Modi government gives big relief to people suffering from lock down
Big action of Modi government to remove the financial troubles of public
MARCH 24 (WTN) - The global pandemic Coronavirus has caused a lock-down situation across India. A continuously moving country like India has stopped. Rail traffic has been closed to prevent the Coronvirus infection. Now, the whole country has stopped, then it is natural that the country's economic activities have come to a standstill. The Modi government is making all efforts to tackle this historic challenge so that no one has to face any kind of financial trouble. Let us tell you and explain what economic benefits the Modi government has given to the people amidst the challenges of Coronavirus.
First of all, there is no change for the withdrawing cash from ATM for the next 3 months. Now, you can withdraw cash from any bank's ATM, and you will not incur any charge. Not only this, but the obligation to keep minimum balance in the bank account till the next order has also ended. At the same time, bank charges have also been reduced to increase digital transactions.
As you know the last date to link PAN card to Aadhaar card was 31 March. But now the government has extended the last date for linking Aadhaar-PAN to 30 June 2020. At the same time, the government has also extended the 'Vivad se Vishwas' scheme till June 30. The scheme will no longer bear any additional charge till 31 June after 31 March. For your information, let us know that the purpose of the 'Vivad se Vishwas' scheme is to provide relief to those who have any dispute about any kind of tax liability.
Due to the lock-down and curfew, the Modi government has extended the last date for filing tax returns for the financial year 2018-19 to 30 June. Let us know that its deadline was 31 March 2020. At the same time, the interest rate for late payments on the new deadline has been reduced from 12 percent to 9 percent. But let you know that the deadline has not been increased for TDS deposits. But till 30 June 2020, the rate of interest for late TDS has been reduced from 18 per cent to 9 per cent.
For your information, let us know that the government has given the relief on GST filing. The government has now extended the deadline for filing GST returns for the months of March, April, and May to 30 June 2020. Not only this, but the government has decided not to take any interest, late fees, and penalties for filing late GST returns for companies with annual turnover below Rs 5 crore. At the same time, the Modi government has also made a big decision not to take any late fees and penalties for the first 15 days on companies with a turnover of more than Rs 5 crore. But after 15 days, interest, penalty, or late fee will be at the rate of 9 percent. Apart from this, the deadline has also been increased to 30 June 2020 to take advantage of the compensation scheme.
To give relief to importers and exporters, the Modi government has decided to start the custom clearance service 24 by 7 day by 30 June 2020. At the same time, giving relief to the corporate, the Modi government has given permission to postpone the board meeting for 60 days. Let you know that this relief is currently for the next two quarters. At the same time, the government says that after the lock-down caused by the Coronavirus, a big economic package will be announced soon to help different areas.