���?�?�}[[����������v�Ü ��,���?�! New Delhi, 13th May. New TDS/TCS rates reduced by 25% wef 14/05/2020. Benchmarks . It is further stated that there shall be no reduction in rates of TDS or TCS, where the tax is required to be deducted or collected at higher rate due to non-furnishing of PAN/Aadhaar. On 13.05.2020, CBDT vide a Press Release announced the reduction of rate of TDS/TCS and also provided a list of new rates of TDS/TCS to be applicable from 14.05.2020 to 31.03.2021. <> A Ministry of Finance note stated, "There shall be no reduction in rates of TDS or TCS where the tax is required to be deducted and collected at higher rates due to non-furnishing of PAN/Aadhaar. Reduction in rate of Tax Deduction at Source (TDS) & Tax Collection at Source (TCS) In order to provide more funds at the disposal of the taxpayers for dealing with the economic situation arising out of COVID-19 pandemic, the rates of Tax Deduction at Source (TDS) for the following non-salaried specified payments made to residents has been reduced by 25% for the period stfrom 14thMay, 2020 to 31 … Suppose, if the tax is required to be deducted at 20 per cent under section 206AA if the Income-tax Act due to non-furnishing of PAN/Aadhaar, it shall be deducted at the rate of 20 per cent instead of reduced rate. There is no reduction in the rate of TDS under section 194N regarding TDS on Cash WIthdrawal as introduced by the Finance (No. 194O TDS on e-commerce participants 1% (w.e.f. There is no reduction in the rate of TCS under section 206C(1G) regarding TCS on Overseas Tour Package as introduced by the Finance Act, 2020. Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes. The board has clarified that the benefit of reduced rate shall not be available if tax is deducted/collected due to non-furnishing of PAN/Aadhaar As per the notification, no reduction in rates of TDS or TCS will be available where the tax is required to be deducted or collected at a higher rate due to the non-furnishing of PAN/Aadhaar. Due date for furnishing TDS statement (Forms 24Q, 26Q and 27Q) for the last quarter of the financial year 2010-11 onwards has been modified to 15th May (from earlier 15th June) vide CBDT notification dated May 31, 2010. As a result, a person may have to pay a higher amount of advance tax or self-assessment tax due to reduction in deduction of tax. Similarly, rates of TCS were also reduced to 75% of the prescribed rates of TCS. Press Release Reduction in rate of TDS deduction at Source (TDS) & Tax Collection at Source (TCS) There will be no reduction in rate of TDS where the tax is required to be deducted at higher rate due to … Similarly, the tax on the amount received or debited during the period from 14th May, 2020 to 31st March, 2021 shall be collected at the reduced rates … Now the Taxation Act has amended the provisions of Income Tax Act and inserted section 197B for lower deduction of tax or TDS and sub-section (10A) to section 206C for lower collection of tax (TCS). In case the provisions of sections 193, 194, 194A, 194C, 194D, 194DA, 194EE, 194F, 194G, 194H, 194-I, 194-IA, 194-IB, 194-IC, 194J, 194K, 194LA, sub-section (1) of section 194LBA, clause (i) of section 194LBB, sub-section (1) of section 194LBC, sections 194M and 194-O require deduction of tax at source during the period commencing from the 14th day of May, 2020 to the 31st day of March, 2021, then notwithstanding anything contained in these sections the deduction of tax shall be made at the rate being the three-fourth of the rate specified in these sections. For example, if the tax is required to be deducted at 20% under section 206AA of the Income-tax Act due to non-furnishing of PAN/Aadhaar, it shall be deducted at the rate of 20% and not at the rate of 15%. 1.10.2020) 0.75% 5,00,000 It is further stated that there shall be no reduction in rates of TDS, where the tax is required to be deducted or collected at higher rate due to non-furnishing of PAN / Aadhaar. Additionally, there was a 1% TDS charge applicable on payment for the acquisition of immovable property which is now reduced to 0.75%. It is further stated that there shall be no reduction in rates of TDS or TCS, where the tax is required to be deducted or collected at higher rate due to non-furnishing of PAN/Aadhaar. 