HIGHLIGHTS-FM

Following are the highlights of a host of relief measures related to statutory and regulatory compliance matters across sectors in view of the coronavirus outbreak announced by Finance Minister Nirmala Sitharaman on Tuesday: * Last date for income tax returns for 2018-19 extended from March 31 to June 30 * Last date for Aadhaar-PAN linking advanced to June 30 instead of March 31 * No additional 10 pc payment for Vivad se Vishwas scheme if payment by June * Payments for delayed advanced tax, TDS, etc, at reduced interest rate of 9 pc * No interest, late fee and penalty to be charged * Companies with turnover more than Rs 5 crore can file returns by last week of June * On delay of 15 days, the same would attract reduced rate of interest 9 pc as against 18 pc now * Date for filing GST annual returns of 2018-19 extended till the last week of June * Necessary legislative amendments to give effect to these will be with approval of GST Council * Payment date under Sabka Vishwas Scheme extended from March to June * 24x7 custom clearance till the end of June 30 * Debit card holders can withdraw from any other banks' ATM free till June * Waiver of minimum balance fee by banks * Reduced bank charges for digital trade transactions for trade finance customers * Threshold limit for referring a default case for insolvency enhanced to Rs 1 cr * No fine for late filing on MCA-21 registry irrespective of due date * Mandatory requirement of holding board meeting within prescribed interval to be extended by a period of 60 days till next two quarters * Newly incorporated companies required to file a declaration for commencement of business within 6 months of incorporation get additional 6 months * Non-compliance of minimum residency not to be treated as a violation for 2019-20 * Commerce ministry to extend timelines for various compliance.