The Government has extended the Due Date of Income Tax Return Filing for FY 2019-20 under its newly introduced Corona relief package.
Today, the Honourable Finance Minister Smt. Nirmala Sitharaman has announced the Special economic & comprehensive relief package worth ₹20 lakh crores. This package is to give relief and credit support to all the MSME businesses, so as to revive the Indian Economy from the trap of COVID-19 lockdown. The motive behind this package is to strive for an “Atmanirbhar Bharat” in the fight against COVID-19.
Many reliefs have been announced under this package.
- Out of this one relief is that the Due Date of Income Tax Return Filing for FY 2019-20 has been extended to 30th November 2020.
- The due date for Income Tax audit is also extended from 30th September 2020 to 31st October 2020.
Besides, there are other direct tax reliefs introduced by the govt.
Other Direct tax reliefs
Given below are some other direct tax reliefs introduced by the govt in the Corona relief package:
- All the pending tax refunds to the charitable trusts and NPOs & professions incl. sole proprietorship, partnership firms, LLPs, and Co-operative societies shall now be released immediately.
- The date of the assessments getting barred on 30th September 2020 is extended further to 31st December 2020.
- The rate of TDS & TCS has reduced.
- For those who are getting barred as on 31st March 2021, the date of the assessments will be extended to 30th September 2021.
- The Period of Vivad se Vishwas Scheme for all the payments without the additional amount is also extended till 31st December 2020.
So these are some key direct tax reliefs introduced by the govt in the Corona relief package to the MSMEs.