Finance Minister Nirmala Sitharaman in a press conference on March 24 said that last date of filing income tax return for the financial year 2018-19 will now be June 30, 2020. Interest rate on late payment will be reduced to 9 percent from 12 percent.
The deadline for settling tax disputes under the Vivad se Vishwaas scheme, without paying any interest and penalty, will be extended from March 31, 2020 to June 30.
Last date for filing March, April and May 2020 GST returns is being extended to June 30, 2020, she said.
For companies with a turnover of less than Rs 5 crore, no interest, late fee or penalty will be charged.
No late fee, penalties for companies with a turnover of more than Rs 5 crore but interest would be charged at 9 percent.
She also said that interest on delayed deposit for TDS will be reduced to 9 percent from 18 percent earlier.
Aadhar, PAN linking date will also be extended to June 30 from March 31 earlier.