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Finance Minister Nirmala Sitharaman is set to address the media at 2 PM today on Statutory & Regulatory compliance matters in light of the #coronavirusindia lockdown.
#Coronaindia
#CoronavirusLockdown
@nsitharamanoffc
Press briefing begins by Minister for Finance & Corporate Affairs Nirmala Sitharaman via video conferencing.
@FinMinIndia
@nsitharamanoffc
#cornaviruspandemic
#Covid19India
#CoronavirusOutbreakindia
Sitharaman thanks all those who have abided by the PM's call for lockdown. Says the lockdown has been done to flatten the curve.
"We're very close to coming up with an economic package. However, many regulatory and compliance related issues....
"need to be addressed as we're nearing the financial year"

Sitharaman says that compliance of income tax related matters will be the first set of announcements.
Second will be towards GST, then towards IBC related matters, fisheries etc.
@nsitharamanoffc
Finance Minister says she will make announcements related to compliance regime under Income Tax Act, GST, Companies Act, IBC, Banks and commerce related regulations in the press conference in the wake of #COVID19outbreak

#CoronavirusLockdown
@nsitharamanoffc @FinMinIndia
Anurag Thakur, Union Minister of State for Finance & Corporate Affairs addressing the Press briefing in hindi.
@ianuragthakur
@nsitharamanoffc
@FinMinIndia
#Coronaindia
Sitharaman : "IT related, referring to FY 18-19, the last date for income tax returns for financial year will now be extended to 30th June 2020.
For delayed payments made till 30th June, Interest rate reduced from 12 to 9%"
@FinMinIndia
@nsitharamanoffc
Aaadhar- Bank linking date extended to June 30, 2020
@FinMinIndia
@nsitharamanoffc
TDS deposits (Delayed deposit) interest - reduced from 18% to 9%
Various other dates for notice filing etc. have all been extended to 30th June.
Adhaar pan linking date exteded from 31st march to June 30th, 2020.
Vivaad se Vishwaas scheme has also been extended to 30th june, 2020 and no 10% additional charge at all.
@nsitharamanoffc
@FinMinIndia
#CoronavirusLockdown
Sitharaman : Any compliance by taxpayers, including investment and saving instruments or roll over benefits for capital gains under IT Act, Benaami Act, Black Money Act etc. where the time limit extended to 30th June 2020.
@nsitharamanoffc
@FinMinIndia
Filing of appeals, statements and for any other proceedings under IT Act and Wealth Tax Act among others - Time Extended from 20th March to 30th june 2020.
@FinMinIndia
@nsitharamanoffc
Sitharaman: A detailed press release will also be given out, which will also be uploaded.
GST: Last date for filing for March, April, May 2020 GST returns - all extended to 30th June 2020.
@nsitharamanoffc
@FinMinIndia
#Coronaindia
Particularly for companies having less than 5 crore turnover, no interest, no penalty and no late fee will be charged - For over and above 5 crore, no late fee and penalty but interest will be charged at a reduced rate of 9%.
@FinMinIndia
#NirmalaSitharaman
... In light of this, no late fee for or penalty till 15 days delay.
Sabka Vishwas Scheme for settling disputes in indirect tax regime is now extended to 30th June, 2020.
#NirmalaSitharaman
@FinMinIndia #Covid19India
No interest will be levied if you pay up to 30th June, 2020 under the Sabka Vishwas Scheme.
#NirmalaSitharaman @FinMinIndia
#COVID2019
During this period, although there is #lockdown, we don't want to put importers and exporters in trouble. Therefore customs clearance will operate 24x7 as essential service.
@nsitharamanoffc
#Covid19India
#COVID2019
In respect of MCA Registry, Moratorium Issue - No fee for late filing. For mandatory holding board meetings, we are relaxing it by a period of 60 days till the next two quarters.
#NirmalaSitharaman #COVID2019 #lockdownindia @nsitharamanoffc
Applicability of company's auditors report order extended.
Independent directors, if have been unable to hold even one meeting for the year 2019-20, it will not be a violation.
#NirmalaSitharaman #COVID2019 #lockdown
@nsitharamanoffc
I move to the companies provisions where we are giving some relaxation(s)
for newly incorporated companies, filing declaration of business extended by 6 more months.
@nsitharamanoffc
#NirmalaSitharaman #COVID2019
Co. Director, who does not comply with min. residency in India requirement (182 days) under section 149 of the companies act will not be treated as a violation now. Deposit Reserve creation shifted to June 2020.
@nsitharamanoffc #NirmalaSitharaman #COVID2019
IBC update:
Threshold for default is 1 lac Rupees. From existing threshold, the default raised to 1 Crore so we can stop triggering against MSME's.
#NirmalaSitharaman
@nsitharamanoffc
#COVID2019
If situation does not improve beyond 30th April, we will consider suspending section 7, 9 & 10 of IBC for 6 months.
#NirmalaSitharaman
@nsitharamanoffc
#COVID2019
MSME's to get maximum relief with increasing this threshold.
#NirmalaSitharaman
@nsitharamanoffc
#COVID2019
Fisheries : Import permits - all sanitary import permits (SIP's) for any aqua culture which were to expire between 1.3.2020 to 15.02.2020 will be extended by another three months.
#NirmalaSitharaman
@FinMinIndia
#COVID2019
Rebooking of quarantine cubicles cancelled consignments for aquatic facilities : can be re-booked without additional booking charges.
Grant of NOC & verification of docs for this purpose to be relaxed from 7 days to 3 days.
#COVID2019 @FinMinIndia
Commerce Update:
Debit card holders who withdraw cash from any bank ATM can do it free of charge for the next three months.
#COVID2019
@FinMinIndia
Complete waiver of fee for minimum balance in bank.

Reduced bank charges for digital trade transactions.

For all practical purposes, principal which shall be followed is extension of timeline for procedural & eligibilities.
@FinMinIndia
#COVID2019
"You may withdraw cash from any bank's ATM. You don't have to worry about keeping a minimum balance. No fee shall be levied for not maintaining a minimum balance"

@ianuragthakur with @nsitharamanoffc
#COVID2019 #lockdown
Q. & A. via video conferencing begins.
Whatsapp Questions also being allowed during press briefing.

Journalist: We want more clarity of whether a financial emergency has been declared?
#COVID2019 @nsitharamanoffc
Sithraman: Task force which is comprehensively working towards this area of activity has been mobilised and each input by them is being analysed. Economic package is being worked out & soon we will announce that.
@nsitharamanoffc #COVID2019
"Today, we are only doing this to ease the Compliance burden on citizens - be it tax, regulatory or Companies Act and have completely eased this worry.
Later today, PM will also address the nation."
@nsitharamanoffc #lockdown @PMOIndia
Anurag Thakur: "We will continue to work on this, this will be an ongoing activity. Economic packages are being deliberated upon."
@ianuragthakur #COVID2019 #lockdown
Journalist: What about monitoring markets?
Sitharaman: Developments and Volatility in the market is being closely observed. We are in contact and consciously monitoring the market. The monitoring is happening thrice in a day.
#COVID2019 @nsitharamanoffc
People have given some great inputs, we are considering those. We must fight the #COVID2019 fight united. The task force is working night and day which will be presented to you in the form of "Packages" - @ianuragthakur
@FinMinIndia #COVID2019
Journalist: What about EMI's?
Sitharaman: The information for monthly EMI's shall be provided to you by the departments and banks. We are considering this and SEBI has already issued guidelines.
@nsitharamanoffc #COVID2019 #lockdown
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