3. 2020. The Central Board of Direct Taxes (CBDT) has notified the reduced rate of TDS and TCS for the period from 14-05-2020 to 31-03-2021. New TDS/TCS Rate Chart For Fy 2020-2021 | W.e.f 14th may 2020 to 31st march 2021. It is further stated that there shall be no reduction in rates of TDS or TCS, where the tax is required to be deducted or collected at higher rate due to non-furnishing of PAN/Aadhaar. // Supply ads personalization default for EEA readers Getty Images. Section 194J provides for dedution of TDS @10% in case: Fees for professional services, or fees for technical services, This legislative amendment is introduced after, announcement of reduced or lower rate of TDS and TCS, for the FY 2020-21 (from 14.05.2020 to 31.03.2021) by the Finance Minister on 13.05.2020 and the subsequent reduction in the rate of TDS/TCS for various provisions notified by the CBDT. Notification on TDS and TCS from CBDT; Procedure for filing e-TDS/TCS returns with insufficient deductee PAN (August 11, 2008) The decision was taken to provide more liquidity to the individuals by lowering the tax rates. from 14.05.2020 to … Introduce of Income Tax Income Tax Is the tax levied by the […] The reduction in TDS will benefit depositors. Further, the benefit of lower rate of TDS has been provided for specified payments made to residents and the same is not available for payments made to non-resident. is introduced in the Income Tax Act, 1961 to provide for the lower collection of tax (TCS) for a limited period beginning from 14th May 2020 and ending on 31st March 2021. However, no legislative amendment was carried out. The TDS rates to be applicable on income for the current year is updated in the TDS rates chart for FY 2020-21.. TDS stands for Tax Deducted at Source. by Individual and HUF, (iii) Timber obtained under a forest lease, (v) Any other forest produce not being timber/tendu leaves, (vii) Minerals, being coal or lignite or iron ore. Taxation and Other Laws (Relaxation and Amendment of Certain. <> Fee for Professional or Technical Services (FTS), Royalty, etc. Reduction in rates for TDS and TCS will result in release of liquidity of Rs 50,000 crores, as per government’s estimates. This reduction shall be applicable for the remaining part of the FY 2020-21 i.e. <>/ExtGState<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 594.96 842.04] /Contents 4 0 R/Group<>/Tabs/S>> TDS during the quarter amounted to Rs. gtag('config', 'UA-154374887-1'); Section 197B for lower deduction of tax (TDS) reads as under-. Now the Taxation Act has amended the provisions of Income Tax Act and inserted, section 197B for lower deduction of tax or TDS, sub-section (10A) to section 206C for lower collection of tax (TCS), Section 197B for lower deduction of tax (TDS) reads as under. 3 0 obj Non-salaried payments for contract, professional fees, interest, rent, dividend, commission, brokerage, etc. Press Release Reduction in rate of TDS deduction at Source (TDS) & Tax Collection at Source (TCS) Therefore, TDS on the amount paid or credited during the period from 14th May, 2020 to 31st March, 2021 shall be deducted at the reduced rates specified in the table in para 1 above. The Taxation Act has included the aforesaid amendments in the Income Tax Act, 1961 with retrospective effect from 14th May 2020. announced the reduction of rate of TDS/TCS and also provided a list of new rates of TDS/TCS to be applicable from 14.05.2020 to 31.03.2021. . will be eligible for this reduced rate of TDS for the remainder of FY21 63 dated 29.09.2020 has reduced the rate of tax deduction at source (TDS) for the period from 14.05.2020 to 31.03.2021. In a release dated 31.03.2020, the CBDT said that i n view of the hardships faced by taxpayers due to the COVID-19 pandemic, CBDT issues notification easing the process of issue of certificates for lower rate/nil deduction/collection of TDS or TCS w.r.t. Although the applicable period for lower rates has started, a formal notification is yet to be issued. <> For example, if the tax is required to be deducted at 20% under section 206AA of the Income-tax Act due to non-furnishing of PAN/Aadhaar, it shall be deducted at the rate of 20% and not at the rate of 15%. 