TDS & TCS Rate Chart applicable from 14th May 2020
In order to provide more funds at the disposal of the taxpayers for dealing with the economic situation arising out of COVID-19 pandemic, the rates of Tax Deduction at Source (TDS) for the following non-salaried specified payments made to residents has been reduced by 25% for the period from 14th May, 2020 to 31st March, 2021:-
TDS Rate Chart applicable from 14th May 2020
|S. No||Section of the Income-tax Act||Nature of Payment||Existing Rate of TDS||Reduced rate from 14/05/2020 to 31/03/2021|
|1||193||Interest on Securities||10%||7.50%|
|3||194A||Interest other than interest on securities||10%||7.50%|
|4||194C||Payment of Contractors and sub-contractors||1% (individual/HUF)||0.75% (individual/HUF)|
ITR & Tax Audit Due date for FY 2019-20 extended
This was announced by the FM today.
A. MASTER UPDATES OF THE WEEK:*
*05.05.2020* is the due date to *file GSTR-3B* for taxpayers with *aggregate turnover* of more than *INR 5 crores* for the month of *March, 20.*
*A. MASTER UPDATES OF THE WEEK:*
## *CBDT has issued order* u/s 119 of the Income tax Act, 1961 to *provide that Form 3CD Clause 30C* (GAAR Provisions) and *Clause 44* (GST Expense Details) will *not be applicable in case* of Tax Audits *for F.Y. 2019-20.*
## *CBIC has notified FORM GST PMT-09* for transfer of *balances in Cash Ledger* from *one head (Tax/Interest/Fee,CGST/SGST/IGST) to another head* (Tax/Interest/Fee, CGST/SGST/IGST). The form *has been enabled on GST Portal* and can be filed if required.
## *MCA has extended* the due date for
CA Faridabad, CA Firm, BPO, Accounting Outsourcing, Taxation, GST Returns