Income Tax relief measure by Finance minister on 13.05.2020

Income Tax relief measure announced by Finance minister on 13.05.2020 are as follows:

1. TDS & TCS rates for other than Salary payments will be reduced by 25 percent of the specified rates from tomorrow i.e. 14.05.2020 for the remaining period of FY 20-21. 

2. The due date of Income Tax Returns for all assessees (including individual assessee) for AY 2020-21 will be extended to 30 November, 2020 and tax audit due date will be extended to 31 October 2020. 

3. The date for making payment without additional amount under the “Vivad Se Vishwas” scheme will be extended to 31 December, 2020. (However no clarification for extension of application & order due date, official gazette may provide clarification on same.)

4. Date of assessments getting barred on 30^th September, 2020 (AY 18-19) extended to 31^st December, 2020 and those getting barred on 31^st March,2021 (AY 2019-20) will be extended to 30^th September, 2021