197B. of India on 13th May 2020. %���� ̒'X��P�Q*��u�1�=�Wo~�dg�v�_���R��X>�R��.��#�M���V�x]�~����}#*3��1�aAh)ˎ!k��2`��Kق1d;�BM]��u��k~�� In this section you will TDS updates, such as press release, notification and many more updates. minister announced reduction in the rate of TDS and TCS by 25 per cent. Section 194J : Reduction of TDS on Technical Services to 2%. There is no reduction in the rate of TCS under section 206C(1G) regarding, It was clarified by the CBDT in the aforesaid press release that there shall be, no reduction in rates of TDS or TCS, where the tax is required to be deducted or collected at higher rate due to non-furnishing of PAN/Aadhaar. 2) Act, 2019 and as amended by the Finance Act, 2020. For example, if the tax is required to be deducted at 20% under section 206AA of the Income-tax Act due to non-furnishing of PAN/Aadhaar, it shall be deducted at the rate of 20% and not at the rate of 15%. Get all latest content delivered straight to your inbox. It was clarified by the CBDT in the aforesaid press release that there shall be no reduction in rates of TDS or TCS, where the tax is required to be deducted or collected at higher rate due to non-furnishing of PAN/Aadhaar. We include all the latest updates in Income Tax and TDS, news, amendments, and circulars as on the government portal for your reference. In this section you will TDS updates, such as press release, notification and many more updates. This is indeed a good news the Reduction of TDS on technical services to 2% has been proposed by Budget 2020. 2% (FTS, certain royalties, call centre) 10% (others), 1.5% (FTS, certain royalties, call centre) 7.5% (others), 194LA Payment of Compensation on acquisition of immovable property, Payment to commission, brokerage etc. ... “The immediate reduction of TDS rate by 25 per cent is a direct and practical measure to increase liquidity in the system. during 14th May 2020 to 31st March 2021), as a measure to inject liquidity of Rs. %PDF-1.5 The government has also extended the due date of all income-tax return for FY 2019-20 from July 31 and October 31 to November 30 and tax audit from September 30 to October 31. 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20 Jan 2021

4. May 19, 2020 May 28, 2020. The Central Board of Direct Taxes on 13 th May 2020, has notified reduction in the rate of tax deducted at source (TDS) and tax collection at source (TCS) by 25%. In order to provide more funds at the disposal of the taxpayers for dealing with the economic situation arising out of COVID-19 pandemic, the rates of Tax Deduction at Source (TDS) for the following non-salaried specified payments made to residents has been reduced by 25% for the period from 14th May, 2020 to 31st March, 2021:- 2. Rs 50,000 crores liquidity through TDS/TCS rate reduction: • 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. (10A) In case the provisions of sub-section (1) [except the goods referred at serial number (i) in the TABLE], (1C), (1F) or (1H) require collection of tax at source during the period commencing from the 14th day of May, 2020 to the 31st day of March, 2021, then, notwithstanding anything contained in these sub-sections the collection of tax shall be made at the rate being the three-fourth of the rate specified in these sub-sections. In the notification, the CBDT said while TCS on sale of the motor vehicle above Rs 10 lakh has been cut to 0.75 per cent from 1 per cent earlier, TDS on 23 items has been reduced. This reduction shall be applicable for the remaining part of the FY 2020-21 i.e. New Delhi, 13th May. . Notification No 90/2020[F. No. x��]Ks7��+B����hNۅG��f[�cc�;��݃�Z����ؚ&)���L Q/ Q��f8���ė�( �e�����_|�.��x���uQ�ꢭ���m_o;{��#}���������w��������l..�����|�����ŏ/_|�6B����mۭ�/ڦ�jj�����e�9����7����Ӗ�j���Z^p��ڪ���{NV����j�5s��/����쮹&�n'4��άY�DWB� �������]>�h���"YkF3���B�۸5�{v�^m�Y��UDX�6��nn!M9��O��M� ���ܢa5|ܳˏ�vM�M��_6���;�;�ue0���!