16 June 2020
The Finance Minister announced for reductionist TDS rates w.e.f. 14.05.2020 and a press release was issued but so far no amendment brought in via Presidential Ordinance. One may hope that an ordinance will be promulgated by the President giving retrospective effect to the proposed TDS rate cut . The reduced rates would apply to payments made from 14.05.2020 to 31.3.2021. This is a short measure to simply show that TDS rate has been reduced and there is no reduction of taxes. One who is taxable income may have to pay Advance Tax and thereby no much relief. This just a matter of just showing some good thing to everybody.
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