In the wake of the Corona Outbreak which has been taking a toll at the country’s stock market, Economic Task Force headed by Finance Minister Nirmala Sitharaman called for an emergency meeting which took significance amidst the plummeting economy. Followed by which the Economic Task Force set up for industry stakeholders and take steps accordingly to minimise the impact of this deadly virus on the economy, addressed the nation.
Besides extended the deadline to file IT returns to 30 June 2020, the government has decided upon reducing the interest rate to 9 per cent vs 18 per cent, on delayed deposit of TDS. Speaking to the media, the FinMin assured there is no economic emergency in the country referring to the investors and businesses in India and that the Economic Task Force will soon announce an economic relief package to deal with the pandemic.
Here are a few of the takeaways from the FinMin’s press meet,
- Companies with less than Rs 5 Cr turnover, will not have to pay interest, late fee, or penalty
- Deadline for many schemes, including Sabka Vishwas Scheme was stretched to 30 June 2020
- Debit cardholders who withdraw cash from any bank ATM can do it free of any charge for the next three months
- Aadhaar-pan linking extended to June 30 from March 31
- There will be no charges on not keeping the minimum balance requirement.
- Reduced digital charges for trade transactions.