Income Tax Due Date Extended to 30th Nov 2020 for AY 2020-21
Income Tax Due Date Extended to 30th Nov 2020 for AY 2020-21: Due date to file Income Tax Return and Tax Audit extended for FY 2019-20.
The FM announced the economic relief package on the 13th of May 2020 to fight the COVID-19 crisis. In her announcement dated 13/05/2020, the Finance Minister announced various Direct Tax Changes and also made some announcements regarding the relief measures to be given to the MSMEs. In her speech today the FM announced the extension of the due date to file the Income Tax Return and Tax Audit for the Financial Year 2019-20 and reduction in the TDS and TCS rates by 25%. Here are the major direct tax changes that were announced by the Finance Minister:
1. The TDS and TCS rates have been reduced by 25% of the existing rates. The revised rates will come into effect from 14/05/2020 and will be in effect till 31/03/2021.
2. The due date for all Income Tax Returns for FY 2019-2020 extended from 31/07/2020 and 31/10/2020 to Nov 30, 2020.
3. The due date for Tax Audit for FY 2019-20 extended from 30/09/2020 to 31/10/2020.
4. The period for Vivad se Vishwas Scheme has been extended to the 31st December 2020.
5. The date for assessments getting barred on 30th September 2020 will be extended to the 31st December 2020 and assessments getting barred on 31st March 2021 will be extended to the 30th of September 2021.
Other than direct tax changes the government also announced amendments in the PF Regulation Rules and change in the definition of MSMEs.