New Economic Package W.R.T Direct Tax (TDS/TCS Chart)

• May 15, 2020
• CA Chandan Agarwal's Office

Q 1. Why this post?

Ans: Economic package announcements have been made by the Finance Minister of India by addressing a press conference on May, 13^th 2020 in relation to Direct taxation amongst others. Thus this post is to analyse those aspects and specially with respect to TDS provisions.

Q 2. What are the key changes announced w.r.t. Direct Tax laws ?

Ans: Following are the several relief announced:

• All pending refunds to charitable trust and non-corporate businesses and professions, partnerships, LLP and co-operative societies shall be released soon.
• The rates of TDS/TCS in respect of specified payments/receipts shall be reduced by 25%. This concession in the rate shall be available for the tax deducted or collected between 14-05-2020 till 31-03-2021. This relief shall not be available to a salaried and non-resident taxpayer.
• The last date for opting Vivad se Vishwas Scheme without paying additional 10% of the disputed tax shall be extended till December 31, 2020.
• Following due dates have been changed:

Read on me: https://taxguru.in/income-tax/economic-package-w-r-t-direct-tax-tds-tcs.html