TDS (Tax Deduction at Source) and TCS (Tax Collected at Source) will be reduced by 25% [COVID-19 Special Economic Package]

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.

Payment for 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 today to 31st March, 2021.

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

Content Source- https://pib.gov.in/PressReleasePage.aspx?PRID=1623585

Powered by | India's No.1 Payroll and HR Software.
9000+ Clients
150 Cities
10 Lakh+ Users