SME Times is powered by   
Search News
Just in:   • Market rises for 3rd day straight, Nifty above 9,500  • Sri Lankan brewery resumes exports after 2 months  • Core sector output plunges by over 38% in April  • Galaxy Note 20 may feature Exynos 992 SoC  • Include Discom liability while fixing states' borrowing, Minister tells finance panel 
Last updated: 04 Apr, 2020  

Tax.9.Thmb.jpg CBDT issues orders to mitigate hardships to taxpayers

TAX rupee flag
   Top Stories
» Core sector output plunges by over 38% in April
» GDP growth down to 3.1% in fourth quarter on manufacturing slump
» Need to reform Finance Ministry to facilitate exports, imports: Amitabh Kant
» FDI inflows rise 18% to $73 bn in FY20
» Goyal urges exporters to provide quality products, diversify
SME Times News Bureau | 04 Apr, 2020
The government has extended the validity of all lower withholding tax orders secured by assessees by three months till June 30 to mitigate the hardships of payees caused due to Covid-19 related disruptions.

The Central Board of Direct Taxes (CBDT) in an order has allowed taxpayers who have filed for lower TDS/TCS (tax deduction at source/tax collected at source) for FY 21 and whose application is pending for disposal as on date to extend the period of their FY20 order on lower TDS by three months to June 30, 2020.

The extension will also be given if taxpayers have the lower TDS order for FY20 but have so far not applied similar order for FY21.

However, taxpayers need to apply at the earliest giving details of the transactions and the Deductor/Collector to the TDS/TCS Assessing Officer as per procedure prescribed.

Further, on payments to non-residents (including foreign companies) having permanent establishment in India, where the above applications are pending, tax on payments made will be deducted at the subsidised rate of 10 per cent including surcharge and cess, on such payments till June 30 or disposal of their applications, whichever is earlier.

In case of pending applications for lower/nil rate of TDS/TCS for FY 2019-20, the Assessing Officers have also been directed to dispose off the applications through a liberal procedure by April 24, so that the taxpayers may not have to pay extra tax which may cause liquidity issues to them.

To mitigate the hardships of small taxpayers, it has also been decided that if a person had submitted valid Forms 15G and 15H to the Banks or other institutions for FY 2019-20, then these Forms would be valid up to 30.06.2020. This will safeguard the small tax payers against TDS where there is no tax liability.
 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 30 May, 2020
  Daily Poll
COVID-19 has directly affected your business
 Yes
 No
 Can't say
  Commented Stories
» Starting an import export business: Basic guide for beginners(1)
» China's forex reserves reach USD 2.85 trillion(1)
» FM reviews macro-economy in FSDC meet(1)
» Appoint distributors, expand your business(1)
» MSME stimulus(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter