Corona: Govt announces financial relief for common man, businessmen
New Delhi: In view of the situation arising out of Coronavirus spread, the government on Tuesday announced a variety of exemptions to the general public and businessmen related to income tax returns and last date of compliance among others.
Finance Minister Nirmala Sitharaman, along with her deputy Anurag Thakur, made several announcements related to Income Tax, Goods and Services Tax (GST), Customs and Excise, Insolvency and Bankruptcy Law, Banking, Fisheries among others.
In her address to media via video conference, the Minister said in most cases, the compliance date has been extended to June 30.
Also, giving relief to the common people, in an online conMs Sitharaman said that there will be no charge for withdrawing money from the ATM of another bank for three months.
There will be no minimum balance condition for the account holders for three months.
Regarding an economic package, the Finance Minister said it was expected to be announced soon.
Ms Sitharaman said the last date for filing the delayed return for 2018-19 has been increased from March 31 to June 30 and the interest charged on it has been reduced from 12 to 9 per cent.
Also, the rate of interest on late submission of tax deducted at source has been reduced from 18 per cent to 9 per cent, although its last date will remain the same as June 30.