Alert for taxpayers seeking revision of lower withholding tax
According to a report in news agency IANS, businesses seeking lower TDS/TCS (tax deduction at source /tax collected at source) for FY21 in view of the impact of Covid-19 outbreak on business will have to apply afresh with the income tax department and wait for its order. Such application for lower withholding tax rate will not get extension of any previous order (for FY20) for a period of three months till June 30, 2020, the report added.
The CBDT order is expected to allow seamless flow of payments to contractors and service providers, both residents and non-residents, as continuity of tax treatment will flow for another three months. IANS photo.