Tax filing date extended, bank charges slashed
For income tax-related matters, she said the last date for filing returns pertaining to the financial year 2018-19 has been extended to June 30. For delayed payments, the interest rate has been reduced from 12 per cent to 9 per cent
Finance Minister Nirmala Sitharaman unveiled a series of relaxations for statutory and regulatory compliance matters on Tuesday and said the government will soon announce an economic package to absorb the negative impact of the Coronavirus epidemic.
For income tax-related matters, she said the last date for filing returns pertaining to the financial year 2018-19 has been extended to June 30. For delayed payments, the interest rate has been reduced from 12 per cent to 9 per cent.
All GST returns for March, April, May and composition returns too have been extended till June 30. At the same time, bank charges are being reduced for digital trade and transactions, said Sitharaman. There will be no minimum balance requirement fee imposed by banks and ATM withdrawal from any bank will be free for the next three months.
The date for Aadhaar-PAN linking and 'Vivad Se Vishwas Scheme' has also been extended till June 30 with no additional 10 per cent payment. During this period, those paying indirect tax will not be charged any interest fee. The date to opt for the composition scheme also extended to June 30, said the finance minister.
"All compliances under Income Tax Act, Wealth Tax Act, Benami Transaction Act, Black Money Act, Vivaad Se Vishwaas, have been extended to June 30," she said. To help the business community, she said, the customs will be performing as an essential service 24x7 until June 30 even during the lockdown.
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