DIRECT TAX RELIEFS FOR FY 2020-21 TO SUPPORT BUSINESSES, TO SUPPORT INDIAN ECONOMY’S FIGHT AGAINST COVID-19 :
1. 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 [i.e. From 14-05-2020 to 31-03-2021].
> This measure will release Liquidity of Rs. 50,000 crore.
[ Salary के TDS को छोड़-कर, सभी तरह के TDS /TCS का Rate – Existing (वर्तमान) Rate से 25% कम कर दिया जायेगा FY 2020-21 के लिये, मतलब आपका TDS/TCS 25% कम कटेगा I यह Reduced rate 14 मई 2020 से 31 मार्च 2021 तक लागू रहेगा ]
Click here to download Press Release : Aatmanirbhar Presentation Part-1 Business including MSMEs 13-5-2020
2. Extension of Due dates of Returns :
> Due date of all income-tax return for FY 2019-20 (AY 2020-21) will be extended from 31st July, 2020 & 31st October, 2020 to 30th November, 2020.
> Due date for Tax audit for FY 2019-20 (AY 2020-21) will be extended from 30th September, 2020 to 31st October,2020.
3. Other Direct Tax Measures :
> All pending refunds to charitable trusts and non corporate businesses & professions including proprietorship, partnership, LLP and Co-operatives shall be issued immediately.
> 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.
> Period of Vivad se Vishwas Scheme for making payment without additional amount will be extended to 31st December,2020.