Finance

Coronavirus impact: Government extends income tax deadlines in view of lockdown

Updated : March 24, 2020 03:31 PM IST

The decision has been made in view of the unprecedented situation prevailing due to coronavirus across the country.

The government has also extended deadline for PAN-Aadhaar linking from March 31, 2020 to June 30, 2020.

On delayed TDS, the interest rate has been lowered from 18 percent to 9 percent.

In a major initiative, the government has extended the deadline for filing belated income tax return (ITR) from March 31, 2020 to June 30, 2020. Also, interest rate on delayed payment has been cut to 9 percent from 12 percent. The decision has been made in view of the unprecedented situation prevailing due to coronavirus across the country.

On delayed TDS, the interest rate has been lowered from 18 percent to 9 percent, Union Finance Minister Nirmala Sitharaman said in a press conference on Tuesday.

The government has also extended deadline for PAN-Aadhaar linking from March 31, 2020 to June 30, 2020. Also, due dates for issuing various notices under the Income Tax Act have been extended.

The government has also decided to extend the deadline for settling tax disputes under the 'Vivad se Vishwaas' scheme to June 30, 2020 from March 31, 2020, without paying any interest and penalty . This means those availing the scheme will not have to pay 10 per cent interest on the principal amount.

Coronavirus impact: Government extends income tax deadlines in view of lockdown

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