Finance Minister Nirmala Sitharaman on Wednesday announced that the due date of all income-tax returns for the current financial year would be extended to November 30, 2020, from July 31, 2020, and October 31, 2020 .
The tax audit deadline has been extended to October 31, 2020, from September 30, 2020.
Among other extensions, the date of assessments getting barred on September 30, 2020, has now been extended to December 31,2020. Those getting barred on March 31, 2021, will be extended to September 30, 2021.
The period for Vivad se Vishwas Scheme for making payment without additional amount has been extended to December 31, 2020.
The government also reduced tax deducted at source (TDS) rates by 25 percent and it will be applicable on all payments. It will be enforced from Thursday till March 31, 2021, and this reduction will release Rs 50,000 crore in hands of people.
"All pending refunds of charitable trust, non-profit business, cooperatives and small partnerships, shall be issued immediately. 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," said Sitharaman.
Listing the five pillars of 'Atma-nirbhar Bharat' as economy, infrastructure, system, demography and demand, Sitharaman said the Prime Minister has laid out a comprehensive vision and that was realised after wide consultations with several sections of the society.
"Aatma-nirbhar Bharat' does not imply isolationism or becoming exclusionist. We’ll build capacities, skill people and compete globally acquiring strengths. We’ll build the local. After all, every global brand began with their local strength. We shall integrate with GVCs," the finance minister said.
"The government has responded countless times to your calls. You are speaking to a responsive, sensitive government. Within hours of the lockdown announced by the Prime Minister, the Garib Kalyan Yojana was announced," Sitharaman added.
She said the financial package announced by Prime Minister essentially aims to spur growth and build a very self reliant India. On Tuesday, Prime Minister announced a stimulus package worth Rs 20 lakh crore, which combines the government's recent announcements on supporting key sectors as also measures rolled out by the Reserve Bank of India (RBI).