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Direct Tax Measures announced by FM today

*All pending refunds to charitable trusts and non- corporate businesses & professions including proprietorship, partnership, LLP and Co-operatives shall be issued immediately.

*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.

Other Direct Tax Measures

* Date of assessments getting barred as on 30th September,2020 extended to 31st December,2020 and those getting barred as well on 31st March,2021 will be extended to 30th September,2021.
* Period of Vivad se Vishwas Scheme for making payment without additional amount will be extended to 31st December,2020.
* TDS/ TCS rates reduced for non-salaried specified payments by 25% of the existing rates. This reduction will be applicable for the remaining party of the FY 2020-21,i.e. from tomorrow to 31st March, 2021.
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