Relaxation for filing income tax returns and withdrawing money from ATMs


Finance Minister Nirmala Sitharaman announced several measures to give relief to the people and business classes in the wake of Coronavirus outbreak in the country.Last date of filing income tax return for the year financial year 2018-19 has been extended till 30 June of this year and several schemes like PAN and Aadhaar linking and Vivadse Vishwas scheme have also been extended till 30 June. There is no need to pay additional 10% by those people who want to take benefit from thisscheme.

The last date for filing GST for March, April and May 2020 and composition returns also extended till June. The penalty on delayed payment of income tax has been reduced from 12% to 9%.

Government also decided that there is no penalty or late fees will be imposed on the companies who have less than five crore turnover, and those companies who have more than five crore turnover will be attracted to 19% interest without imposition any late penalty and fees.

No Charges will be applicable for withdrawing money from any ATM for the next three months. This will promote the electric or digital transition during the lockdown due to Coronavirus pandemic. The limit for maintaining minimum balance requirement has also been removed. The custom clearance will remain open 24×7 and a mandatory requirement for the holding board meetings of the companies also extended for a period of 60 days.

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