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Govt decodes TDS/TCS rate reduction, leaves many out

Taxpayers who have not furnished PAN or Aadhaar while filing tax returns will not get the benefit of lower rates of the tax collection at source (TCS) and the tax deduction at source (TDS).

Also, the TDS has not been reduced on salary income, cash withdrawal of over Rs 1 crore from bank accounts and foreign remittances, according to a top Finance Ministry official, here on Thursday.

As part of the Rs 20 lakh crore economic package, Finance Minister Nirmala Sitharaman on Wednesday announced 25 per cent reduction in TDS/TCS for the non-salaried specified payments made to residents for balance period of FY21 — from May 14 to March 31, 2021.

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