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

Therefore, TDS on the amount paid or credited during the period from 14th May, 2020 to 31st March, 2021 shall be deducted at the reduced rates specified in the table in para 1 above. Similarly, the tax on the amount received or debited during the period from 14th May, 2020 to 31st March, 2021 shall be collected at the reduced rates specified in the table in para 2 above.

It is further stated that there shall be no reduction in rates of TDS or TCS, where the tax is required to be deducted or collected at higher rate due to non-furnishing of
PAN/Aadhaar. For example, if the tax is required to be deducted at 20% under section 206AA of the Income-tax Act due to non-furnishing of PAN/Aadhaar, it shall be deducted at the rate of 20% and not at the rate of 15%.

Read Also : LOCK DOWN 4.0 GUIDELINES

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Read Also : Lock down 3.0 Guidelines

The post Lock down Extendedn till 31.05.2020 appeared first on GST Platform.

Districts are categorized in different zones on the basis of Ministry of Heath and Family Welfare guidelines as issued.

Summary of the details are produced here.

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Full Guidelines issued for Lock Down 3.0..

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Lock down 2.0 is going to end on 03.05.2020 , and Government of India has come up with a detailed guidelines to be followed after that.

Different zones are listed on the basis of cases, doubling rates and various other factors.

Complete list of district wise zone is attached herewith which is subjected to change on weekly basis.

The post Lockdown status afetr 03.05.2020? appeared first on GST Platform.

In the context of the COVID-19 situation and with a view to provide immediate relief to the business entities and individuals, it has been decided to issue all the pending income-tax refunds up to Rs. 5 lakh, immediately.

This would benefit around 14 lakh taxpayers.

It has also been decided to issue all pending GST and Custom refunds which would provide benefit to around 1 lakh business entities, including MSME. Thus, the total refund granted will be approximately Rs. 18,000 crore.

Earlier, Government has relaxed provisions related to loans and financial institution to provide relief to the persons. Moratorium of 3 months  may be allowed by banks to the loan holders for payments of EMI. Payment of credit card has also been included in this moratorium as clarified by the Reserve Bank Of India. 

All kinds of Term Loans having specific time period for repayment is covered under this moratorium.It includes Housing Loan, Personal Loan , Vehicle Loan, etc.Interest on working capitals loans has also been relaxed for SMES.

CBIC has extended various filing dates and issued notifications and circulars to provide relief to taxpayers. Interest on late payment of GST has been reduced with conditional filing . GST Late fees has been waived with conditional filing of GST Returns upto a specific date.Conditions for claiming restricted Input Tax Credit U/r36(4) has also been suspended for the period from February 2020 to August 2020.

Various dates which was due on 31.03.2020 in respect of Income Tax and also savings scheme also extended till 30.06.2020. Investments in various schemes to take the benefit under Income Tax for FY 2019-20 can be made till 30.06.2020.

The date of Financial Year has not been changed from 31.03.2020 to 30.06.2020 , but only the date of some compliance has been extended.

Read Also : Income Tax Deductions 

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