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.