Finance Minister Nirmala Sitharaman, while addressing a press conference on Wednesday, announced major relief to the taxpayers who are yet to file their income tax return for FY 2019-20.
“Due date for all income-tax return for FY 2019-20 will be extended from 31 July 2020 to 30th November 2020 and tax audit from 30th September 2020 to 31st October 2020,” said the FM as she announced various direct tax-related measures for taxpayers.
With this, a reduction of 25% of existing rates of Tax Deducted at Source (TDS) and Tax Collection at Sources (TCS) from tomorrow till March 31, 2021, was declared. This comes as a huge relief for all of the taxpayers across the country amid coronavirus lockdown.