying a late fee, interest, or penalty. On the other hand, large scale companies will not have to pay a penalty or late fees. However, they will have to pay interest that is reduced to 9%.
Sabka Vishwas Scheme and many other schemes and Acts have June 30, 2020, as the new deadline. The Finance Minister also announced relaxation for independent directors of various companies. Whether they held one meeting in the last year, it will not be considered as any violation in the Fiscal year of 2020.
As per the Insolvency and Bankruptcy Code of India, the default limit of threshold has been raised to One crore rupees from One lakh rupees. Due to the coronavirus outbreak, Indian finance ministry has announced that citizens can use any debit card in any ATM of any bank, completely free of charge. According to the announcements, it is not mandatory to maintain a minimum account balance.