NEW DELHI: In a relief to taxpayers, the Government on Wednesday extended the deadline for filing of all income tax returns for 2019-20 fiscal till November 30, 2020.
Announcing a slew of relief measures for the coronavirus-hit economy, Finance Minister Nirmala Sitharaman also slashed TDS (tax deducted at source)/TCS (Tax collected at source) rates for non-salary payments to residents by 25 per cent.
“From tomorrow till March 31, 2021, the TDS/TCS rates have been reduced by 25 per cent of the existing rate… This shall also apply to all payments for contracts, interest, rent, dividend, commission or brokerage.. All of these will be eligible for 25 per cent rate reduction.
“This reduction would release nearly Rs 50,000 crore in the hands of the people who would have otherwise paid it as TDS,” Sitharaman said. (AGENCIES)
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