Bhubaneswar: Finance Minister Nirmala Sitaraman on Wednesday (May 13) announced that the last date for filing income tax returns for FY 2019-20 has been extended from July 31, 2020, and October 31, 2020 to November 30. 2020.
Similarly, the last date for tax audit has been extended till October 31, 2020. It was due for September 30, 2020.
“All pending refunds to charitable trusts and non- corporate businesses and professions including
proprietorship, partnership, LLP and Co-operatives shall be issued immediately,” she added.
The government will also reduce the tax deducted at source for non-salaried payments by 25 per cent of the existing rates for period up to March 31, 2021. The move will release Rs 50,000 crore, the finance minister announced.
This was a part of the Rs 20 trillion financial package to spur the country’s economy amid COVID-19 crisis promised by Prime Minister Narendra Modi in his address to the nation on Tuesday.
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