The central government on Wednesday extended the deadline for filing income tax return for 2018-19 fiscal by two months till September 30.
“In view of the constraints due to the Covid pandemic & to further ease compliances for taxpayers, CBDT extends the due date for filing of Income Tax Returns for FY 2018-19 (AY 2019-20) from 31st July, 2020 to 30th September, 2020,” the Income Tax Department said in a tweet.
This is the third extension given by the government for taxpayers to file both original and revised tax returns for 2018-19 fiscal. In March, the due date was extended from March 31 to June 30. Later in June, it was again extended by a month till July 31.
Global forecasting firm Oxford Economics on Tuesday said it expects India’s GDP growth to lose momentum from late third quarter (October-December) of the current fiscal as the push from the initial reopening fades.
It further said India fares the worst in its Asia recovery scorecard, implying that the country will likely take the longest among major economies to converge to its pre-coronavirus growth level.
Oxford Economics, in a report titled ‘India: A reopening gone wrong’, said the central government’s attempts to restart the economy are already running aground.
“In our baseline, we expect GDP growth to lose momentum from late Q3 on, once the push from the initial reopening fades and, likely compounded by the ongoing pandemic and inadequate policy support, legacy economic headwinds re-assert themselves
“The risk clearly is that proactive steps by regional governments, especially the richer ones, to stem the spread of the virus bring the tipping point forward,” it said.
According to Oxford Economics, early data suggests that the positive economic impact of the accelerated lockdown exit will be felt in June, with the effect reinforced by a global growth pick-up that has aided a recovery in exports.
“The outlook beyond that, however, has turned more worrisome. The reopening drive is already beginning to hit roadblocks, amid the surge in COVID-19 cases,” it observed.