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COVID-19 Relief: TDS and TCS rates reduced by 25% from May 14, 2020 to March 31, 2021
According to the government, Rs 50,000 crore of liquidity will be introduced by the reduction of TDS/TCS rates. Govt have provided much-needed relief during COVID-19 pandemic. (Image for representation purpose)
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Updated: Dec 14, 2020, 12:56 PM IST
The Government of India have come up with a major reduction in Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) to provide some much-needed relief during the Coronavirus pandemic. The finance ministry announced have announced reduction in rates by 25 per cent on several transactions till March 2021.
Earlier this year, Finance Minister Nirmala Sitharaman had announced the rates of TCS for specified receipts and TDS for non-salaried specified payments made to residents to be reduced by 25 per cent as part of the Rs 20 lakh crore Economic Package relief package announced by Prime Minister Narendra Modi i