�Vُ�C�@�+�& ��_Ⱦ���rL,�V� �Ӷ��T��u)�Z��֪�����1ΩM�����z�����dov����/ ��c&� ���@1�b�b8y�˨a|��^�Z���iV�d��S�GX�Z�]ՐR� endobj TDS Rates for non-salary payments and TCS Rates for specified receipts have been reduced by 25% in respect of the remaining period of Financial Year 2020-21 (i.e. Note that this reduction shall be applicable for the remaining part of the financial year 2020-21. Provisions) Act, 2020 (“Taxation Act”) has amended the Income Tax Act, 1961 and inserted a new section 197B to provide for lower deduction of tax (TDS) for a limited period beginning from 14th May 2020 and ending on 31st March 2021. Home » Notification » Reduced TDS Rates for FY 2020-21 (AY 2021-22) with Threshold Limit. 1 0 obj }. For example, if the tax is required to be deducted at 20% under section 206AA of the Income-tax Act due to non-furnishing of PAN/Aadhaar, it shall be deducted at the rate of 20% and not at the rate of 15%. Sub: Reduction in rate of tax deduction at source (TDS) In order to provide more funds at the disposal of the taxpayers for dealing with the economic situation arising out of COVID-19 pandemic, the Govt. of India on 13th May 2020. Reduction in TDS rate on fees for technical services u/s Section 194J of the Income Tax Act. New lower/reduced TDS Rate Chart for FY 2020-21 as per section 197B of the Income Tax Act from 14.05.2020 to 31.03.2021, New lower/reduced TCS Rate Chart for FY 2020-21 as per section 206C(10A) of the Income Tax Act from 14.05.2020 to 31.03.2021. The Finance Minister also said that it will help to Rs 50,000 crores liquidity through TDS/TCS rate reduction. This legislative amendment is introduced after announcement of reduced or lower rate of TDS and TCS for the FY 2020-21 (from 14.05.2020 to 31.03.2021) by the Finance Minister on 13.05.2020 and the subsequent reduction in the rate of TDS/TCS for various provisions notified by the CBDT vide its Press Release dated 13.05.2020. "Therefore to reduce litigation, it is proposed to reduce the rate for TDS in section 194J in case of fees for technical services (other than professional services) to … However, no legislative amendment was carried out. Similarly, the tax on the amount received or debited during the period from 14 th May, 2020 to 31 st March, 2021 shall be collected at the reduced rates specified in the table in para 2 above. Reduction in rates for TDS and TCS will result in release of liquidity of Rs 50,000 crores, as per government’s estimates. The finance minister today has announced the 20 Lakh crore stimulus package in which it was announced that the current TDS rates shall be reduced by 25% from tomorrow till March 31 2021. Revised TDS rates chart for Financial Year 2020-21 and Assessment Year 2021-22 from 14th May 2020 as per announcement by Finance Minister on 13 May 2020. This reduction shall be applicable for the remaining part of the FY 2020-21 i.e. Further reduction in rate of Tax Deduction at Source (TDS) & Tax Collection at Source (TCS) In order to provide more funds at the disposal of the taxpayers for dealing with the economic situation arising out of COVID-19 pandemic, the rates of Tax Deduction at Source (TDS) for the following non-salaried specified payments made to residents has been reduced by 25% for the period from 14th … It appears to be missed-out since this item has not been given any exception from the reduction of rates of TDS. “A functionality to determine TDS rate u/s 194N has been enabled in e-Filing portal for Banks, co- operative society and post office” 30th June 2020. 2. As per the notification, no reduction in rates of TDS or TCS will be available where the tax is required to be deducted or collected at a higher rate due to the non-furnishing of PAN/Aadhaar. shall be eligible for this reduced rate of TDS. 63 dated 29.09.2020 has reduced the rate of tax deduction at source (TDS) for the period from 14.05.2020 to 31.03.2021. It is further stated that there shall be no reduction in rates of TDS or TCS, where the tax is required to be deducted or collected at higher rate due to non-furnishing of PAN/Aadhaar. Union Minister of Finance & Corporate Affairs Smt. 4 0 obj May 19, 2020 May 28, 2020. 