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Big relief! Modi government makes major ATM cash, minimum balance, Income Tax, GST, PAN, Aadhaar announcements – All details here

New Delhi: Corona has caused havoc in the world. In view of the Karona virus crisis in the country, Finance Minister Nirmala Sitharaman has issued a statement on Tuesday to extend the last date for filing income tax returns. Sitharaman said that income tax returns for the 2018-19 financial year will be filled by June 30. However, if paid late, interest will have to be paid at 9% instead of 12%.

Nirmala Sitaran said that debit card holders will be able to withdraw cash from any bank’s ATM within the next three months. No fee will have to be paid for this. The government has also given a major relief to the account holders on the minimum balance in the accounts.

Finance Minister Nirmala Sitharaman is addressing the media to save the faltering economy. Recently, Kovid 19 Task Force has also been formed under the leadership of Finance Minister.

Today big announcements were made regarding ITR, Aadhar-PAN linking, GST, etc. Video conference highlights

  • The last date for filing income tax returns for the financial year 2018-19 is 30 June 2020.
  • No extension on the last date of TDS deposit. Interest rate reduced from 18 percent to 9 percent.
  • Last date for linking Aadhaar to PAN card is 30 June 2020.
  • In view of the increasing demand, the government has decided to extend the time limit of the trust scheme to June 30, 2020 due to the controversy.
  • The dispute will not attract any additional charge in the trust scheme after 31 March till 30 June.
  • The government decided to extend the GST filing deadline of March, April and May to April 30, 2020 for traders with a turnover of less than Rs five crore.
  • No penalty at present for delay in filing GST returns for companies with turnover up to five crore.
  • There will be 24 hours custom clearance facility till 30 June 2020.
  • It has been decided to give 60 days of relief to the companies for two quarters for the board meeting.
  • It has also been decided to give relaxation to the directors of the companies to stay in India.
  • Now in case of default of one crore rupees, companies will have to face the bankruptcy process. This will benefit MSMEs.
  • Declaration of waiver of deposit reserve conditions for companies. Six months additional time for companies to start business.
  • Withdrawing money from debit card from any bank’s ATM is free for the next three months i.e. until June 30, 2020.
  • The minimum balance requirement is waived till 30 June 2020.
  • Companies will be prevented from forcibly entering insolvency.
  • Go to the banks only, which have very important work. Use Net Banking, UPI.
  • The period of sanitary import clearances for fisheries ending by 15 April was extended for three months.
  • Bank charges reduced for digital trade.
  • Serious thoughts are going on regarding the economic package. It will be announced in time.
  • The government and SEBI are constantly monitoring the stock market fluctuations. It is being monitored around three times a day.
  • The task force is talking to different ministries. After taking their input, the final decisions will be placed before you as a package.
  • Whatever sector of the economy will be a problem, it will be removed. Further bank loan and EMI related relief may also be announced.

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