Income Tax Reliefs - 13th May 2020

•  Reduction in Rates of Tax Deduction at Source (TDS) and Tax Collected at Source (TCS) – The TDS rates for all non-salaried payment to residents, and tax collected at source rate will be reduced by 25 percent of the specified rates for the remaining period of FY 20-21. This will provided liquidity to the tune of Rs 50,000 Crore. This reduction shall be applicable for the remaining part of the FY 2020-21 i.e. from 14th May 2020 31 st March, 2021.

• Payment for contract, professional fees, interest, rent, dividend, commission, brokerage, etc. shall be eligible for this reduced rate of TDS.

• All pending refunds to charitable trusts and non-corporate businesses & professions including proprietorship, partnership, LLP and Co-operatives shall be issued immediately.

• Due date of all income-tax return for FY 2019-20 will be extended from 31^st July, 2020 & 31st October, 2020 to 30th November, 2020 and Tax audit from 30^th September, 2020 to 31st October,2020.

• Date of assessments getting barred on 30th September,2020 extended to 31st December, 2020 and those getting barred on 31 st March,2021 will be extended to 30th September, 2021.

• Period of Vivad se Vishwas Scheme for making payment without additional amount will be extended to 31st December, 2020.

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