50,000 crore in the System, as per Special Package of Rs 20 lakh crores (COVID-19) announced by Govt. adsbygoogle.requestNonPersonalizedAds = 1; Further, the benefit of lower rate of TDS has been provided for specified payments made to residents and the same is not available for payments made to non-resident. The Taxation Act has included the aforesaid amendments in the Income Tax Act, 1961 with retrospective effect from 14th May 2020. of India, vide Gazette Notification (Extraordinary) No. notifications. TDS on Dividend and interest and rent for immovable property has been reduced from 10% to 7.5%. from tomorrow to 31st March, 2021. It is further stated that there shall be no reduction in rates of TDS or TCS, where the tax is required to be deducted or collected at higher rate due to non-furnishing of PAN/Aadhaar . Home » Notification » Reduced TDS Rates for FY 2020-21 (AY 2021-22) with Threshold Limit. No reduction of TDS & TCS rates non-furnishing PAN Card or Adhar Card for financial year 2020-21. Section 206C(10A) for lower deduction of tax (TDS) reads as under, Reduced rate from 14/05/2020 to 31/03/2021, 1. Till then, the benefit of the reduction of the rate of TDS … For example, if the tax is required to be deducted at 20% under section 206AA of the Income-tax Act due to non-furnishing of PAN/Aadhaar, it shall be deducted at the rate of 20% and not at the rate of 15%. In the notification, the CBDT said TDS on 23 items has been reduced. Whether this is a missed-out item or an excluded item from reduction can be known once a Notification is issued in this behalf. New Delhi, May 13: Finance Minister Nirmala Sitharaman announced on Wednesday said that the rates of Tax Deduction at Source (TDS) for non … Accessible Version : View (666 KB) Submissions of claims by suppliers/vendors through e-mail during the period from 26.03.2020 to 31st March , 2020 due to lockdown … Revised TDS rates chart for Financial Year 2020-21 and Assessment Year 2021-22 from 14th May 2020 as per announcement by Finance Minister on 13 May 2020. The new rate of TDS is reduced to 75% of the prescribed rates of TDS. Mr. Verma files TDS return for the second quarter of 2019 – 2020 on April 4, 2020. Chart of reduced TDS / TCS rates for FY 2020-21 from 14.05.2020 to 31.03.2021. The Central Board of Income Tax on Wednesday ordered a 25% reduction in the rate of income tax deducted at source (TDS) and tax collection at … A Ministry of Finance already stated, “No reduction in rates of TDS or TCS due to non furnishing PAN / Aadhar where the tax is required to be deducted and collected at higher rates. 225/161 /2020 -ITA.II] / SO 4545(E) : Notification No. This legislative amendment is introduced after announcement of reduced or lower rate of TDS and TCS for the FY 2020-21 (from 14.05.2020 to 31.03.2021) by the Finance Minister on 13.05.2020 and the subsequent reduction in the rate of TDS/TCS for various provisions notified by the CBDT vide its Press Release dated 13.05.2020. As per the notification, TDS on insurance premium payment has been reduced from 5% to 3.75%. TDS / TCS Rates reduced 25% till March 31, 2021: Finance Minister May 13, 2020 5:22 pm | By : Abdullah Karuthedakam 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. F+V�qe!�*ᔰ��. The Finance Minister Nirmala Sitharaman said that, Payment for the contract, professional fees, interest, rent, dividend, commission, brokerage, etc. Lower deduction in certain cases for a limited period. 1. The tax department would’ve anyway received a lot of applications under Section 197 of the income tax law to permit lower withholding, Deloitte India’s Rohinton Sidhwa said. Sub: Reduction in rate of tax deduction at source (TDS) In order to provide more funds at the disposal of the taxpayers for dealing with the economic situation arising out of COVID-19 pandemic, the Govt. �q���C�۲=ۘH���v�����7�����* �.e3O�k����m粯v0��K8-�8i���P�za�[���!����Я�ZZ������`������-5�'��Рa*�cU�u���N���"Goe �/D�Y����mq͜�Ͷ�}C��q-/ �[`o���y���X��i�f���^���z&�5�1nݰ���kl���R��������p �O���"|P_|��}�m���i�mڿ]‚���7�t���z�l5o���Kٟ^�'���|�:����L.jM��:B7��l�,KH�`�8ܾ|����Ɠ��X� �Ͷ�fAo�����X����v���?