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IT Returns deadline extended, ATM withdrawals from any bank to not be charged: FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman on Tuesday afternoon, March 24, announced a slew of relaxation measures. Read on to know more.
India,Nirmala SitharamanIT Returns deadline extended, ATM withdrawals from any bank to not be charged: FM Nirmala Sitharaman
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The ongoing Coronavirus pandemic led to a slew of relaxation measures being announced by the Finance Minister Nirmala Sitharaman on Tuesday afternoon, March 24. Like other economies, the Indian economy has also been largely hit and in wake of such a crisis, Sitharaman annouced a few measures. For starters, the deadline for filing income tax returns for the financial year 2018-19 has been extended till 30 June, 2020 from the existing last date of 31 March. Considering government offices are working with bare minimum staff across the country, this measure definitely comes as a relief. 

Apart from that Sitharam announced that interest on delayed payment of returns will be cut from current 12 per cent to 9 percent. The last date to link PAN with unique biometric ID Aadhaar was initially March 31 but that too has been extended to June 30. When it comes to ATM withdrawals, Sitharaman said that debit card holders who withdraw cash from any bank's ATM can do it free of charge for the next 3 months. She also added that there will not be any minimum balance requirement fee to be maintained in bank accounts. 

The lockdown across India has affected many sectors and that is why Sitharaman added that the Vivad se Vishwas tax dispute resolution scheme has been extended by three months to June 30. Those availing of the scheme will not have to pay an interest of 10 per cent. 

The FM also mentioned the fragile state of the stock marked and said, "The regulators, Reserve Bank, and Finance Ministry are all working together to keep monitoring the developments and volatility in the stock market. SEBI has come up with some set of guidelines and also stated its position," ANI reported. 

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