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27/03/2020

RBI Clarification: Not Just EMI, Credit Card Dues Will Also Be Covered Under Three Months Moratorium

24/03/2020

Here are big announcements for taxpayers and businesses as announced by Finance Minister on 24th March-2020

1.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.

2.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.

3.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.

4.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.

5.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.

6.extension in the deadline for filing returns towards the months of March, April and May to June 30.
7.companies with a turnover of less than Rs 5 crore will not have to pay interest, penalty or late fee for filing delayed returns.

8.Announcing a relaxation for companies to hold board meetings for next two quarters, It means that "If no board meeting is held for 2019-20, it will not be considered a violation."

08/03/2020

08/03/2020

*PAN card holders could be fined ₹10,000 for not linking it with Aadhaar*

The Income Tax department might impose a penalty of Rs 10,000 on those who don't link their PAN card with Aadhaar card within the deadline of 31 March 2020. The I-T department had earlier said that un-linked PAN cards will become inoperative if not linked with Aadhaar by March 31.

If the PAN card becomes inoperative, then the assessing officer shall levy Rs 10,000 under section 272 B of the Income tax Act. As of February 15, nearly 17.58 crore PANs had not been linked to Aadhaar, according to Income Tax department.