Prime Minister Narendra Modi had earlier announced an economic package that was focused on land, labor, law, and liquidity to get the country’s economy on track, and Nirmala Sitharaman, Finance Minister has announced some measures as part of the Covid-19 relief package . The announcements will help businesses in one way or another and also help to boost the cash flows in the markets, but do you know all the measures announced by the Finance Minister? No, Right? Don’t worry, here they are TDS and TCS Rate Reduction A deduction of 25% in existing rates for TDS for non-salary payments made to residents A deduction of 25% in the rate for TCS for specified receipts Now reduced TDS rates will be applied on payment made for rent, dividend, contract, professional fees, interest, commission, brokerage. The reduced TDS will be applied throughout the current Financial year The government expects that the reduction in TDS and TCS rates will result in the release of liquidity of ...
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