#Coronavirus: ATM Cash Withdrawal Becomes Free; Income Tax Filing Date Extended, No Need To Link PAN-Aadhaar By March 31

In view of the coronavirus outbreak, Govt of India and Finance Ministry has announced several new measures to help the Indian citizens.

ATM Cash Withdrawal Becomes Free For Three Months

Govt has announced that there will be zero charges for any ATM cahs withdrawal, for next three months. This means that any user, from any bank can withdraw cash from any ATM, unlimited number of times, for free.

This will help those who are in need or urgent cash, and whose free limit of withdrawing cash has expired.

A good, positive move by Govt of India.

No Charges On Minimum Balance Saving Accounts

In case any bank customer is not able to maintain their minimum balance in their savings accounts, then there will be penalty for that.

Some banks have already waived off IMPS and NEFT charges for their customers.

Income Tax Filing Date Extended

The last date for filing Income Tax for the months of March, April, May has been extended to June 30th. In case of any delay in filing income tax, then the interest on late payment has been reduced to 9% from 12% currently.

Zero Penalty For Filing Late Income Tax

Any company with turnover of less than Rs 5 crore can delay their income tax filing, and there shall be no penalty or fine for them.

Aadhaar-PAN Card Linking Deadline Extended

The deadline for linking Aadhaar with PAN Card has been extended as well.

Earlier, the deadline was March 31st, which has now been extended to June 30th.

In case any user is not able to link their Aadhaar with PAN Card before June 30th, then their PAN Card will be deactivated.

Other Major Announcements

• Interest on delayed deposit for TDS has been reduced to 9%m from 18% currently
• Deadline for settling tax disputes under Vivad se Vishwaas scheme has been extended to June 30th, from March 31st.
• Payment date under the ‘Sabka Vishwas’ scheme has been extended to June 30th (for settling tax disputes under indirect tax regime)

On stock market, Finance Minister said, “SEBI has come up with certain guidelines to ensure stability in the stock market. We are consciously monitoring the stock market thrice in a day. A lot of inputs have come, the task force is also looking into them.”.

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