TDS & TCS Rate Chart applicable from 14th May 2020
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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:-
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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% |
| 2 | 194 | Dividend | 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 extendedITR & Tax Audit Due date for FY 2019-20 extended
This was announced by the FM today.
MASTER UPDATESA. MASTER UPDATES OF THE WEEK:*
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MASTER UPDATES➡️ Note:*_
*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.*
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*A. MASTER UPDATES OF THE WEEK:*
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## *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.*
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## *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.
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## *MCA has extended* the due date for
CBDT deffer GST and GAAR reporting in tax audit
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