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CBDT Reduced 25% TDS Rates and TCS Rates on 23 Items

New TDS rates and TCS rates on fixed deposits, dividends and other non-salaried payments

Gurkirat Gavi by Gurkirat Gavi
September 15, 2020
3 min read
0
CBDT Reduced 25% TDS Rates and TCS Rates on 23 Items

New TDS rates and TCS rates on fixed deposits, dividends and other non-salaried payments

Hello good people. Welcome to the new post on the Signitax about CBDT Reduced 25% TDS Rates and TCS Rates on 23 Items so if you are eager to know about the New TDS rates and TCS rates on fixed deposits, dividends and other non-salaried payments then read this full post up till end to understand the full concept.

Table of Contents

    • RELATED POSTS
    • CBDT New CII (Cost Of Inflation Index) For AY 2020-2021
    • HRA Tax – Pay Rent To Wife and Claim HRA Tax Exemption in Income Tax 2020
    • TDS On Cash Withdrawal From Bank Of Over 20 Lakhs Will Apply Charges
  • CBDT Reduction on TDS Rates and TCS Rates
  • FAQs (Frequently Asked Questions)
    • What is CBDT?
    • What is present CBDT Chairman?
    • What is rule of TDS Deduction?
    • How is TCS Calculated?

RELATED POSTS

CBDT New CII (Cost Of Inflation Index) For AY 2020-2021

HRA Tax – Pay Rent To Wife and Claim HRA Tax Exemption in Income Tax 2020

TDS On Cash Withdrawal From Bank Of Over 20 Lakhs Will Apply Charges

CBDT Reduction on TDS Rates and TCS Rates

CBDT recently published telling and stated TDS rates on 23 things happen to be decreased, in addition, it published the revised TDS and TCS rates that will be related from yesterday during the recent FY i.e. until 31st March 2021.

ALSO READ: CBDT New CII (Cost Of Inflation Index) For AY 2020-2021

It occurs by following the recent statement made by finance ministry Nirmala Sitharaman, in reaction to this, the IT department has decreased prices by 25 percent of tax deducted at source on lease, insurance coverage, payment of dividend, professional commission, acquisition of immovable property, etc.. This is applicable during the continuing financial year i.e. 2020-2021.

From the Notification CBDT said that TCS available of motor vehicles using a cost more than $10 lakh was cut from 1% to 0.75 percent, combined with this, TDS rates are reduced on 23 additional products.

TDS on Dividend and interest and lease for immovable property was reduced from 10 percent to 7.5 percent. Furthermore, there was a 1 percent TDS charge related on payment to the purchase of immovable property that’s currently reduced to 0.75 percent. Payment of lease from individual or HUF was reduced to 3.75percent that was 5 percent before.

TDS on specialist fee can be deduced from 2 percent to 1.5 percent. Payment deposited beneath the National Savings Scheme will attract 7.5percent TDS in comparison to 10 percent. Furthermore, Payments created for its repurchase of units by Mutual Funding will bring 15 percent TDS in contrast to 20 percent TDS that was the previous speed. Insurance commission and broker benefited using a brand new TDS speed of 3.75% that was 5 percent before. Likewise dividends from the mutual fund will bring 7.5percent TDS that was 10 percent before.

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TCS Rates are reduced on the sale of garbage, forest produce, tendu leaves, wood, and minerals like coal, iron, lignite. CBDT also made it very clear that there’ll be no TDS/ TCS speed decrease in cases where tax is accumulated at a higher rate because of not having PAN or Aadhaar.

If you want more information about the CBDT Reduced 25% TDS Rates and TCS Rates on 23 Items Then navigate to this link https://www.incometaxindia.gov.in/Lists/Press%20Releases/Attachments/834/Press-Release-Reduction-in-TDS-TCS-Rates-dated-14-05-2020.pdf

FAQs (Frequently Asked Questions)

What is CBDT?

The Central Board of Direct Taxes is a statutory Jurisdiction Working under the Central Board of Revenue Act, 1963.
The officers of the Board within their ex-officio capacity additionally be the Section of the Ministry dealing with issues pertaining to levy and collection of direct taxation.

ALSO READ: Gift Tax In India – New 2020 Rules of Income Tax on Gifts

What is present CBDT Chairman?

NEW DELHI: The biography of CBDT Chairman Pramod Chandra Mody was expanded by an year, a government arrangement stated on Thursday. According to the arrangement, the Appointments Committee of the Cabinet (ACC), led by Prime Minister Narendra Modi, has declared”re-appointment” of Mody for a period of one year.

What is rule of TDS Deduction?

TDS is deducted only when your earnings is taxable. But, TDS won’t be deducted if your whole earnings is Rs. 2,50,000 and this number is appropriate for women and men beneath the era of 60 decades. Notice :TDS deduction speed on wages ranges from 5% to 30% that’s equal to the income tax refunds.

How is TCS Calculated?

The bill value or selling price is Rs 11200.00. Hence the TCS has been calculated with this amount. Means we included”Scrap worth + GST 12 percent” to arrive in the total”Revenue worth”. … TCS 1 percent with this”Sale Value” is Rs 112.00 and this can be withheld straight back from the entire payment.

ALSO READ: 9+ Documents Required For ITR Filing That You Must Need

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Tags: #new rateschange in tds/tcs rates for f.y. 2020-21changes in tds ratesnew tcs rates for f.y. 2020-21new tds and tcs ratesnew tds rates chart f.y. 2020-21new tds rates for f.y. 2020-21reduced by 25%reduced tds ratesrelief of government for tds/tcs ratesrevised tds ratestcs rate reducedtds due datestds rate reducedtds rate reduced by 25tds rates reduced for f.y. 2020-21tds tcs tax deducted at source / collection latest amendmentwhen reduced rates of tds/ts applicable
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Gurkirat Gavi

Gurkirat Gavi

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