Finance Minister Nirmala Sitharaman announced a slew of measures to revive the slumping economy during her press conference on Wednesday. Among a host of announcements, the Finance Minister, in a huge relief for taxpayers, said that the income tax returns due date will be extended to November 30. Tax audit date will also be extended to October 31
"Due date of all income-tax returns for FY 2019-20 will be extended from 31st July 2020 & 31st October, 2020 to 30th November, 2020 and Tax audit from 30th September, 2020 to 31st October, 2020," she said.
Date of assessments getting barred on September 30 will be extended to December 31 and those getting barred on March 31, 2021 will be extended to September 30, 2021.
The minister announced that all pending refunds for charitable trusts and non-corporate businesses and professions, including proprietorship, partnership, LLP and co-operatives will be issued immediately.
The Finance Minister additionally said that rates of Tax Deduction at Source (TDS) for non-salaried specified payments and Tax Collection at Source (TCS) for specified receipts will be reduced by 25 per cent. The measure that will release Rs 50,000 crore liquidity will be for payment for contract, professional fees, interest, rent, dividend, commission, brokerage, etc.