New Delhi, May 13: The Centre of Wednesday extended the income tax filing (ITR) filing 2019-2020 deadline to November 30. Meanwhile, the Finance Ministry also extended a tax audit deadline from September 3o to October 31. The announcement was made by Finance Minister Nirmala Sitharaman during a press briefing. Sitharaman said, “The due date of all Income Tax Returns for Assessment Year 2020-21 will be extended to 30 November, 2020. Similarly, tax audit due date will be extended to 31 October 2020.” FM Nirmala Sitharaman Announces Rs 3 Lakh Crore Collateral Free Automatic Loan for Businesses, MSMEs.
MoS Finance Anurag Thakur was also present at the media briefing which was held to share details of the economic package – Atma Nirbhar Bharat - which was announced by Prime Minister Narendra Modi on Tuesday. In the media briefing, Sitharaman announced a slew of financial measure to rejuvenate the Indian economy ravaged by the outbreak of COVID-19.
Tweet by Nirmala Sitharaman:
The due date of all Income Tax Returns for Assessment Year 2020-21 will be extended to 30 November, 2020. Similarly, tax audit due date will be extended to 31 October 2020: Smt @nsitharaman #AatmaNirbharBharatAbhiyan pic.twitter.com/2STBTvhRrc
— NSitharamanOffice (@nsitharamanoffc) May 13, 2020
Meanwhile, to increase take-home salary, the government has announced to cut Employees' Provident Fund (EPF) contribution from the employer and workers from 12 percent to 10 percent. However, the government will continue to pay 12 percent as its contribution towards the EPF. Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) has also been reduced by 25 percent in rates for . This reduction will come into effect from May 14 and will last till March 31, 2021.
(The above story first appeared on LatestLY on May 13, 2020 05:34 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).