Download the PDF of TDS Rates for AY 2020-21 PDF List for Free from icmai.in using the direct download link given below.
TDS Rates for AY 2020-21 PDF List Download Link
|Name||TDS Rates for AY 2020-21 PDF|
Click Here to Download the PDF
TDS Rates for AY 2020-21
Tax Deducted at Source, also known as TDS, is a system of taxation where the person/entity responsible for making specific payments deducts the applicable tax before the payment is credited to the receiver. Some common payments which feature the TDS system of taxation include salary, bonus, commission, FD interest, rent, etc. TDS on different payments and their applicable rates are notified by the Income Tax Act, 1961.
As a part of the special and comprehensive economic package due to COVID-19 pandemic – Aatmanirbhar Bharat Abhiyaan, the following measures have been taken with respect to TDS and TCS:
- TDS rates for non-salaried payments made to residents and TCS rates for the specified receipts have been reduced by 25% of the existing rates.
- The new rates will only be applicable to payments other than salary, such as payment for contract, professional fees, rent, interest, dividend, commission, brokerage, etc.
- The reduced rates will be applicable for the remaining part of FY 2020-21, i.e., from 14th May, 2020 to 31st March, 2021.
- This measure is expected to result in a liquidity release of Rs. 50,000 crore.
TDS is exempted from the payment of interest from the following:
- Banking companies
- Financial corporations formed under the finance bill of union government or any state
- Income Tax refund
- Direct taxes interest payment
- LIC, UTI and investments in co-operative societies
- Interests earned in recurring deposit or any savings account held with any commercial banks or cooperative societies
- Interest earned on Indira Vikas Patra (IVP), NSC or KVP
- Interest earned on NRE account
- Any institutions notified as Nil TDS organization
Download the TDS Rates for AY 2020-21 List in PDF Format from the given link.
If the download link of the TDS Rates for AY 2020-21 PDF List is not working or you are feeling any other issue with it, then please report it by choosing If the TDS Rates for AY 2020-21 List is a copyrighted material which we will not supply its PDF or any source for downloading at any cost.