Image Source: MONEY CONTROL

Finance Minister Nirmala Sitharaman in a press conference on March 24 said that last date of filing income tax return for the financial year 2018-19 will now be June 30, 2020. Interest rate on late payment will be reduced to 9 percent from 12 percent. She also said that interest on delayed deposit for TDS will be reduced to 9 percent from 18 percent earlier. Earlier in the day, Sitharaman had tweeted that an economic package was being readied to cushion the impact of COVID-19 outbreak in the country which has forced many states into a temporary lockdown. Aadhar, PAN linking date will also be extended to June 30 from March 31 earlier. The deadline for settling tax disputes under the Vivad se Vishwaas scheme, without paying any interest and penalty, will be extended from March 31, 2020 to June 30. Last date for filing March, April and May 2020 GST returns is being extended to June 30, 2020, she said. For companies with a turnover of less than Rs 5 crore, no interest, late fee or penalty will be charged. No late fee, penalties for companies with a turnover of more than Rs 5 crore but interest would be charged at 9 percent. Payment date under the ‘Sabka Vishwas’ scheme, which was for settling disputes in the indirect tax regime, has been extended till June 30, 2020. "We are relaxing holding of board meetings for a period of 60 days till the next two quarters," Sitharaman said. Applicability of The Companies Auditors’ Report Order 2020, which was supposed to have come into force in 2019-20, has been shift to 2020-21. "If there is a company director who does not comply with the minimum residency requirement, it shall not be treated as a violation," Sitharaman added. It will not be seen as a violation if independent directors cannot hold a single meeting in FY20. "We may consider suspending Section 7, 9 and 10 of the Insolvency and Bankruptcy Code (IBC), at a later stage, if the current situation continues beyond six months," the FM said. Sitaraman also added that an economic package would be "announced sooner rather than later." Earlier in the day, Sitharaman had tweeted that an economic package was being readied to cushion the impact of COVID-19 outbreak in the country which has forced many states into a temporary lockdown. As many as 560 districts in India are now under complete lockdown. So far, India has reported 492 confirmed cases, with 10 dead. The Union Health Ministry said that 37 people have recovered so far.