No Minimum Balance Needed in Bank Accounts for 3 Months Amid COVID-19
Finance Minister Mrs Nirmala Sitharaman on Tuesday announced a spree of relief measures for individuals and struggling businesses which are hit due to the outbreak of coronavirus in India. Among the measures listed by Sitharaman, include the waiver of fees levied on bank account holders for not maintaining the minimum balance at end of the month.
Mrs Sitharaman also stated in her press briefing that no charge would be levied on those using the ATM facilities of another bank. "Debit card holders who withdraw cash from any bank's ATM can do it free of charge for the next three months," she said.
The Finance Minister also extended the last date for filing GST and Income Tax returns. The Goods and Services Tax, for the period of March, April and May, can now be paid upto June 30, 2020. Similarly, the IT returns can also filed by the June 30. Further, the penalty on late-filing has been reduced from 12 to 9 percent.
"For newly incorporated companies there is a requirement to file declaration for the commencement of business within 6 months of incorporation. Now we are giving them an additional time of 6 more months," Mrs Sitharaman said.