As a part of Covid-19 relief package, Finance Minister Nirmala Sitharaman on 13th May, 2020 announced that the income tax return due date extended for FY 2019-20 from 31st July, 2020 and 31st October, 2020 to to 30th Nov 2020. Due date of Income tax audit extended from 30th September, 2020 to 31st October,2020. Addressing a press conference at National Media centre to give details of the Atmanirbhar Bharat Abhiyan economic package of Rs 20 lakh crore, Finance Minister Sitharaman announced a host of measures of various sectors including MSMEs, Real estate, discoms, EPF, MFIs and non-banking financial institutions.
Other Direct Tax Relaxation:
Finance Minister also announced reduction in TDS rates applicable for non-salaried payments. As per the announcement, to provide more funds to taxpayers, TDS for non-salaried specified payments made to residents and rates of TCS for specified receipts shall be reduced by 25%. The reduced TDS and TCS rates will effective from 14th May, 2020 till March 31, 2021.
In addition to that the date of making payments without interest and penalty under Vivad se Vishwas scheme has been extended to December 31, 2020. This is the second extension of the scheme. Earlier the government in the press conference dated March 24, 2020 has announced the extension of Vivad se Vishwas scheme to June 30, 2020.
Date of assessments getting barred on Sept. 30, 2020 has been extended to Dec. 31, 2020 Similarly, assessments getting barred on March 31, 2021 are extended till the end of September 2021.
She also announce to release immediately Pending Refunds to Charitable Trusts, non-corporate businesses and professionals