Debit card holders can withdraw cash from any bank's ATM free of charge for 3 months

Finance Minister Nirmala Sitharaman said an economic package to help through the coronavirus lockdown will be announced very soon. She announced 8-point economic relief.

New Delhi: Finance Minister Nirmala Sitharaman announced eight point economic relief on Tuesday. The points included Income Tax compliance, GST compliance, Customs compliance, MCA compliance, IBC compliance, Fisheries compliance, Bank-related compliance, Commerce-related compliance.

Key Points:-

• The last date for the income tax return for the financial year 18-19 is extended to 30th June 2020.
• For delayed payments interest rate has been reduced from 12% to 9%.
• Reduced interest of 9%, instead of 18%, will be charged for delayed deposit of TDS.
• Last date of linking PAN with Aadhaar extended to June 30th 2020.
• Vivad se Vishwas scheme extended to June 30, no 10 pc additional charge on paying principal amount involved in tax dispute.
• Last date for filing March, April, May 2020 GST returns extended to June 30. For companies with less than Rs 5 cr turnover, no interest, penalty and late fee to be charged on late GST return filing, interest rate reduced to 9%.
• Date for opting composition scheme also extended till June 30.
• Sabka Vishwas scheme for indirect tax extended till June 30. No interest would be levied till then.
• Requirement of mandatory holding of board meetings for companies extended by 60 days.
• Threshold of default extended to Rs 1 cr from existing Rs 1 lakh now to prevent insolvency proceedings against MSMEs.
• If situation continues beyond April, govt to consider suspending Sections of IBC for 6 months to stop cos being forced into insolvency.
• Mandatory requirement of holding board meetings is being relaxed by a period of 60 days, this relaxation is for the next two quarters.
• Relief for imports/exporters: Customs clearance now an essential service, till June 30th, 2020 it will be working 24/7.
• For newly incorporated companies there is a requirement to file declaration for the commencement of business within 6 months of incorporation. Now we are giving them an additional time of 6 more months.
• Debit card holders who withdraw cash from any bank's ATM can do it free of charge for the next 3 months.
• Insolvency & Bankruptcy Code default limit has been increased from Rs 1 lakh to Rs 1 crore.
• Complete waiver of minimum balance charges for savings bank account.