\0���/,,M3G�zD������;VD���[�y�6���l���#�����i����S��[�ח���ό��qE�]�H�U���u��[�6���k��5=�0�ť�4~�\8� As per the government document, this reduced rate of TDS will be available for payment for contract, professional fees, interest, rent, dividend, commission and brokerage income. However, the relief in the form of lower TDS has not been extended to salaried individuals. In case the assessee deposits the TDS Payment after the due date of payment of the tax deducted at source, he shall be liable to pay interest @1.5% for every month or every part of the month during which the amount is not deposited with the government.. Interest @ 1.5% is liable to be paid from the date on which the TDS amount was deducted and not from the date the TDS payment was due. minister announced reduction in the rate of TDS and TCS by 25 per cent. There will be no reduction in rate of TDS where the tax is required to be deducted at higher rate due to non furnishing of PAN/ Aadhaar. stream New reduced TDS Rate Chart for FY 2020-21 and Income Tax Relief Measures, Amended Section 194N-TDS on Cash Withdrawals from 2020-21, Changes in TDS and TCS Provisions in Union Budget 2020, Changes in TDS Rates and Provisions in Union Budget 2019, Changes in TCS Provisions from FY 2020-21 after enactment of Finance Act, 2020, Get all latest content delivered straight to your inbox, Reduction in Rate of TDS and TCS Notified by Section 197B of Income Tax, Taxation and Other Laws (Relaxation and Amendment of Certain. The finance minister today has announced the 20 Lakh crore stimulus package in which it was announced that the current TDS rates shall be reduced by 25% from tomorrow till March 31 2021. In the notification, the CBDT said while TCS on sale of motor vehicles above ₹10 lakh has been cut to 0.75% from the 1% earlier, TDS on 23 items has … Tax deducted on payment of dividend, insurance policy, rent, professional fee and on … // See https://www.blogger.com/go/adspersonalization ,�vkB��uw���������U���K�j��yS�.��H���ʺ�+��������J�����ܿ��l��[%t��nk/���s[wۚ��a� �::�n>���?�?�}[[����������v�Ü ��,���?�! New Delhi, 13th May. New TDS/TCS rates reduced by 25% wef 14/05/2020. Benchmarks . It is further stated that there shall be no reduction in rates of TDS or TCS, where the tax is required to be deducted or collected at higher rate due to non-furnishing of PAN/Aadhaar. On 13.05.2020, CBDT vide a Press Release announced the reduction of rate of TDS/TCS and also provided a list of new rates of TDS/TCS to be applicable from 14.05.2020 to 31.03.2021. <> A Ministry of Finance note stated, "There shall be no reduction in rates of TDS or TCS where the tax is required to be deducted and collected at higher rates due to non-furnishing of PAN/Aadhaar. Reduction in rate of Tax Deduction at Source (TDS) & Tax Collection at Source (TCS) In order to provide more funds at the disposal of the taxpayers for dealing with the economic situation arising out of COVID-19 pandemic, the rates of Tax Deduction at Source (TDS) for the following non-salaried specified payments made to residents has been reduced by 25% for the period stfrom 14thMay, 2020 to 31 … Suppose, if the tax is required to be deducted at 20 per cent under section 206AA if the Income-tax Act due to non-furnishing of PAN/Aadhaar, it shall be deducted at the rate of 20 per cent instead of reduced rate. There is no reduction in the rate of TDS under section 194N regarding TDS on Cash WIthdrawal as introduced by the Finance (No. 194O TDS on e-commerce participants 1% (w.e.f. There is no reduction in the rate of TCS under section 206C(1G) regarding TCS on Overseas Tour Package as introduced by the Finance Act, 2020. Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes. The board has clarified that the benefit of reduced rate shall not be available if tax is deducted/collected due to non-furnishing of PAN/Aadhaar As per the notification, no reduction in rates of TDS or TCS will be available where the tax is required to be deducted or collected at a higher rate due to the non-furnishing of PAN/Aadhaar. Due date for furnishing TDS statement (Forms 24Q, 26Q and 27Q) for the last quarter of the financial year 2010-11 onwards has been modified to 15th May (from earlier 15th June) vide CBDT notification dated May 31, 2010. As a result, a person may have to pay a higher amount of advance tax or self-assessment tax due to reduction in