India Defers Tax Filing Deadlines, Promises Virus Relief Steps

India deferred deadlines for filing tax returns, extended a tax amnesty program and unveiled other procedural relief steps, while promising more measures to support the economy amid the coronavirus pandemic, Bloomberg News reported. Tax payers can file their annual returns by June 30 instead of the March 31 deadline for the fiscal year that ended March 31, 2019, Finance Minister Nirmala Sitharaman said in New Delhi Tuesday. Besides rules will be tweaked to check trigger of insolvency cases against companies, and norms relaxed for holding of board meetings, she said. “We are very close to coming up with an economic package which will be announced sooner rather than later,” she said. “There have been several calls for us to respond to in terms of deadlines that people are struggling to keep. So therefore today we have come up with a comprehensive” announcement. Bonds pared gains amid disappointment over lack of any substantial relief measures. The yield on the benchmark 10-year notes rose to 6.35% from 6.31% earlier. Read more

Location