DIRECT-TAX MEASURES ANNOUNCED BY THE FINANCE MINISTER

1. List of announcements The Finance Minister has also announced several relief under the Income-tax Act, which are given below: a) The rates of TDS/TCSin respect of specified payments/receipts shall be reduced by 25%. This concession in the rate shall be available for the tax deducted or collected between 14-05-2020 till 31-03-2021. This relief shall not be available to a salaried and non-resident taxpayer.
2. All pending refunds to charitable trust and non-corporate businesses and professions shall be released soon.
3. Due date of all Income-tax return for the Financial Year 2019-20 will be extended from July 31, 2020 and October 31, 2020 to November 30, 2020.
4. The due date for tax audit under section 44AB shall be extended from September 30, 2020 to October 31, 2020
5. The last date for opting Vivad se Vishwas Scheme without paying additional 10% of the disputed tax shall be extended till December 31, 2020
6. Due date of 30-09-2020 for completion of assessments shall be extended to 31-12- 2020. Where assessments are getting barred on 31-03-2021, it shall be extended to 30- 09-2021.

The first installment of advance tax is due on 15^th June, 2020. A taxpayer should re-calculate his advance tax liability to be deposited next month to avoid any payment of interest. Any short-fall in the deposit of advance tax will attract interest under section 234B and 234C.