The state and central governments have announced moratoriums on payment of fees, loans and interest. As people grapple with reduced earnings owing to the nationwide lockdown, the authorities are looking to ease pressures. Compliance-related formalities of various taxes have also been deferred. Following requests from various parent organisations, the state has asked schools not to insist on payment of school fees for next academic year from parents till lockdown period gets over and normalcy returns.
After the RBI announced a three-month moratorium on loan recovery, several nationalised banks have deferred EMI payments for the given period. This includes SBI, Bank of Baroda, Punjab National Bank, IDBI, Canara Bank among others. However, this deferment of payment of EMIs is not a waiver but an extension of time. It will increase the loan period of your home loan or automobile loan by three months. Besides this, the central government has also relaxed the deadline for filing income tax returns for financial year 2018-19 up to June 30.
Aadhaar and PAN linking also has been extended till June 30. Vivad Se Vishwas scheme to settle disputes with income tax authorities has also been extended for three months. The GST returns for month of March, April and May can be filed by June 30. There will be no fee on withdrawal of cash through debit card from ATM of any bank for next three months. Many banks have also waived off fees on digital transactions till June 30.