FAQ’s : Direct Tax Announcements

Has the Financial Year been extended to 30th June 2020?No, the Financial year has not been extended, but the dates to make regulatory compliances and various investments have been extended as explained above
Whether there is any change in the date of deposit of TDS for the months of March 2020, April 2020, May 2020 and June 2020?No, The Ministry of Finance has clarified that due dates for payment of TDS shall continue to operate as per the existing due dates prescribed but the delayed payment shall attract a reduced rate of interest
Whether date to furnish TDS Returns have been extended?Then Ordinance states that where the time limit for furnishing any report/return falls between 20th March 2020 to 29th June 2020 stand extended to 30th June 2020 or any such date as the Central Government may specify. Thus, in our view the date for furnishing TDS Returns have also been extended
Whether the reduced rate of interest of 9% on payment of tax is applicable to the entire period of default?No, The reduced rate of interest is applicable only for the month of April to June 2020. For any period before that the rate of interest applicable is 12/18%

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