MAJOR ANNOUNCEMENTS MADE BY NIRMALA SITHARAMAN ON ATM WITHDRAWAL, INCOME TAX, AADHAR & OTHERS

Amid shutdown and lockdown in the country due to COVID-19, Union Finance Minister Nirmala Sitharaman announced various statutory and relief measures for the people. Looking at the growing pandemic, Finance Minister also stated that the government has extended the income tax filing deadline for the financial year 2018-19 to June 30, 2020.

Below are few important announcements made by Nirmala Sitharaman: 

- The government has extended the last date for filing income tax returns (ITR) for financial year 2018-19 to June 30, 2020. 

- The deadline for linking Aadhaar with PAN card has also been extended to June 30 from March 31. 

- It lowered the interest rate applicable to delayed returns to 9 per cent from 12 per cent.

- Debit card holders can withdraw cash from ATMs of any bank free of cost for next three months. 

- Minimum account balance for bank account holders has also been waived off for the next three months. Customers, who are not able to maintain a minimum balance in their savings accounts will not be penalised during this period.   

- Also, the last date for filing Goods and Services Tax (GST) returns for March, April, May 2020 will be extended to June 30.

- Meanwhile, companies with a turnover of more than Rs 5 crore, no late fee and penalty will be charged on late GST return filing and the interest rate was reduced to 9 percent from 12 percent. 

- Currently, an economic package is being worked out and an announcement will be made soon. 

- The threshold for default by companies under the Insolvency and Bankruptcy Code (IBC), which currently stands at Rs 1 lakh, is being raised to Rs 1 crore. 

- Sitharaman finally stated that all the regulators, RBI and ministry of finance, are working together to monitor the developments and the volatility in the stock market.