In a much needed respite to taxpayers, the Finance Ministry on Tuesday extended the March 31 deadline of filing income taxes till June 30, in wake of Covid-19 pandemic. Addressing a press conference, Finance Minister Nirmala Sitharaman said that the last date for the income tax return for the Financial Year 18-19 has been extended to June 30, 2020.
She said that the interest rate for delayed payment has been reduced from 12 percent to 9 percent.
The development came after the central government was appealed by various entities to extend the ITR filing date amid a lockdown in the country due to the rapid spread of coronavirus.
The FM also announced extension of the deadline for PAN-Aadhaar linking from March 31 to June 30, 2020. The date for Vivad Se Vishwas Scheme has also been extended till June 30.
The government has also extended the deadline for filing March, April and May 2020 GST returns to June 30, 2020. It has also revised due date for any compliance and documentation by taxpayers, including for investment instruments, till June 30, 2020.
For the companies with less than Rs 5 crore turnover, no interest or late fee or penalty will be charged for late filing of GST return. For bigger companies, penalty will be charged at a lower rate.