New Delhi: Finance Minister Nirmala Sitharaman announced Tuesday a slew of relaxation measures related to compliance and regulation. She informed that the the deadline for filing income tax returns for the financial year 2018-19 has been extended till June 30, 2020 from the existing date of March 31. The interest rate on delayed payment of returns has also been cut to nine per cent from the existing 12 per cent.
The government also extended the last date for linking PAN with unique biometric ID Aadhaar to June 30 from March 31.
Giving details of the extension of dates to help citizen cope with the lockdown, the finance minister said the ‘Vivad se Vishwas’ tax dispute resolution scheme has been extended by three months to June 30. Those availing the scheme by the extended deadline will not have to pay 10 per cent interest on the principal amount. Moreover, due dates for issuing various notices under the Income Tax Act have also been extended.
The finance minister also told the media that the government is ‘very close’ to come up with an economic package and that it will be declared ‘sooner than later’. The economy of the country has suffered a great deal since the implementation of lockdown in most part of the country. The retail industry has suffered a lot and with industries closed people are under immense hardships.
Agencies