Categories: Business

Finance minister announces tax relief to fight corona crisis

Photo: TWITTER / @ ANI

Tax relief

new Delhi. The financial relief package released today includes a rebate in TDS rates. Finance Minister Nirmala Sitharaman announced that the current rates of tax deduction at source ie TDS and tax collection at source ie TCS have been cut by 25 per cent.

These deductions in TDS will be available on contract payments, professional fees, interest, rent, dividend, commission or brokerage income. These exemptions on tax cuts will be implemented from Thursday and continue for the rest of the financial year. According to the Finance Minister, due to the cut in the rates of TDS and TCS, the people will get cash of Rs 50,000 crore.

Along with this, it has also been decided to immediately release all the outstanding refunds of Charitable Trust, Non-Corporate Business, LLP and Co-operatives. The IT return deadline has been extended from 31 July to 30 November. The tax audit deadline has also been extended. It has also been announced to extend the date of assessment.

This post was published on May 13, 2020 6:56 pm

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