Relaxation of provisions for Small Savings Account holders of PPF, Sukanya Samriddhi Account (SSA) and RD. Extension of dates
The Ministry of Finance has relaxed the regulatory provisions to operate the Small Savings Schemes to safeguard the interests of small savings depositors in view of the lockdown in the Country due to COVID-19 pandemic.
The following relaxations shall become operative with immediate effect:
Relaxation of provisions for Small Savings Schemes Account
1. The subscribers of Public Provident Fund (PPF) and Sukanya Samriddhi Account (SSA) may now deposit their savings upto 30th June, 2020, which couldn’t be deposited in FY 2019-20 due to lockdown in the country.
2. The revival fee/ penalty charges are waived of on the PPF, SSA/ RD accounts in which mandatory minimum deposit in not made upto 31st March, 2020 subject to such deposit are made upto 30th June, 2020
3. All those PPF subscribers, whose accounts were matured on 31.03.2020 (including one year window for extension), can now be extended upto 30.06.2020.
Download Relaxation Guidelines Click Here >>
- Validity of demand u/s 156 for default u/s 115-O, if assessment order u/s 143(3) has Nil demand
- Issue already examined and adjudicated by CIT(Appeals), can’t be reopened on same set of facts
- TDS can’t be denied for non deposit of tax deducted by the deductor – High Court
- Cash withdrawal from bank can’t be taxed u/s 69C as unexplained expenditure – ITAT
- A bland statement of ‘fraud or concealment of facts” in GST Notice u/s 74 not sufficient – SC
