Finance minister announces relief package for businesses

May 14, 2020

India’s Finance minister announced a relief package for businesses on May 14, 2020, easing tax compliance rules in a bid to help taxpayers cope with the fallout of the coronavirus pandemic.

This includes-

  • reduction in tax withholding rates (by 25% of the existing rate for all Indian residents) until March 31, 2021;
  • extension of the return filing dates until November 30, 2020,
  • extension of tax audit report filing date until October 31, 2020; and
  • extension of time barring assessments.

This is a welcome move as it does ease some amount of financial stress/tax compliance pressure on taxpayers as businesses get back to work.

More News

Primer on doing business in India

India is one of the fastest-growing economies in the world and the business and regulatory environment is rapidly evolving and improving. Various policy changes and initiatives have transformed India from a closed economy to a liberal one. The days of the 'licence...

read more