The government on Wednesday extended the last date for filing income tax returns for the financial year 2019-20 to 30 November 2020. Along with this, the benefit of the ‘Vivad Se Vishwas Scheme’ brought for settlement of tax disputes has also been extended till 31 December 2020 at no additional charge.
Many big announcements for MSME
Finance Minister Nirmala Sitharaman and Minister of State for Finance Anurag Thakur announced various measures for the micro, small and medium (MSME) industry, keeping the details of the economic packages announced by the Prime Minister on Tuesday, as well as this assessment for the last financial year. The deadline for both personal income tax returns and other returns to be filled in the year has been extended till 30 November 2020.
Conflict-of-faith scheme till 31 December
The benefit of the trust scheme will also be available till 31 December 2020, due to the dispute brought for settlement of the old pending tax disputes. The Finance Minister said that taxpayers seeking settlement of pending disputes under this scheme will now be able to apply by 31 December 2020. For this, they will not have to pay any separate fees.
The tax department will soon issue a refund
In another announcement, the Finance Minister said that all pending charitable trusts, non-corporate businesses, professionals, LLP firms, partnership firms will be returned their pending refunds. He informed that earlier the government has refunded taxpayers up to Rs 18,000 crore up to Rs 5 lakh. This refund was made to 14 lakh taxpayers.