Addressing the media by way of video conferencing, Finance Minister Nirmala Sitharaman additionally stated that the federal government has diminished the rate of interest on delayed TDS deposit to 9 per cent from the earlier 18 per cent.
New Delhi: Providing aid to residents unable to satisfy deadlines attributable to coronavirus outbreak, Finance Minister Nirmala Sitharaman made main bulletins concerning the tax deadlines on Tuesday. The final date for the revenue tax return for the monetary 12 months 18-19 has been prolonged to 30th June 2020.Addressing the media by way of video conferencing, Finance Minister Nirmala Sitharaman additionally stated that the federal government has diminished the rate of interest on delayed TDS deposit to 9 per cent from the earlier 18 per cent.
The authorities has additionally prolonged the final date for linking PAN with distinctive biometric ID Aadhaar to June 30 from March 31.
Giving particulars of the extension of dates to assist citizen address the lockdown, she stated the Vivad se Vishwas tax dispute decision scheme has been prolonged by three months to June 30. Those availing the scheme by the prolonged deadline won’t should pay 10 per cent curiosity on the principal quantity.
Also, due dates for issuing numerous notices beneath the Income Tax Act have additionally been prolonged.
“For newly incorporated companies there is a requirement to file declaration for the commencement of business within 6 months of incorporation. Now we are giving them an additional time of 6 more months,” she stated.
The aid comes amidst the entire of the nation coming to a standstill amid the rising variety of coronavirus circumstances and lockdown throughout states.
Sitharaman additional stated that an financial package deal shall be introduced quickly.