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Finance Minister announces extension of statutory deadlines

Key announcement made by Finance Minister Nirmala Sitharaman due to impacts of COVID-19 on economy:

Direct Tax:

1. For Financial year 2018-19, last date for returns extended to June 30, 2020. Delayed payments made till June 30, interest rate reduced to 9% from 12%.

2. For delayed deposit of TDS, interest has been reduced to 9 % from 18%

3. Aadhaar-pan linking extended to June 30 from March 31

4. Vivaad se Vishwaas scheme extended to June 30. And no additional payment of 10% to be paid

5. All compliances under Income Tax Act, Wealth Tax Act, Benami Transaction Act, Black Money Act, Vivaad se Vishwaas, have been extended to June 30, 2020

Goods and Services Tax:

6. All GST returns for March, April, May and composition returns extended to June 30, 2020