FM Nirmala Sitharaman Speech Today, Coronavirus outbreak in India, FY19 ITR filing, GST, Aadhaar-PAN linking deadline extended till 30 June 2020: Finance Minister Nirmala Sitharaman has recently extended the deadline of Income Tax Returns for the financial year 2018-19 to June 30, 2020. She added saying that all those companies whose turnover is less than Rs 5 crore are not liable to pay any interest, penalty and late fee and for the big organizations, there will be no late fee but a penalty would be charged with the reduced rate of 9 percent.
Not just this, she also revealed that the date of linking PAN with Aadhaar which was March 31 has also been extended to June 30. A major announcement on Insolvency and Bankruptcy Code is the default threshold limit which was Rs 1 lakh is now entended to Rs 1 crore, further, there are also reports that if the situations don’t come in control, the companies will be exempted from section 7, 9 and 10 for six months.
Moreover, due to coronavirus pandemic, the government has also ensured that people can use all debit cards for withdrawing their money from all bank ATMs without any extra charge for three months. Further, the digital trade transaction charges are also reduced and the minimum amount balance for maintaining an account is also not mandatory. Not just this, Nirmala Sitharaman also assured that the government will soon come up to announce the economic packages.
The regulators, Reserve Bank, and Finance Ministry are all working together to keep monitoring the developments & volatility in the stock market. SEBI has come up with some set of guidelines and also stated its position: Union Finance Minister Nirmala Sitharaman pic.twitter.com/oNWQrV1vYY
— ANI (@ANI) March 24, 2020
Not just this, the deadlines for various Acts and schemes that also include Sabke Vishwas Scheme has also been extended to June 30, 2020. She further revealed that the government along with Reserve Bank and regulators are all working together in monitoring the developments and the stock market.