Coronavirus Update: The country is struggling with a coronavirus infection. Meanwhile, the government has made several relief announcements for the common man, businessmen and industries in crisis. Finance Minister Nirmala Sitharaman held a press conference on the current situation along with officials of the Finance Ministry. He said that the relief package for industries will be announced soon. Nirmala Sitharaman said - for the next three months there will be no charge on withdrawing money from any ATM. The condition of keeping a minimum balance in bank accounts has also been abolished. The Finance Minister said that the date for filing income tax returns and linking PAN-Aadhaar has also been extended till June 30.
4 steps of relief from the government for the common man
- There will be no charge for withdrawing money from any ATM for 3 months.
- It is not necessary to keep a minimum balance in accounts
- ITR return filing date extended to June 30
- PAN-Aadhaar linking date extended to 30 June
Finance minister Nirmala Sivaraman economic package coronavirus
Finance Minister Nirmala Sitharaman made several announcements related to GST, Customs and Excise, Insolvency Act, Banking, Fisheries, etc. In most cases, the last date has been extended to June 30. The deadline for filing late income tax returns for 2018-19 has been increased from 31 March to 30 June. The interest charged on this has been reduced from 12 to 9 percent. The rate of interest on late deposit of TDS has been reduced from 18% to 9%.
Economy towards recession due to transition
Coronavirus Update: Even before the outbreak of coronavirus, the country's economy had gone into sluggishness, but with the outbreak of coronavirus, it is now expected to go towards recession. Apart from this, conditions like curfew in many states and lockdown in almost the entire country have stalled industrial activities.
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The Center instructed the state, strictly enforce lockdown and strict action be taken on the violation.