Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.

TDS / TCS Rates reduced 25% till March 31, 2021: Finance Minister

In order to provide more funds at the disposal of the taxpayers, the rates of Tax Deduction at Source ( TDS ) for non-salaried specified payments made to residents and rates of Tax Collection at Source (TCS) for the specified receipts shall be reduced by 25% of the existing rates.

The Finance Minister Nirmala Sitharaman said that, Payment for the contract, professional fees, interest, rent, dividend, commission, brokerage, etc. shall be eligible for this reduced rate of TDS.

This reduction shall be applicable for the remaining part of the FY 2020-21 i.e. from tomorrow to 31st March, 2021.

The Finance Minister also said that, It will help to Rs 50,000 crores liquidity through TDS/TCS rate reduction

Read more at:

Share This!

No comments:

Post a comment