Direct Tax Measures – Special Economic and Comprehensive Package of Rs 20 Lakh Crores Dated 13.05.2020

TDS/TCS

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.
  • 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 tomorrow to 31st March, 2021.

Income Tax Refund
All pending refunds to charitable trusts and noncorporate businesses & professions including proprietorship, partnership, LLP and Co-operatives shall be issued immediately .

Due Date of Income Tax Returns
Due date of all income-tax return for FY 2019-20 will be extended from 31st July, 2020 & 31st October, 2020 to 30th November, 2020 and Tax audit from 30th September, 2020 to 31st October,2020.

Extension of Date of Assessments
Date of assessments getting barred on 30th September,2020 extended to 31st December,2020 and those getting barred on 31st March,2021 will be extended to 30th September,2021

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

Note: Notification Yet to be Issued

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