In a major tax relief, the government has reduced the rates of tax deduction at source for non-salaried payments made to residents and tax collection at source for specified receipts by 25 percent of the existing rate.
Detailing this, while launching en economic package, Finance Minister, Nirmala Sitharaman said that if the tax was Rs 100 earlier then it would now be Rs 75. The reduction is to come into effect from tomorrow, May 14.
The payment of contract, professional fees, interest, rent, dividend, commission and brokerage shall all be eligible for the reduced rate.
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