TDS & TCS Rates for non-salaried persons reduced by 25%

TDS & TCS Rates for non-salaried persons reduced by 25% In line with important announcement made by our FM, she has today announced that TDS & TCS Rates will be reduced by 25%. This reduction will take place for non-salaried persons. This will indeed promote the much needed cashflow to MSME Sector. These new rates will be applicable upto 31st March 2021. Also, another good news is that Deadline of Income tax return (ITR) for FY 2019-20 has be extended from 31st July, 2020 and 31st October, 2020 to 30th November, 2020. Similarly Tax audit due dates have been extended from 30th September, 2020 to 31st October, 2020. Some other Good news are:

• Change in definition of MSME
• Date of making payment in Vishwas Scheme Extended