Relaxation in income-tax compliances amid covid-19 outbreak

1. Payment of tax deducted at source (TDS) for the month of March 2020 into the Govt. treasury:

· No change in time for payment which is 30 April 2020

· However, reduced interest rate @ 0.75% per month or part thereof would be applicable for delay in payment of tax (instead of 1.5% per month or part thereof) for deposit of taxes between 1 May to 30 June 2020

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Due date for filing income tax returns extended to 31 August

[ratings] The government on Tuesday extended the deadline for filing income-tax returns for the FY20 assessment year by individuals and certain non-corporate assessees by one month to 31 August. The extension of due date was applicable to all taxpayers liable to file their tax returns by 31 July, the original due date. This applies to

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Attention..! You may be liable to pay Tax on your EPF Withdrawal

[ratings] Employee Provident Fund (EPF) is one of the most commonly used retirement cum investment scheme enacted by the Government for employees. The employer and employee, both are required to contribute an amount under this scheme at some percentage of Basic Wages, Dearness Allowance and Retaining Allowance (if any) as follow: Employee’s Contribution The employee

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