The Finance Minister, Nirmala Sitharaman in her press conference today announced various direct tax related measures.
As per the announcements, the income tax return filing deadline for FY 2019-20 has been extended to November 30, 2020 from July 31, 2020. “Due date for all income-tax return for FY 2019-20 will be extended from July 31 2020 and 31 Ocotber 31, 2020 to November 30, 2020 and tax audit from Sept ember 30, 2020 to 31st October 2020,” the FM stated.
This is a much needed relief for taxpayers as the government has earlier extended the deadline for receving the Form-16 from June 10, 2020 to June 30, 2020 via an ordinance dated March 31, 2020.
The government has also reduced the TDS rates applicable for non-salaried employees. 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 reduction will remain valid 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.