INCOME TAX 08/17/2020 admin Forum 8 Comments What is the procedure of recovering Income tax from the bills. This Post Has 8 Comments Hi, This Is Wonderful Article Related To Income Tax. Log in to Reply hello Log in to Reply k; Log in to Reply Reduction in rate of Tax Deduction at Source (TDS) & Tax Collection at Source (TCS) In order to provide more funds at the disposal of the taxpayers for dealing with the economic situation arising out of COVID-19 pandemic, the rates of Tax Deduction at Source (TDS) for the following non-salaried specified payments made to residents has been reduced by 25% for the period from 14th May, 2020 to 31st March, 2021:- Further, the rate of Tax Collection at Source (TCS) for the following specified receipts has also been reduced by 25% for the period from 14th May, 2020 to 31st March, 2021:- It is further stated that there shall be no reduction in rates of TDS or TCS, where the tax is required to be deducted or collected at higher rate due to non-furnishing of PAN/Aadhaar. For example, if the tax is required to be deducted at 20% under section 206AA of the Income-tax Act due to non-furnishing of PAN/Aadhaar, it shall be deducted at the rate of 20% and not at the rate of 15%. Legislative amendments in this regard shall be proposed in due course. Log in to Reply For individual agencies the rate of income tax to be deducted from the bills is 1% and for others it is 2% Log in to Reply Pls post latest updates Log in to Reply we will Log in to Reply Hai , Good after Noon Log in to Reply Leave a Reply Cancel replyYou must be logged in to post a comment.