(Image source from: livemint.com)

Amidst the constant impacts on the economy and finances in India owing to the lockdown and curfews in a number of states across the country, Union Finance Minister Nirmala Sitharaman addressed a press conference on a few of the regulatory compliance issues with relation to the constant spread of Covid-19.

The finance ministry is working its way to mitigate the economical unrest with the special task force under the leadership of Sitharaman. The same is going to work on limiting all the economical hardships that is being caused by the deadly coronavirus.

Some of the important pointers that the finance minister has suggested in the press conference include:

• Minimum balance waiver is for three months currently
• The March 31 deadline has been extended for tax filing and the necessary financial needs
• Economic package is being worked out and the same shall be announced soon
• Minimum bank balance charges waived off
• No extra charges on ATM withdrawals for the coming 3 months
• Vivad se Vishwas tax dispute resolution scheme extended till June 30
• Bigger companies have to just pay the interests and no added charges or late fee
• Companies with less than 5 crore turnover don’t have to pay interest, late fee or penalty
• Deadline for GST filing for the months of March, April and May extended till June 30
• Aadhaar PAN linking date has been extended till June 30
• For financial year of 2018-19, the income tax returns will be extended till June 30
• Cut interest rates for delayed payments
• Relaxed fees on tax return filing

All of these have been clarified by the Finance Minister of India over the dispute of Covid-19 spread and is going to hold true to ensure better recovery of the economy after everything settles down.

By Somapika Dutta