Finance Minister Nirmala Sitharaman on Tuesday announced on Monday that the government has extended the income tax filing deadline for the financial year 2018-19 to June 30, 2020.

While an economic relief package is expected soon to help industries cope with Covid-19 losses, Sitharaman said the announcements made today were around reducing compliance burdens on citizens and companies.

Sitharaman also said the deadline for Aadhaar-PAN card linking has also been extended to June 30 in the wake of the Covid-19 pandemic in India. The last date for filing GST returns for March, April and May 2020 has also been extended to June 30, 2020.

She also announced that for companies with turnover of over Rs 5 crore, no late fee and penalty will be charged on late GST return filing. Sitharaman added that the mandatory holding of board meetings for companies extended by 60 days in view of the current situation.

Many other deadlines for financial schemes and obligations have also been extended to June 30 including the “Vivad se Vishwas” initiative.

Among other measures that have been announced include a total waiver on debit card usage charges which apply for transaction at a different bank’s ATM. In addition, minimum balance criteria for bank accounts have also been waived off for a period of three months by the government.

“Debit cardholders who withdraw cash from any bank’s ATM can do it free of charge for the next 3 months. Also, a complete waiver of minimum balance charges for savings bank account,” she said.

The finance minister also said the Customs department will be working 24/7 throughout the crisis situation so that trade and export activities do not suffer.

About the author

+ posts