Finance Minister Nirmala Sitharaman announced several measures to give relief to the people and business communities by relaxing the compliance and regulatory norms in the wake of corona virus outbreak in the country.
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.
Ms. 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 5 crores. The companies which have more than 5 crore turn over will attract 9 per cent interest without imposition of any late fee and penalty.