Relief for taxpayers: ITR filing date extended, EPF contribution lowered

NEW DELHI: In a big relief for taxpayers, finance minister Nirmala Sitharaman on Wednesday revealed crucial reforms in the tax structure.

The steps, revealed as part of federal government’s Rs 20 lakh crore economic stimulus plan, aims to increase cash in hand and ease the liquidity pressure dealt with by people due to the ongoing nationwide lockdown to combat the spread of the lethal coronavirus pandemic.

Here are the essential announcements made by financing minister Nirmala Sitharaman:

Extension of due date for submitting income tax return

Due date for filing of all tax return for the financial year 2019-20 has actually been extended from July 31 and October 30, 2020 to November 30,2020

Even more, all date of assessments getting t