Giving relief to citizens unable to meet deadlines due to coronavirus outbreak, Finance Minister Nirmala Sitharaman on Tuesday said the last date for filing of the income tax return for FY2018-19 has been extended to June 30. For FY 2018-19, delayed payment for tax payments has been reduced from 12 percent to 9 percent. No extension, for delayed TDS deposit has been reduced from 18 percent to 9 percent.
Amid curfews and lockdowns due to the Covid-19 pandemic, the government has decided to extend the deadline for settling tax disputes under the Vivad se Vishwaas scheme without paying any interest and penalty from March 31, 2020, to June 30, 2020. Those availing the scheme by the extended deadline will not have to pay 10 percent interest on the principal amount. Also, due dates for issuing various notices under the Income Tax Act have also been extended.
She also said customs clearance is now an essential service, till June 30th, 2020 it will be working 24/7. The mandatory requirement of holding board meetings is being relaxed by a period of 60 days, this relaxation is for the next two quarters. The government has extended most income tax-related compliance deadlines for individuals to June 30, 2020.
The main deadlines extended include: Linking Aadhaar with PAN, making investments for tax saving for FY2019-20, settling tax disputes under Vivad se Vishwas sans interest, penalty, and filing of income tax returns. All of these actions had to be completed by March 31 earlier.