The Centre as we speak gave an extension for the submitting of all income-tax returns as a part of the Direct Tax measures taken whereas drawing up the Rs 20 lakh crore fiscal stimulus to counter the injury on economic system inflicted by the seven-week lockdown to counter the coronavirus.
The dates for the monetary 12 months 2019-20 have been pushed again from July 31, 2020 and October 31, 2020 to November 30, 2020, Union finance minister Nirmala Sitharaman stated whereas explaining the contours of the package deal announce final night by Prime Minister Narendra Modi.
The date for the tax audit was additionally pushed again by a month — from September 30, 2020 to October 31, 2020, she stated.
The date of assessments getting barred on September 30, 2020 will probably be prolonged to December 31, 2020 and people getting barred on March 31,2021 will probably be prolonged to September 30, 2021, the federal government stated.
The interval of “Vivad se Vishwas” Scheme for making cost with out further quantity will probably be prolonged to December 31, 2020.
In the primary of her a number of addresses to stipulate the contours of the package deal, Ms Sitharaman introduced 15 totally different measures as we speak, which concerned MSMEs (Micro, Small and Medium Enterprises) NBFCs (Non-Bank Financial Companies), Provident Fund, Real Estate and Taxation.
To permit extra liquidity within the palms of the folks the federal government supplied a 25 per cent discount in TDS (Tax Deduction at Source) for non-salaried specified funds and TCS (Tax Collection at Source) for specified receipts.
The authorities additionally lowered the contribution for Employees Provident Fund for personal corporations for three months – from 12 per cent to 10 per cent. There will probably be no change for state-run corporations.
The authorities additionally stated it might pay the EPF contribution for workers of MSMEs (Micro, Small and Medium Enterprises) to assist them recuperate from the disaster.