Giving relief to citizens unable to meet deadlines due to coronavirus outbreak, Finance Minister Nirmala Sitharaman on Tuesday said the last date for filing of income tax return for FY2018-19 has been extended to June 30.
Also, interest rate on delayed payment has been cut to 9 per cent from 12 per cent, she told reporters here.
The government has also extended the last date for linking PAN with unique biometric ID Aadhaar to June 30 from March 31.
Giving details of the extension of dates to help citizen cope with the lockdown, she said the Vivad se Vishwas tax dispute resolution scheme has been extended by three months to June 30.
Those availing the scheme by the extended deadline will not have to pay 10 per cent interest on the principal amount.
Also, due dates for issuing various notices under the Income Tax Act have also been extended.
To help small companies facing the threat of defaults due to coronavirus-related lockdown, the government raised the threshold that would trigger insolvency proceedings to Rs 1 crore from current Rs 1 lakh.
This raising of the threshold will help small and medium enterprises, Finance Minister Nirmala Sitharaman said.
Also, the government will consider suspending Sections 7, 9, 10 of the Insolvency and Bankruptcy Code (IBC) for six months if the current economic situation continues beyond April, she said, adding this would help companies being forced into insolvency on default of loans.
The Finance Minister in a significant move waived minimum bank charges for savings bank accounts to help citizens deal with the lockdown due to the coronavirus crisis.
Also, free of charge cash withdrawal from any other bank ATM allowed for debit cardholders for 3 months, she said.
(With inputs from news agency)