Key Points of FM’s speech on press conference on COVID-19 package for taxpayers.

Key Points of FM’s speech on press conference on COVID-19 package for taxpayers.

1. TDS / TCS rates reduced by 25% on non salaried payments effective tomorrow upto 31 March 2021. Will apply to all payments – 50k Cr additional liquidity.
2. All pending refunds to charitable trusts and non-corporate business & professional taxpayers (but including LLP) will be issued
3. Due date for all income tax returns to be 30 November 2020 and tax audit due date to be 31 October 2020.
4. Assessments getting barred on 30 September 2020 will get barred on 31 December 2020. Cases getting barred on 31 March 2021 will get barred on 30 September 2021
5. Vivaad se Vishwaas scheme extended upto 31 December 2020.
6. Income Tax Assessments getting barred on 30^th September’2020 extended to 31^st December’2020 and those getting barred on 31^st March’2021 will be extended to 30^th September’2021.

Source : pib release