For TDS/TCS Payment.
Due Date of TDS/TCS Pymt for May 2020 : 7th June 2020.
Due date is not extended.
And
Labour Welfare Fund for 2019 (Jan’19 to Dec’2019)*
Labour Welfare Fund for 2019 (Jan’19 to Dec’2019)*
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Have you paid already??
If yes ——- Good
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If Not paid
MASTER UPDATES
1️⃣ _*income Tax:*_
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MASTER UPDATE
NEW UPDATES:*
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️Income Tax:*_
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## *TDS Rates have been reduced* w.e.f. 14.05.2020 by *25% of the existing* rates. Here are *some clarifications in this regard*:
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*a. The reduction in rates* will not be applicable to *TDS on Non-Residents u/s 195*.
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*b. The reduction in rates* will not be applicable in *Non PAN cases (20% FLAT Rate) u/s 206AA.*
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*c. The reduction in TDS Rate* will be applicable on *invoices due or payments done on or after 14.05.2020* even if invoice date is before 14.05.2020. *What you have to see is
TDS & TCS Rate Chart applicable from 14th May 2020
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) |
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