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Income Tax returns for 2019-20 extended to 30th November 2020; TDS rates reduced by 25 percent


Cinosural International An Elementry School Jammu

NEW DELHI, May 13: Finance Minister Sitharam said that due date of all I-T returns for FY19-20 from July 31, 2020 and October 31, 2020 extended till November 31, 2020. Tax audits extended from September 30, 2020 till October 31, 2020. Date of assessments getting barred as of September 2020 is extended till December 2020. Those getting barred on March 31, 2021 are being extended till September 31,  2021. Vivad se Vishwas scheme is being extended till December 31, 2020 without any additional amount.

Reduced TDS rates by 25 percent. This is applicable on all payments - interest, rent, brokerage, supply, etc. This will be enforced from tomorrow till March 31, 2021. This reduction will release Rs 50,000 crore in hands of people.

 


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