India financial relief for businesses & taxpayers

Finance minister Nirmala Sitharaman on Tuesday announced a relief package for businesses, easing tax compliance and bankruptcy rules in a bid to help companies and workers cope with the fallout of the coronavirus pandemic. Sitharaman waived late fee, interest and penalty on delayed tax payments, gave extra time for various statutory compliances and raised the threshold of payment defaults to trigger bankruptcy proceedings from ₹1 lakh to ₹1 crore. Apart from the compliance relief covering eight areas that were being announced, she assured that “an economic package" was very close to being announced, amid a demand for stimulus measures. The due date extensions and waiver of late fee, penalties and interest are for compliance requirements relating to income tax, the goods and services tax (GST), customs and central excise, compliance and regulations related to the Companies Act, Insolvency and Bankruptcy Code, the fisheries department, banks and commerce. The announcement comes amid attempts by the Narendra Modi administration to control a growing number of Covid-19 cases while mitigating the potential impact of the crisis on the nation`s economy and people`s livelihoods. In a relief to the common man, debit cardholders will now be able to make any number of cash withdrawals from ATMs of any bank for three months, without being charged for them.Finance minister Nirmala Sitharaman on Tuesday announced a relief package for businesses, easing tax compliance and bankruptcy rules in a bid to help companies and workers cope with the fallout of the coronavirus pandemic. Sitharaman waived late fee, interest and penalty on delayed tax payments, gave extra time for various statutory compliances and raised the threshold of payment defaults to trigger bankruptcy proceedings from ₹1 lakh to ₹1 crore. Apart from the compliance relief covering eight areas that were being announced, she assured that “an economic package" was very close to being announced, amid a demand for stimulus measures. The due date extensions and waiver of late fee, penalties and interest are for compliance requirements relating to income tax, the goods and services tax (GST), customs and central excise, compliance and regulations related to the Companies Act, Insolvency and Bankruptcy Code, the fisheries department, banks and commerce. The announcement comes amid attempts by the Narendra Modi administration to control a growing number of Covid-19 cases while mitigating the potential impact of the crisis on the nation`s economy and people`s livelihoods. In a relief to the common man, debit cardholders will now be able to make any number of cash withdrawals from ATMs of any bank for three months, without being charged for them.

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