Applicable w.e.f 01.04.2021 for F.Y. 2021-22

CBDT in its press release dated 13th May, 2020 had reduced non-salaries rates of TDS/TCS @25% for the period from 14th May, 2020 to 31st March, 2021 to provide more liquidity of funds in economy for dealing with the economic situation arising out of COVID-19 pandemic. However, the validity of the press release was up to 31.03.2021, in other words, it was available for the F.Y. 2020-21 & therefore, has been lapsed on 31.03.2021.

As we know, we have been entered in F.Y. 2021-22 and income of the year shall be taxed in A.Y. 2022-23.

In many of the heads of Purchases, sales/income, expenditures (Revenue as well as capital) we have to complied with the provisions of Income Tax Act, 1961 & it is obvious that out of these heads attract TDS/TCS compliances.

In the above compliances, we followed to deduct/collect taxes & deposit the same to the Govt. further by complying with filing the details in appropriate forms applicable to them. But, by keeping in mind one has to calculate tax amount on it & this article provide the information that CBDT PRESS RELEASE DATED 13TH MAY, 2020   of reduction in rate of Tax Deduction at Source (TDS) & Tax Collection at Source (TCS) has been lapsed & the earlier rates of the same again have been restored from this F.Y. 2021-22.

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Bal Krishan has done his Bachelor & Master in Commerce from HP University and since than giving his core competence in handing of Income Tax matters of assessments/re-assessments, search/seizures matters & also preparation of financial statements etc. in accordance with IT Act, 1961, Rules f View Full Profile

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May 2021