Finance Minister Current Affairs - 2020

Finance Minister on COVID-19: Tax Filings extended, ATM, bank charges waived off, Business Rules Eased and much more

On March 24, 2020, the Finance Minister Nirmala Sitaraman announced several key measures in the view of Corona Virus Pandemic. The minister also announced that the Economic Task Force is to announce Economic Relief Package to contain the spread of the disease.

Financial Measures

No charges on withdrawal of cash in bank ATMs. Also, the digital charges on trade transactions have been reduced. This is being done to ease burden on customers in need of urgent cash and also to avoid overcrowding in bank branches.

Tax Measures

The PAN card and Aadhaar card linking were extended to June 30. The Vivaad Se Vishwas Scheme that was launched by the Finance Minister during the Budget Session has been extended to June 30. The Compliances under Wealth Tax act, Income Tax Act, Black Money Act, Benami Transaction Act and Vivaad Se Vishwas have also been extended to June 30.

Other Measures

The GST returns, Sabka Vishwas scheme filing dates have also been extended to March 31.

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Finance Bill, 2020 passed in Lok Sabha

On March 23, 2020, Finance Minister Nirmala Sitaraman introduced the Finance Bill, 2020. The bill was introduced and passed in Lok Sabha without any discussion.

Key Features of the Bill

The bill provides the financial proposals of the fiscal year 2020-21. With the bill being passes, the proposals made under the Union Budget 2020-21 has come into effect. The GOI proposed to spend Rs 30,42,230 crores of rupees in the financial year 2020-21. This is 12.7% more than the revised estimate of 2019-20.

NRI

Several amendments have been made to the bill. The passed bill withdrew certain features that affected non-resident Indians. It includes NRIs with income more than 15 lakhs from business owned by them in India will fall under tax net. However, their global income is not to be taxed.

The bill has abolished Dividend Distribution Tax. It is the tax imposed by the GoI on Indian Companies based on the dividend paid by them to their investors.

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