Nirmala Sitharaman, Finance Minister in her press conference on Atmnirbhar Bharat announced various direct tax-related measures and other measures in the amid of COVID-19.
As per the press conference announcements, the measures related to direct taxation are as follows:
Due Date of Income Tax Return For FY 19-20
| Particulars | Due Date | Extended Due Date |
| Due date for filing Income Tax Return for individuals, partnership firms, LLPs, companies etc. | 31st July & 31st October | 30th November 2020 |
| Due Date for Tax Audit | 30th September | 31st October 2020 |
Other Tax Measures
- Government has provided liquidity of Rs. 50,000 crore through the reduction in TDS Rates. TDS for non-salaried payments like Payment for contract, professional fees, interest, rent, dividend, commission, brokerage, etc made to residents and rates of TCS for the specified receipts shall be reduced by 25% of the existing rates. This reduction shall be applicable from 14th May, 2020 to 31st March, 2021 for FY 20-21.
- All the pending refunds to charitable trusts and non-corporate businesses & professions including proprietorship, partnership, LLP and Co-operatives shall be issued immediately.
- Period of Vivad se Vishwas Scheme for making payment without additional amount is extended till 31st December,2020.
- Date of assessments getting barred on 30th September,2020 are extended to 31st December,2020 and those getting barred on 31st March,2021 will be extended to 30th September,2021.
