Addressing the media through video conferencing, Finance Minister Nirmala Sitharaman also said that the government has reduced the interest rate on delayed TDS deposit to 9 per cent from the previous 18 per cent.
The government has also extended the last date for linking PAN with unique biometric ID Aadhaar to June 30 from March 31.
Giving details of the extension of dates to help citizen cope with the lockdown, she 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.
Also, due dates for issuing various notices under the Income Tax Act have also been extended.
“For newly incorporated companies there is a requirement to file declaration for the commencement of business within 6 months of incorporation. Now we are giving them an additional time of 6 more months,” she said.
The relief comes amidst the whole of the country coming to a standstill amid the rising number of coronavirus cases and lockdown across states.
Sitharaman further said that an economic package will be announced soon.