Thursday, May 28, 2020
On May 13, 2020, the Indian Government announced new tax relief measures and administrative concessions.
The Government said pending income tax refunds for charitable trusts and non-corporate businesses and professions, including proprietorship, partnership, LLPs, and cooperatives, will be paid immediately.
Further, rates of tax deduction at source (TDS) and tax collected at source (TCS) will be reduced. The Government said: "The TDS rates for all non-salaried payment to residents, and TCS rate will be reduced by 25 percent of the specified rates for the remaining period of FY 20-21."
Finally, the Government announced that due dates for all income tax returns for the 2020-21 year of assessment will be extended to November 30, 2020. Similarly, the tax audit due date will be extended to October 31, 2020, it added. Finally, the date for making payment without additional amount under the "Vivad Se Vishwas" scheme will be extended to December 31, 2020.