DIRECT TAX - ATMA NIRBHAR BHARAT KEY ANNOUNCEMENTS BY FINANCE MINISTER
1. TDS and TCS rate has been reduced by 25% and such reduction shall be applicable w.e.f from 14th May 2020 till 31st March 2021.
2. All Pending Refunds for Charitable Trusts, Proprietorship, Partnership, LLP, Co-operatives i.e. Non-Corporate entities shall be issued immediately.
3. Due date of all income tax returns for FY 2019-20 extended from 31st July 2020 and 30th September 2020 to 30th November 2020 and for all Tax Audits from 30th September 2020 till 31st October 2020.
4. Period of Vivad se Vishwas Scheme extended till 31st December, 2020.
5. All Assessments which were getting barred as on 30th September 2020 shall be extended to 31st December 2020 and all those assessments getting barred as on 31st March 2021 will be extended to 30th September 2021.