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Last Date To File FY20 Income Tax Return Extended To 30 November; TDS Rate Reduced By 25 Per Cent
Swarajya Staff
May 13, 2020, 05:44 PM | Updated 05:44 PM IST
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The Finance Minister Nirmala Sitharaman announced the extension of the last date of Income Tax filing for both individuals and companies for the Financial Year 2019-20 to 30 November 2020.
Among other measures, Due date of all income-tax return 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. #AatmaNirbharBharatAbhiyan pic.twitter.com/R4ZWRgss9x
— PIB India #StayHome #StaySafe (@PIB_India) May 13, 2020
The last date for tax audit has been extended from 30 September to 31 October 2020. The Finance Minister also added that all the pending refunds for non-corporate businesses, professions and charitable trusts will be issued immediately.
Additionally, rates of TDS, for non-salaried specified payments made to residents, and rates of Tax Collection at Source (TCS) for specified receipts have been slashed by 25 per cent.
Government to infuse Rs 50,000 crores liquidity by reducing rates of TDS, for non-salaried specified payments made to residents, and rates of Tax Collection at Source for specified receipts, by 25% of the existing rates. #AatmaNirbharBharatAbhiyan pic.twitter.com/LR1jhG9ovY
— PIB India #StayHome #StaySafe (@PIB_India) May 13, 2020
Contract payment, professional fees, rate of interest, rent, dividend, commission and brokerage among others will be eligible for the reduced TDS rate. This reduction will be applicable till 31 March 2021 and will increase liquidity by Rs 50,000 crore.
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