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News INCOME TAX

  • Mar 25, 2020
  • Tax Deadlines Now June 30, No Fee For ATM Withdrawals From Any Bank

    Finance Minister Nirmala Sitharaman on Tuesday announced a slew of measures ranging from extension of deadline for filing income tax returns to waiving cash withdrawal fee for using automatic teller machine (ATMs) of other banks and relaxing threshold for insolvency proceedings to Rs 1 crore. The relaxations announced by the finance minister came in the backdrop of lockdown in numerous cities to contain the spread of deadly coronavirus.
    Ms Sitharaman on Tuesday said that the deadline for filing income tax returns for the financial year 2018-19 has been extended to June 30, 2020 from March 31, 2020. The interest rate on delayed payment of returns has also been cut to 9 per cent from 12 per cent.

    The government also extended the last date for linking PAN with unique biometric ID Aadhaar to June 30 from March 31.