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Updated: May 13, 2020 6:21:58 pm
In order to make more funds available to taxpayers, the source tax deduction rates (TDS) for specific non-salaried payments made to residents and the source tax collection rates (TCS) for specified receipts are will reduce 25% of existing rates.
ITR filing date: By providing great relief to the country’s taxpayers, seriously affected by the Covid-19 outbreak, the government extended the filing date of the income tax return for the 2019-20 fiscal year of July 31, Wednesday. 2020 and October 31, 2020 to November 30, 2020 and tax audit from September 30, 2020 to October 31, 2020.
This was announced by Finance Minister Nirmala Sitharaman during a press conference where she revealed the finer points in the economic package announced by Prime Minister Narendra Modi on Tuesday night.
Also read: From MSMEs to EPF and NBFC: here is everything that Nirmala Sitharaman announced as reinforcement measures
The government also announced liquidity of Rs 50,000 crore through the deduction and source of tax (TDS) and tax collection at source (TCS). “To provide more funds available to taxpayers, the TDS rates for specific non-salaried payments made to residents and the TCS rates for specified receipts will be reduced by 25% from existing rates,” said the minister.
He added that the payment by contract, professional fees, interest, rents, dividends, commissions, brokerage, etc. they will be eligible for this reduced TDS rate. This reduction will be applicable for the remaining part of the 2020-21 fiscal year, that is, from tomorrow to March 31, 2021.
Highlighting other direct tax measures, the minister said that all pending refunds to charitable trusts and non-corporate businesses and professions, including property, partnership, LLP and cooperatives, will be issued immediately.
Furthermore, the minister also announced an automatic unsecured loan of Rs 3 lakh crore for companies, including MSMEs. This will benefit 45 lakh small businesses, he said, detailing parts of the Rs 20 lakh crore economic stimulus package.
The loan will last 4 years and will have a 12-month moratorium, he said.
In addition, a subordinated debt of Rs 20 billion will be provided for stressed MSMEs, he said, adding that this would benefit 2 lakh of such businesses.
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