New Delhi I The Union Finance Ministry extended the deadline for filing income tax returns for the financial year 2018-19 till June 30, 2020 in a bid to provide relief amid the coronavirus crisis.
Addressing the media through video conferencing, Finance Minister Nirmala Sitharaman also said that the government has reduced the interest rate on delayed TDS deposit to 9 per cent from the previous 18 per cent.
Extended the deadline for linking of Aadhaar & PAN
The government has also extended the deadline for linking of Aadhaar and PAN till June 30 from the original deadline of March 31.
The relief comes amidst the whole of the country coming to a standstill amid the rising number of coronavirus cases and lockdown across states.
Vivaad Se Vishwas direct tax scheme
The government has extended durations of the dispute settlement schemes for direct taxes (Vivaad Se Vishwas) and indirect taxes (Sabka Vishwas) till June 30.
Addressing the media through video link here on Tuesday, Finance Minister Nirmala Sitharaman said under the ”Vivaad Se Vishwas” scheme, 10 per cent additional charge would not be levied till June 30.
“We are saying, everything is extended to June 30, no additional 10 per cent payment at all,” the Finance Minister said.
The scheme in its earlier version provided complete waiver of interest and penalty for payments made by March 31 and involved settlement with additional payment of 10 per cent between April 1 and June 30.
The Direct Tax Vivaad Se Vishwas Bill 2020 intends to resolve direct tax disputes and offers a waiver of interest, penalty and prosecution for settlement of these disputes.
Extension of the deadline for filing the GST returns
Among other major decisions for taxpayers, the Minister announced extension of the deadline for filing the goods and services tax (GST) returns for March, April and May 2020 till June 30.
The government has also halved the interest rate on delayed TDS deposits to 9 per cent, she added.
Sitharaman further said that an economic package will be announced soon. (IANS)