Keeping in view PM Modi's vision of a "self-reliant India", FM Nirmala Sitharaman announced a slew of personal finance measures to boost demand in the country, which is ravaged by the pandemic. Here are the five announcements made by her:
1) Due date for all income tax returns has been extended to 30 November from 31 July.
2) TDS, TCS rate for non-salaried payments for period up to March 31, 2021 has been slashed by 25%, a move that will release Rs.50,000 crore into the system, said Sitharaman.
"In order to provide more funds at the disposal of taxpayers, the rates of Tax Deduction at Source (TDS) for non-salaried specified payments made to residents and rates of Tax Collection at Source (TCS) for the specified receipts shall be reduced by 25% of the existing rates," the Finance Minister said.
Payment for contract, professional fees, interest, rent, dividend, commission, brokerage, etc shall be eligible for this reduced rate of TDS.