Finance Minister's Top 10 Announcements On Relief Steps Over Coronavirus
- Briefing the media through video conferencing, the Finance Minister announced an increase in the threshold for default under the Insolvency and Bankruptcy Code (IBC) to Rs 1 crore. Currently, the threshold of triggering insolvency cases stands at Rs 1 lakh.
- In a major relief for the public, as only essential services remain open in many parts of the country to contain the spread of coronavirus, the Finance Minister announced free-of-charge withdrawals from ATMs of any bank for next three months.
- The government also waived the requirement of maintaining certain minimum balance in bank accounts. Currently, customers have to maintain certain minimum balance in their accounts or pay a penalty charge to the banks concerned.
- For taxpayers, the government extended the due date for filing tax returns towards income earned in financial year 2018-19 (assessment year 2019-20) to June 30.
- The Finance Minister also announced a relaxation in the interest rate applicable on delayed income tax returns (ITRs) to 9 per cent from the existing 12 per cent.
- Extending tax dispute resolution scheme "Vivad Se Vishwas" by three months, to June 30, Ms Sitharaman said those availing the scheme will not be required to pay 10 per cent interest on principal as mandated under existing rules.
- Ms Sitharaman also announced an extension in the due date for mandatory linking of Aadhaar with PAN to June 30. Currently, the compulsory seeding of the Aadhaar number into the PAN has to be carried out by March 31.
- The government also announced a range of relief measures for companies, including an extension in the deadline for filing returns towards the months of March, April and May to June 30.
- Also, companies with a turnover of less than Rs 5 crore will not have to pay interest, penalty or late fee for filing delayed returns, the Finance Minister said.
- Announcing a relaxation for companies to hold board meetings for next two quarters, Ms Sitharaman said: "If no board meeting is held for 2019-20, it will not be considered a violation."Â
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
-
You May Inherit The Business. You Must Earn Its Credibility.
Succession tests the founder's ability to share authority as much as it tests the next generation's readiness to assume it.
-
Signing Deals Is One Thing; Making Them Work Is Another | The Week In Whys
Sometimes, things don't turn out as planned. Indian companies have lost some bids to rivals, some projects won't produce until 2030.
-
FOMC Wall, PERM Suspension, Hospital Stocks | Talking Points This Week
A PERM suspension would directly affect green-card sponsorship rather than H-1B visas, so the near-term earnings impact could remain relatively limited. The key question is whether this marks a new phase in US scrutiny of Indian IT.
-
Everything, Everywhere, All At Once: Dalal Street's Week To Forget | Joining The Dots
Visa curbs, a Starlink spat and cancer drug caps: what connects this week's shocks for Indian markets
-
India Is Going Abroad For Critical Minerals. But It May Take Years To Pay Off | The Reason Why
Although India's steps are in the right direction, they remain modest compared with India's growing dependence.
-
When Everyone Has AI, What Gives You An Edge?
India's young workforce is entering an uncertain world of work where powerful AI tools are becoming widely accessible. The advantage will belong to those who combine deep expertise with digital fluency, and the distinctly human capabilities that technology cannot manufacture.
-
Wrong Labels, High Pesticide Residues Holding Back Agri Exports | The Reason Why
India needs stronger domestic food-safety and labelling standards, with best practices becoming part of everyday business for farmers, traders and food companies.
