As part of relief measures, Nirmala Sitharaman in her press conference address today extended the deadline for return filing for FY 2019-20 that were to be completed by July 31, 2020 to November 30, 2020.
Also, for those taxpayers who need to file their return by October 31, the deadline has been extended to November 30, 2020.
The deadline for tax audit has been also relaxed from September 30 to October 31.
Other tax related measures announced include a hefty cut in TDS, TCS rates by 25% till March 31. And TDS rate cut shall apply for all of the purpose and become effective from tomorrow.
This cut in TDS is said to infuse liquidity to the tune of Rs. 50,000 crore.
Also, on the sidelines the FM said all pending payments will be released immediately.
-Vivad se vishwas scheme deadline has been extended.