Govt cuts TDS, TCS rates for non-salaried payments by 25%
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In order to provide more funds at the disposal of the taxpayers, the government reduced 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 by 25 percent of the existing rates.
The payment for contract, professional fees, interest, rent, dividend, commission, brokerage, etc. will be eligible for this reduced rate of TDS.
This reduction will be applicable for the remaining part of the FY 2020-21 i.e. from May 14 to March 31, 2021.
"This move will release Rs 50,000 crore into the system," Sitharaman said.
The payment for contract, professional fees, interest, rent, dividend, commission, brokerage, etc. will be eligible for this reduced rate of TDS.
This reduction will be applicable for the remaining part of the FY 2020-21 i.e. from May 14 to March 31, 2021.
"This move will release Rs 50,000 crore into the system," Sitharaman said.
Category : Income Tax | Comments : 0 | Hits : 692
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