For organizations having an annual turnover of less than 5 crores, the penalty has been waived off. The penalty has also been waived off for businesses with an annual turnover of more than 5 crores, but they still have to pay the interest amount that has been reduced to 9% from the already existing 12%.
Filing the income tax returns for the year 2019-2020 has been postponed to 30th June 2020 from 31st March 2020.
The final date for linking PAN to Aadhar has also been postponed to 30th June from 31st March.
The TDS rate on payment of rent, brokerage, and commission fee has been reduced to about 25% of the existing rates.
The deadline for tax payment has been extended for business organizations. GST relief for small business has been given in the form of extension of the deadline for tax payment, and deduction of penalty fee for business having an annual turnover
lesser than 5 crores. The government has also instigated GST relief for MSME, which stands for Micro Small and Medium Enterprises. It includes both the manufacturing /production and service sectors.
The government has already introduced several schemes that support and benefit MSME. Apart from that, our honourable Finance Minister has also introduced several MSME GST reliefs. The minimum turnover limit, which was previously about 1 crore has now been increased to about 1.5 crores. The GST waive off for MSME is about 18%.
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