Income Tax filing deadline extended to November end: Nirmala Sitharaman
New Delhi : Union Finance Minister Nirmala Sitharaman on Wednesday announced that the income tax filing last date has been extended amid the coronavirus crisis and lockdown.
The dates for the financial year 2019-20 have been pushed back from July 31, 2020 and October 31, 2020 to November 30, 2020, Union finance minister Nirmala Sitharaman said while explaining the contours of the package announce last evening by Prime Minister Narendra Modi.
The dates for the tax audits have also been pushed away by one month - from September 30, 2020 to October 31, 2020, she said.
To enable people with more cash in hand, the government has also slashed the TDS (Tax Deduction at Source) for non-salaried specified payments and TCS (Tax Collection at Source) by 25 per cent.
The government also announced a 2 per cent reduction in the EPF contribution made by the private companies. The government also said it would pay the EPF contribution for employees of MSMEs (Micro, Small and Medium Enterprises) to help them recover from the crisis.