Headlines March 25, 2020
Coronavirus impact – Tax deadline extended to 30 June
Finance Minister Nirmala Sitharaman has announced that the date to file income tax returns has been extended to 30 June 2020. This is to give relief across all sectors in view of the coronavirus outbreak.
She said, “The date to file income tax return for financial year 2018-19 has been extended to June 30, 2020. For delayed payment, interest rates reduced to nine per cent from 12 per cent”.
The minister also said that the deadline to link Aadhaar to PAN card has also been extended to 30 June 2020. There will be no ATM withdrawal charges for using another bank’s ATM and banks will charge a minimum balance maintenance fee.
Debit card holders who withdraw cash from any other bank ATM can do it free of charge for next three months.- Nirmala Sitharaman, Finance Minister, India
The number of cases in India has risen and most of the country is locked down to check the spread of the disease that has claimed more than 14,500 lives globally.
The government has already extended the deadlines for filing returns of goods and services tax (GST) Sitharaman has also allowed companies to deploy their Corporate Social Responsibility (CSR) funds to fight the coronavirus outbreak. Companies with turnover of over ₹5cr not to be charged late fee penalty on late GST return filing.
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