• search
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

TDS on non-salary income reduced by 25%; ITR filing deadline extended till November 30

|

New Delhi, May 13: Finance Minister Nirmala Sitharaman announced on Wednesday said that 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 per cent of the existing rates.

 TDS and TCS rates reduced by 25% till March 31, 2021

This reduced rate of TDS (or Tax deducted at source) will be available for payment for contract, professional fees, interest, rent, dividend, commission and brokerage income.

This reduction shall be applicable for the remaining part of the financial year 2020-21. It will come into force from tomorrow.

The Finance Minister also said that it will help to Rs 50,000 crores liquidity through TDS/TCS rate reduction.

Meanwhile, due date for filing income tax returns (ITR) was extended from July 31 to November 30. Also, Tax audit deadline has been extended from 30th September, 2020 to 31st October.

For Daily Alerts
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more