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Due date for IT returns extended to Nov 30!

  • IndiaGlitz, [Wednesday,May 13 2020]

Finance Minister Nirmala Sitharaman on Wednesday said that the due date for Income Tax returns for the year 2019-2020 has been extended from 31 July and 31 October to 30 November 2020.

The FM also declared that the Tax Deducted at Source rates applicable for non-salaried employees stand reduced. With an aim to provide more funds to taxpayers, TDS for non-salaried specified payments made to residents and rates of TCS for specified receipts shall be reduced by 25%, the FM announced. The new rates will be valid till 31 March 202.

EPF contribution by the employer stands reduced from 12% to 10%. Notice that this benefit is not available to employees.

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