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New Delhi: Finance Minister Nirmala Sitharaman announced on Wednesday that the due date for all income tax returns for the 2019-20 fiscal year will be extended from July 31, 2020 to October 31, 2020 as of November 30, 2020, and the tax audit from September 30, 2020 to October 31, 2020.
Among other direct tax measures, the FM announced that all outstanding refunds to charitable trusts and non-corporate businesses and professions, including property, society, LLP and cooperatives, will be issued immediately.
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Addressing a press conference at the National Media Center to give details of the Rs 20 lakh crore Atmanirbhar Bharat Abhiyan economic package, Finance Minister Sitharaman announced a series of measures from various sectors, including MSMEs, real estate, discoms, EPF, MFI and non-bank. financial institutions.
Regarding direct tax measures, FM added that the date of the evaluations that are due on September 30, 2020 has been extended until December 31, 2020 and those that are due on March 31, 2021 will extend until 30 September 2021.
Also read: FM Nirmala Sitharaman elaborates on the ‘Aatmanirbhar Bharat’ package of Rs 20 lakh crore from the Center: main points
FM has also reduced TDS and TCS rates by 25 percent. This applies to all payments: interest, rent, brokerage, supply, etc. This will apply from tomorrow (May 14) to March 31, 2021. This reduction will release Rs 50 billion rupees into the hands of people, FM said.
These measures are part of the Rs 20 lakh crore package announced by Prime Minister Narendra Modi on Tuesday. Sitharaman also said that the Rs 20 lakh crore economic package is to stimulate growth and build a self-sufficient India. The package was finalized after consulting various stakeholders.
It should be noted that Prime Minister Modi in his speech emphasized that bold reforms are needed for the country to be self-sufficient so that the impact of crises like COVID can be denied in the future, which ranges from supply chain reforms to the agriculture, rational tax system, simple and clear laws. He also pointed out that there must be measures to attract investment and further strengthen ‘Make in India’.
Nirmala Sitharaman said she will hold several press conferences in the coming days to announce the details of the economic package related to the Rs 20 lakh crore Atmanirbhar Bharat package.
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