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The exclusion date of the evaluations will be extended to December 31, 2020, said Nirmala Sitharaman (File)
New Delhi:
The Center today granted an extension for the filing of all income tax returns as part of the Direct Tax measures taken in preparing the tax stimulus of Rs 20 lakh crore to counter the damage to the economy inflicted by the blockade of seven weeks to counteract the coronavirus.
The dates for the 2019-20 fiscal year have been delayed from July 31, 2020 and from October 31, 2020 to November 30, 2020, the Union’s finance minister, Nirmala Sitharaman, said, explaining the contours of the package. announced last night by Prime Minister Narendra Modi. .
The tax audit date was also delayed by a month, from September 30, 2020 to October 31, 2020, he said.
The exclusion date for evaluations on September 30, 2020 will extend until December 31, 2020 and those that will be excluded on March 31, 2021 will extend until September 30, 2021, the government said.
The period of the “Vivad se Vishwas” scheme to make payments without additional amount will extend until December 31, 2020.
In the first of her several addresses to delineate the contours of the package, Ms. Sitharaman today announced 15 different measures, which involved MSMEs (Micro, Small and Medium-sized Enterprises) NBFC (Non-Bank Financial Companies), Provident Fund, Assets Roots and Taxes.
To allow more liquidity in the hands of the people, the government offered a 25 percent reduction in TDS (Source Tax Deduction) for specific non-salaried payments and TCS (Source Tax Collection) for specific receipts.
The government also reduced the contribution of the Employee Provident Fund for private companies for 3 months, from 12% to 10%. There will be no changes for state companies.
The government also said it would pay the EPF contribution for MIPYMES (Micro, Small and Medium-sized Business) employees to help them recover from the crisis.
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