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Dear Readers,
Many benefits given by FM yesterday
Few of them are as under and rest is in PPT as above
1. MSME definition is redefined
2. MSME loans are Liberalized
3.Equity funding is also proposed
4.Many Direct taxes relaxations
5.Contractors are also given extension qua Force Majure in RERA,Extension of time limit in project and liquidity also by releasing bank guarantee..Dotcom..Power project relief etc
6. Total package is 10℅ of GDP & Thus, Liquidity in market is made available
7.India ready to shine & Swedessi movement is given a boost
For any query E-mail on nitinmpathak@gmail.com
CA Nitin Pathak
key incometax changes.
*TAXATION MEASURES*:
1. Rs 50,000 crores liquidity through TDS/TCS rate reduction
• Rates of TDS for non-salaried specified payments made to residents and rates TCS for the specified receipts shall be reduced by 25% of the existing rates.
• Payment for contract, professional fees, interest, rent, dividend, commission, brokerage, etc. shall be eligible for this reduced rate of TDS.
• This reduction shall be applicable for the remaining part of the FY 2020-21 i.e. from tomorrow to 31st March, 2021.
2. All *pending refunds to charitable trusts and non- corporate businesses & professions* including proprietorship, partnership, LLP and Co-operatives shall be issued immediately.
3. *Due date of all income-tax return* for FY 2019-20 will be extended from 31st July, 2020 & 31st October, 2020 to 30th November, 2020 and Tax audit from 30th September, 2020 to 31st October,2020.
4. *Date of assessments* getting barred on 30th September,2020 extended to 31st December,2020 and those getting barred on 31st March,2021 will be extended to 30th September,2021.
5. Period of *Vivad se Vishwas Scheme* for making payment without additional amount will be extended to 31st December,2020.
*Rs 50,000 crores liquidity through TDS/TCS rate reduction*
• In order to provide more funds at the disposal of the taxpayers, the rates of Tax Deduction at Source (TDS) for non-salaried specified payments made to residents and rates of Tax Collection at Source (TCS) for the specified receipts shall be reduced by 25% of the existing rates.
• Payment for contract, professional fees, interest, rent, dividend, commission, brokerage, etc. shall be eligible for this reduced rate of TDS.
• This reduction shall be applicable for the remaining part of the FY 2020-21 i.e. from tomorrow to 31st March, 2021.
• This measure will release Liquidity of Rs. 50,000 crore.
*Other Direct Tax Measures*
• All pending refunds to charitable trusts and non- corporate businesses & professions including proprietorship, partnership, LLP and Co-operatives shall be issued immediately.
• Due date of all income-tax return for FY 2019-20 will be extended from 31st July, 2020 & 31st October, 2020 to 30th November, 2020 and Tax audit from 30th September, 2020 to 31st October,2020.
*Other Direct Tax Measures*
• Date of assessments getting barred on 30th September,2020 extended to 31st December,2020 and those getting barred on 31st March,2021 will be extended to 30th September,2021.
•Period of Vivad se Vishwas Scheme for making payment without additional amount will be extended to 31st December,2020.
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