deduction of tax. Similarly, rates of TCS were also reduced to 75% of the prescribed rates of TCS. Press Release Reduction in rate of TDS deduction at Source (TDS) & Tax Collection at Source (TCS) There will be no reduction in rate of TDS where the tax is required to be deducted at higher rate due to … Similarly, the tax on the amount received or debited during the period from 14th May, 2020 to 31st March, 2021 shall be collected at the reduced rates … Now the Taxation Act has amended the provisions of Income Tax Act and inserted section 197B for lower deduction of tax or TDS and sub-section (10A) to section 206C for lower collection of tax (TCS). In case the provisions of sections 193, 194, 194A, 194C, 194D, 194DA, 194EE, 194F, 194G, 194H, 194-I, 194-IA, 194-IB, 194-IC, 194J, 194K, 194LA, sub-section (1) of section 194LBA, clause (i) of section 194LBB, sub-section (1) of section 194LBC, sections 194M and 194-O require deduction of tax at source during the period commencing from the 14th day of May, 2020 to the 31st day of March, 2021, then notwithstanding anything contained in these sections the deduction of tax shall be made at the rate being the three-fourth of the rate specified in these sections. For example, if the tax is required to be deducted at 20% under section 206AA of the Income-tax Act due to non-furnishing of PAN/Aadhaar, it shall be deducted at the rate of 20% and not at the rate of 15%. 1.10.2020) 0.75% 5,00,000 It is further stated that there shall be no reduction in rates of TDS, where the tax is required to be deducted or collected at higher rate due to non-furnishing of PAN / Aadhaar. Additionally, there was a 1% TDS charge applicable on payment for the acquisition of immovable property which is now reduced to 0.75%. It is further stated that there shall be no reduction in rates of TDS or TCS, where the tax is required to be deducted or collected at higher rate due to non-furnishing of PAN/Aadhaar. 3. 2020. The Central Board of Direct Taxes (CBDT) has notified the reduced rate of TDS and TCS for the period from 14-05-2020 to 31-03-2021. New TDS/TCS Rate Chart For Fy 2020-2021 | W.e.f 14th may 2020 to 31st march 2021. It is further stated that there shall be no reduction in rates of TDS or TCS, where the tax is required to be deducted or collected at higher rate due to non-furnishing of PAN/Aadhaar. // Supply ads personalization default for EEA readers Getty Images. Section 194J provides for dedution of TDS @10% in case: Fees for professional services, or fees for technical services, This legislative amendment is introduced after, announcement of reduced or lower rate of TDS and TCS, for the FY 2020-21 (from 14.05.2020 to 31.03.2021) by the Finance Minister on 13.05.2020 and the subsequent reduction in the rate of TDS/TCS for various provisions notified by the CBDT. Notification on TDS and TCS from CBDT; Procedure for filing e-TDS/TCS returns with insufficient deductee PAN (August 11, 2008) The decision was taken to provide more liquidity to the individuals by lowering the tax rates. from 14.05.2020 to … Introduce of Income Tax Income Tax Is the tax levied by the […] The reduction in TDS will benefit depositors. Further, the benefit of lower rate of TDS has been provided for specified payments made to residents and the same is not available for payments made to non-resident. is introduced in the Income Tax Act, 1961 to provide for the lower collection of tax (TCS) for a limited period beginning from 14th May 2020 and ending on 31st March 2021. However, no legislative amendment was carried out. The TDS rates to be applicable on income for the current year is updated in the TDS rates chart for FY 2020-21.. TDS stands for Tax Deducted at Source. by Individual and HUF, (iii) Timber obtained under a forest lease, (v) Any other forest produce not being timber/tendu leaves, (vii) Minerals, being coal or lignite or iron ore. Taxation and Other Laws (Relaxation and Amendment of Certain. <> Fee for Professional or Technical Services (FTS), Royalty, etc. Reduction in rates for TDS and TCS will result in release of liquidity of Rs 50,000 crores, as per government’s estimates. This reduction shall be applicable for the remaining part of the FY 2020-21 i.e. <>/ExtGState<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 594.96 842.04] /Contents 4 0 R/Group<>/Tabs/S>> TDS during the quarter amounted to Rs. gtag('config', 'UA-154374887-1'); Section 197B for lower deduction of tax (TDS) reads as under-. Now the Taxation Act has amended the provisions of Income Tax Act and inserted, section 197B for lower deduction of tax or TDS, sub-section (10A) to section 206C for lower collection of tax (TCS), Section 197B for lower deduction of tax (TDS) reads as under. 