IT returns date shifted to June 30 | Key Updates from FM's Press conference

Finance minister Nirmala Sitharaman has just now annouce major change in Income tax filing here are some key updates 


Income Tax
1. Last date for Return extended to 30th June 2020

2. Interest Rate for late filing reduced from 9%

3. Vivad se Vishwas extended to 30th June 2020 (no additional charge of 10%)

4. Linking Aadhar to PAN extended to 30th June 2020

5. Due date to issue intimation, approval order, saction order, filing appeal, all such compliance by the tax payer, including instrument in saving instrument, extended upto 30th June 2020

GST
1. All GST Returns extended to 30th June 2020 (different staggering dates will be announced)

2. Interest Rate @ 9% for any delay upto 15 days after 30th June 2020

3. Date for opting Composition extended to 30th June 2020

Along with shifting the IT returns date, the Aadhaar-PAN linking date was also extended to June 30, said Finance Minister Nirmala Sitharaman.

"We are very close to announcing economic package. It will happen sooner rather than later", added Sitharaman.