Concessional TDS rates for the remaining period of Financial Year 2020-21 The finance minister Nirmala Sitharaman in her recent press briefing has announced concessional TDS/TCS rates which will come into effect from May 14, 2020, for the remaining period of Financial Year 2020-21 i.e. from 14th May 2020 to 31st March 2021. The Government on 13th May 2020 has announced various relief measures for the common man so that we can fight against the financial distress caused by COVID-19. One among many relief is the reduction in the tax rates by 25% under TDS - Tax deducted at source and TCS - Tax collected at source. Points to remember:- 1. This relief is not available under TDS if section 206AA is applicable i.e. if the deductee has not furnished its PAN/Aadhaar. In that case, TDS rate will be applicable as per Section 206AA i.e. at the rate of 20% and not on 15%. 2. This relief is provided only for the remaining period of the financial year 2020-21 i.e. till 31st march 2021 “Subscribe” to our Blogs for the latest updates on Tax deducted at source. www.cadeveshthakur.com/category/tds/ Other related videos: - ua-cam.com/play/PL1o9nc8dxF1RXi2GaEckeXGmJy_FYOj9q.html
Concessional TDS rates for the remaining period of Financial Year 2020-21
The finance minister Nirmala Sitharaman in her recent press briefing has announced concessional TDS/TCS rates which will come into effect from May 14, 2020, for the remaining period of Financial Year 2020-21 i.e. from 14th May 2020 to 31st March 2021.
The Government on 13th May 2020 has announced various relief measures for the common man so that we can fight against the financial distress caused by COVID-19. One among many relief is the reduction in the tax rates by 25% under TDS - Tax deducted at source and TCS - Tax collected at source.
Points to remember:-
1. This relief is not available under TDS if section 206AA is applicable i.e. if the deductee has not furnished its PAN/Aadhaar. In that case, TDS rate will be applicable as per Section 206AA i.e. at the rate of 20% and not on 15%.
2. This relief is provided only for the remaining period of the financial year 2020-21 i.e. till 31st march 2021
“Subscribe” to our Blogs for the latest updates on Tax deducted at source.
www.cadeveshthakur.com/category/tds/
Other related videos: -
ua-cam.com/play/PL1o9nc8dxF1RXi2GaEckeXGmJy_FYOj9q.html
Pepperfry Important Update: 06th July 2020
Nil/Lower Deduction of TDS u/s 194H for FY 2020-21: ua-cam.com/video/ipVHZuGdBv8/v-deo.html
Nice video