3 0 obj Non-salaried payments for contract, professional fees, interest, rent, dividend, commission, brokerage, etc. Press Release Reduction in rate of TDS deduction at Source (TDS) & Tax Collection at Source (TCS) Therefore, TDS on the amount paid or credited during the period from 14th May, 2020 to 31st March, 2021 shall be deducted at the reduced rates specified in the table in para 1 above. The Taxation Act has included the aforesaid amendments in the Income Tax Act, 1961 with retrospective effect from 14th May 2020. announced the reduction of rate of TDS/TCS and also provided a list of new rates of TDS/TCS to be applicable from 14.05.2020 to 31.03.2021. . will be eligible for this reduced rate of TDS for the remainder of FY21 63 dated 29.09.2020 has reduced the rate of tax deduction at source (TDS) for the period from 14.05.2020 to 31.03.2021. In a release dated 31.03.2020, the CBDT said that i n view of the hardships faced by taxpayers due to the COVID-19 pandemic, CBDT issues notification easing the process of issue of certificates for lower rate/nil deduction/collection of TDS or TCS w.r.t. Although the applicable period for lower rates has started, a formal notification is yet to be issued. <> For example, if the tax is required to be deducted at 20% under section 206AA of the Income-tax Act due to non-furnishing of PAN/Aadhaar, it shall be deducted at the rate of 20% and not at the rate of 15%. 197B. of India on 13th May 2020. %���� ̒'X��P�Q*��u�1�=�Wo~�dg�v�_���R��X>�R��.��#�M���V�x]�~����}#*3��1�aAh)ˎ!k��2`��Kق1d;�BM]��u��k~�� In this section you will TDS updates, such as press release, notification and many more updates. minister announced reduction in the rate of TDS and TCS by 25 per cent. Section 194J : Reduction of TDS on Technical Services to 2%. There is no reduction in the rate of TCS under section 206C(1G) regarding, It was clarified by the CBDT in the aforesaid press release that there shall be, no reduction in rates of TDS or TCS, where the tax is required to be deducted or collected at higher rate due to non-furnishing of PAN/Aadhaar. 2) Act, 2019 and as amended by the Finance Act, 2020. For example, if the tax is required to be deducted at 20% under section 206AA of the Income-tax Act due to non-furnishing of PAN/Aadhaar, it shall be deducted at the rate of 20% and not at the rate of 15%. Get all latest content delivered straight to your inbox. It was clarified by the CBDT in the aforesaid press release that there shall be no reduction in rates of TDS or TCS, where the tax is required to be deducted or collected at higher rate due to non-furnishing of PAN/Aadhaar. We include all the latest updates in Income Tax and TDS, news, amendments, and circulars as on the government portal for your reference. In this section you will TDS updates, such as press release, notification and many more updates. This is indeed a good news the Reduction of TDS on technical services to 2% has been proposed by Budget 2020. 2% (FTS, certain royalties, call centre) 10% (others), 1.5% (FTS, certain royalties, call centre) 7.5% (others), 194LA Payment of Compensation on acquisition of immovable property, Payment to commission, brokerage etc. ... “The immediate reduction of TDS rate by 25 per cent is a direct and practical measure to increase liquidity in the system. during 14th May 2020 to 31st March 2021), as a measure to inject liquidity of Rs. %PDF-1.5 The government has also extended the due date of all income-tax return for FY 2019-20 from July 31 and October 31 to November 30 and tax audit from September 30 to October 31. 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