Corona virus has brought a lot of financial turmoil with it. The buses have stopped, the trains have been halted and people have been resorted to quarantine themselves in their homes.
As a result, mandatory legal requirements like Income tax return filing have to be put on a backburner. However, if you are a taxpayer, then you know that under no circumstance, you can defy your payments. Worry not, for the government of India has provided some relaxation when it comes to the deadline to file Income tax returns.
Income tax return filing date extended
In the wake of COVID-19 pandemic, government has taken steps to ensure that the taxpayer isn’t burdened too much with ITR filing requirement. That’s why, in a move that surely will give relief to all taxpayers, the Income tax return filing deadline has been extended from March 31st of this year to June 30.
Addressing the media via a press conference, the finance minister of India, Nirmala Sitaraman told that in the wake of COVID-19 epidemic, the final date to file the Income tax return has been increased.
As a gesture of cooperation, the finance minister has also announced that the interest rate of delayed payment will be reduced from 12% to 9%.
What led to this change?
In the earlier days of Coronavirus entry, it didn’t seem that anything would change. However, after the epidemic hampered the life of many business entities, and after receiving the request from several entities about extending the deadline, the ministry took steps to ensure that the economy persists even after the lockdown due to coronavirus.
Other Extensions Due to Coronavirus
It’s not only about the Income Tax returns, other extensions have also been made and they are the following:
- PAN Aadhar Linking: The Deadline for Pan aadhar linking has been extended from 31st March to 30th June.
- GST return filing: Those with registered GST now have more to time to file their returns. The ministry has increased its deadline to March 30th.
- No late fee penalty: For entities with annual turnover of more than INR 5 Crore, no interest or late fee will be charged for filing late GST return.
Coronavirus has surely gripped the financial state of the nation. However, there is some reprieve for businesses who find themselves unable to conduct business and take care of all the mandatory requirements currently. For your IT return needs, contact our experts whenever you wish to. Quarantine or not, we will help you file your return.