Union Financial Minister Nirmala Sitaraman has come LIVE for an online press conference today afternoon. On this instance, she had shared the latest developments from the Financial department.
In the wake of total lock down being implemented in India, Sitaraman had said that they have decided to extend the last date of filing the Income Tax Returns from March 31st to June 30th.
She had clarified that there will not be any additional charges or fines for this delay. Aspects such as Income Tax, Customs, IBC, Bank issues, Fisheries etc are still under discussion and will soon be announced.
Late payments penalty is reduced from 12% to 9%. Even the Aadhar and Bank linking is extended until further date.
In the video conference press release, she had also told that the Debit Card holders need not worry about withdrawing the cash from any ATM as there will not be any withdrawal limits and extra charges levied.
Also, no minimum balance charges will be levied on Debit Card holders. If the current situation continues another 6 months, they are considering to invoke economic packages.