Finance Minister Nirmala Sitharaman on Tuesday stated that the government is preparing an economic package which will be announced soon in a bid to tackle the economic fallout affecting the Indian economy due to coronavirus pandemic.
She said the last date for filing Income Tax return for the year 2018-19 has been extended from March 31 to June 30, 2020. "Work is going on and we are very close to coming up with an economic package that will be announced sooner rather than later," she stated.
And for delayed payments, the interest rate has been reduced from 12 per cent to 9 per cent, she said.
The steps come even as the International Monetary Fund stated that the pandemic will cause a global recession in 2020 and will be as bad as the 2008 financial crisis.