Thread by @DDNewslive

8-point economic relief announced by FM @nsitharaman:

Income Tax compliance
GST compliance
Customs compliance
MCA compliance
IBC compliance
Fisheries compliance
Bank-related compliance
Commerce-related compliance

#IndiaFightsCorona

LIVE:

For FY 2018-19, last date for IT return extended till June 30: FM @nsitharaman

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For FY 2018-19, delayed payment interest reduced from 12% to 9%; no extension for TDS; delayed deposit will attract 9% against 18%: FM @nsitharaman

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- Aadhaar-Pan Card linking date extended till June 30

- Vivad Se Vishwas scheme also extended till June 30; no additional charge of 10% : FM @nsitharaman

Due date for issue of notice for all laws linked to duty compliance extended till June 30: FM @nsitharaman

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- GST: Last date for filing March, April, May 2020 returns and composition returns extended till June 30

- For companies with less than Rs. 5 crore turnover, no interest, late fee or penalty will be charged

- For the bigger companies, interest would be 9%: FM @nsitharaman

Date for opting composition scheme also extended till June 30: FM @nsitharaman

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Customs and central excise:

- Sabka Vishwas scheme for indirect tax extended till June 30

- No interest would be levied till then: FM @nsitharaman

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During this period of lockdown, Customs Clearance will be operational 24x7: FM @nsitharaman

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MCA 21 registry:

- No late fee

- For board meeting requirements, relaxation of 60 days that is applicable for the next two quarters: FM @nsitharaman

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- For newly incorporated companies, additional time of 6 more months to file declaration for commencement of business

- For a director in any company, less than minimum residency of 182 days, shall now not be treated as a violation: FM @nsitharaman

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IBC:

- We may suspend sections 7,9,10 for MSME for six months beyond April 30 depending on situation: FM @nsitharaman

- Debit card holders can withdraw cash from any bank's ATM without additional charges for the next 3 months

- No minimum balance requirement fee

- Bank charges reduced for digital trade transaction for all trade finance consumers: FM @nsitharaman

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