ITR Filing Last Date: Giving a major relief to the tax payers of the country, badly affected by the Covid-19 outbreak, the government on Wednesday extended the date for filing of Income-tax return for FY 2019-20 from 31st July, 2020 & 31st October, 2020 to 30th November, 2020 and Tax audit from 30th September, 2020 to 31st October,2020.
This was announced by Finance Minister Nirmala Sitharaman during a press conference where she unveiled the finer points of the economic package announced by Prime Minister Narendra Modi on Tuesday evening.
The government also announced Rs 50,000 crores liquidity through Tax Deduction and Source (TDS) and Tax Collection at Source (TCS). “In order to provide more funds at the disposal of the taxpayers, the rates of TDS for non-salaried specified payments made to residents and rates of TCS for the specified receipts shall be reduced by 25% of the existing rates,” said the minister.
She added that payment for contract, professional fees, interest, rent, dividend, commission, brokerage, etc. shall be eligible for this reduced rate of TDS. This reduction shall be applicable for the remaining part of the FY 2020-21 i.e. from tomorrow to 31st March, 2021.
Highlighting other direct tax measures, the minister said that all pending refunds to charitable trusts and non corporate businesses and professions including proprietorship, partnership, LLP and Co-operatives shall be issued immediately.
Besides, the minister also announced Rs 3 lakh crore collateral free automatic loan for businesses, including MSMEs. This will benefit 45 lakh small businesses, she said detailing parts of the Rs 20 lakh crore economic stimulus package.
The loan will have 4 year tenure and will have 12 month moratorium, she said.
Also, Rs 20,000 crore subordinate debt will be provided for stressed MSMEs, she said adding this would benefit 2 lakh such businesses.