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.

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