India eases rules to support taxpayers, businesses
India yesterday came out with a slew of economic measures to provide relief for taxpayers and businesses to aid the fight against the fast-spreading coronavirus pandemic.
Moreover, Finance Minister Nirmala Sitharaman said the government was working on an economic stimulus package and an announcement in this regard would be made soon.
The development comes as India announced a nationwide lockdown to tackle the spread of COVID-19 that has been sickened 519 people and killed 10 at the time of writing.
Sitharaman told the media that debit cardholders would be able to withdraw money from ATMs of any bank free of charge for the next three months.
Another relief measure was the extension to June 30 this year the last date for filing income tax returns for fiscal 2018-19.
In addition, the interest rate applicable for the filing of delayed income tax returns has also been reduced to 9 per cent from 12 per cent.
Tax dispute resolution under a particular scheme has been extended by three months to June 30 and those availing the scheme will not have to pay 10 per cent interest on principal amount.
The government also said companies with turnover of up to Rs 5 crore would not have to pay interest, penalty or late fee for filing of delayed returns.
It relaxed for the next two quarters the requirement for companies to conduct board meetings, something the finance minister put as "if no board meeting is held for 2019-20, it will not be considered a violation".
The neighbouring country also banned the export of all hand sanitisers and ventilators, including any artificial respiratory apparatus or oxygen therapy apparatus or any other breathing appliance or device, in its effort to fight the COVID-19 pandemic.
The ventilators were put in the prohibited category on March 19. However, the notification issued by the Directorate General of Foreign Trade under the ministry of commerce and industry yesterday further amended the export policy.
The amended policy "widens the ambit of products under the prohibited category and will prevent any scope of export of these items by any other classification", said the ministry in a statement.
The government also prohibited the export of all hand sanitisers.
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