#ATMANIRBHAR BHARAT
With the continuous outrage of COVID-19, Prime Minister has been focusing on converting the outrage in an opportunity for economy. To boost the economy, Prime Minister announced “Atmanirbhar Abhiyan” on the late evening of 12.05.2020. Our Finance Minister Nirmala Sitharaman has come up with some relief from the standpoint of boosting the economy through its first tranche of benefits/relaxations today on 13.05.2020 through Press Conference. Major highlights, in respect of Tax Compliance are mentioned below:
Date related extensions;
| S. No. | Particulars | Due Date | Extended Due Date | |
| Tax Compliances | ||||
| 1 | Income Tax Return filing for FY 2018-19 (i.e. AY 2019-20) | 31.03.2020 | 30.06.2020 | |
| 2 | Income Tax Return filing for FY 2019-20 (i.e. AY 2020-21) | 31.07.202031.10.202030.11.2020 | 30.11.2020 | |
| 3 | Tax Audit Reports for AY 2020-21 | 30.09.2020 | 31.10.2020 | |
| 4 | Filing of declaration under Vivad Se Vishwas Scheme. No 10% additional charge will be levied for all applications made till this date. | 31.03.2020 | 31.12.2020 | |
| 5 | Time Barring of Income Tax Assessment Cases for AY 2018-19 | 30.09.2020 | 31.12.2020 | |
| 6 | Time Barring of Income Tax Assessment Cases for AY 2019-20 | 31.03.2021 | 30.09.2021 |
Tax Rate related relaxations;
| S. No. | Particulars | Existing Rate | Revised Rate |
| TDS and TCS Rates for non-salaried payments have been cut by 25%.New rates in FY 2020-21 for major payments are as under: | |||
| 1 | Payment to Professional (194J) | 10% | 7.5% |
| 2 | Payment for Technical Fees (194J) | 2% | 1.5% |
| 3 | Payment to Contractors other than Individual/HUF (194C) | 2% | 1.5% |
| 4 | Payment to Contractors Individual/HUF (194C) | 1% | 0.8% |
| 5 | Payment for Commission or Brokerage (194H) | 5% | 3.8% |
| 6 | Payment for Rent (194I) | 10% | 7.5% |
