The reduction in tax deduction at source (TDS) and tax collection at source (TCS) will benefit self employed, professionals and senior citizens with sources of rental or interest income but will not benefit the salaried class.
Following the announcement by Finance Minister Nirmala Sitharaman on reducing these rates as part of the fiscal package announced yesterday, the Finance Ministry has announced new slabs which have been reduced by 25 per cent in all categories.
The rates of TDS/TCS in respect of specified payments/receipts shall be reduced by 25%. This concession in the rate shall be available for the tax deducted or collected between May 14, 2020 till March 31, 2021.
According to Taxmann, this relief shall not be available to a salaried and non-resident taxpayer.
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