In a relief for taxpayers, the Union Finance Ministry on Tuesday extended the deadline for the income tax return for financial year 2018-19 to June 30, 2020 in view of the ongoing coronavirus pandemic. The ministry also postponed the date for Aadhaar-PAN card linkage as well as Vivad se Vishwas Scheme till June 30.
The interest rate for delayed payments has also been reduced from 12 per cent to 9 per cent.
Addressing a press briefing, Finance Minister Nirmala Sitharaman said, “Work is going on and we are very close to coming up with an economic package that will be announced sooner rather than later.”
Giving details of the extension of deadlines to help citizens cope with the ongoing lockdown, Sitharaman said the Vivad se Vishwas tax dispute resolution scheme has been extended by three months to June 30. Those availing the scheme by the extended deadline will not have to pay 10 per cent interest on the principal amount.