New Delhi: Keeping in view the on-going lock downs over coronavirus pandemic, the government has decided to extend the deadline for belated income tax return (ITR) from March 31, 2020 to June 30, 2020.
The deadlines for filing Income Tax returns for FY 18-19, GST returns for the months of March, April and May, and Aadhaar-PAN linking have now been extended till 30 June.
No minimum balance
Finance Minsiter Nirmala Sitharaman on Tuesday also announced that there will be no minimum balance requirement fee imposed by the banks.
“Debit cardholders who withdraw cash from any bank’s ATM can do it free of charge for the next 3 months,” said Union Finance Minister.
While giving relief to importers and exporters, FM announced that customs clearance will now be an essential service till 30 June 2020 and will be working 24/7.
“If the independent directors of a company have not been able to hold even 1 meeting, it shall not be seen as a violation,” she added.
“Mandatory requirement of holding board meetings is being relaxed by a period of 60 days, this relaxation is for the next two quarters”, she said.
According to the Economic Times, the net income tax collections as on March 14, stood at Rs 8.67 lakh crore, with the revised target of Rs 11.70 lakh crore. Last year, collections during the corresponding period stood at Rs 8.89 lakh crore, with the target of Rs 12 lakh crore.