Monday, January 17, 2022

ਵਾਹਿਗੁਰੂ

spot_img




TDS, TCS rate cut by 25% to let Rs 50,000 cr in taxpayers’ hands

- Advertisement -

New Delhi, May 13, 2020-

To provide more money into the taxpayers’ hands, the government, here on Wednesday, reduced the TDS (tax deduction at source) rates for non-salaried specified payments made to residents, and the TCS (tax collection at source) rates by 25 per cent for the specified receipts.

Making the announcement, Finance Minister Nirmala Sitharaman said the move would release Rs 50,000 crore liquidity during the Covid-19 pandemic that had affected all spectrum of the economy.

“The reduction in the rate for withholding taxes and for the TCS is indeed welcome. It will provide additional liquidity in the hands of individuals and will, therefore, spur demand,” said Dinesh Kanabar, CEO, Dhruva Advisors.

“While the 25 per cent reduction in the current rate is welcome, there’s need to expeditiously issue lower rate certificates, where applied for by taxpayers,” he said.

As per the announcement, the reduced TDS rate will be applicable to the payment for contract, professional fees, interest, rent, dividend, commission and brokerage. It will be applicable for the remaining part of FY21 — from May 14 to March 31, 2021.

“The 25 per cent reduction in TDS/TCS rates for all non-salaried payments is useful as it would put that much more cash in the hands of recipients of those payments and that’s the whole purpose of the package,” said Daksha Baxi, Head-International Taxation, Cyril Amarchand Mangaldas.  (Agency)


For YesPunjab updates on TELEGRAM, download TELEGRAM and CLICK HERE TO SUBSCRIBE


- Advertisement -

Yes Punjab - TOP STORIES

Punjab News

Sikh News

Transfers, Postings, Promotions

- Advertisement -spot_img

Stay Connected

20,323FansLike
113,490FollowersFollow

ENTERTAINMENT

National

GLOBAL

OPINION

5 ways to manage childhood allergies – By Dr Nidhi Gupta

Motherhood comes with its own mixed bag of emotions; we want to save our child from every little peril that comes their way, including...

Putin’s political chess – By Asad Mirza

Russia has demanded for a new security arrangement in Europe, and threatened war if the US and its NATO allies fail to comply. Western...

Principles that define success – by DC Pathak

Many among the most successful businessmen of our times have written about their experience of what they passed through in reaching to the top...

SPORTS

Health & Fitness

5 ways to manage childhood allergies – By Dr Nidhi Gupta

Motherhood comes with its own mixed bag of emotions; we want to save our child from every little peril that comes their way, including allergies. The most common allergen in India are milk, egg and peanuts. According to the IAP survey, 11.4 per cent children under the age of 14 years suffer from some form of allergies and they usually...

Gadgets & Tech