Key Highlights from FM Sitharaman’s address to Media; says Govt will soon announce economic package

Finance Minister Nirmala Sitharaman addressed the media today over relief on Statutory compliances amid Coronavirus pandemic. Following were the relief measures announced by Sitharaman:

1. Income Tax FY 18-19 Last Date 30 June 2020. Interest @9%p.a.

2. No extension in TDS payments for FY 19-20. Only interest @9%p.a, for payments upto 30 June 20.

3. Aadhar PAN linking extended to 30 June 20.

4. Vivad se Vishwas Scheme extended to 30 June 20, without additional 10%.

5. Due dates for all compliances, and furnishing of returns and reports, including investment in 80C, extended to 30 June 20.

GST changes:

1. Last date for Feb-Apr 20 returns, including Composition will be 30 June 20.

2. Companies< Rs 5 Crore, will not be charged any interest and late fees.

3. Companies> Rs 5 Crore, will be charged interey@9% p.a., that too after 15 days.

4. Opting for Composition, can be done till 30 June 20, depending on states.

MCA changes

1. Board Meetings, will be relaxed for 60 days, till the next two quarters.

2. CARO 2020, will be imposed from FY 20-21, instead of 19-20.

3. Companies relaxed from Independent Director meetings for FY 19-20. Will do if no meeting also.