Coronavirus: Tax dept gives fresh relief to companies on lower TDS

The Income-Tax Department has provided further relief to companies seeking lower tax deducted at source (TDS) or tax collected at source (TCS).
 

The Central Board of Direct Taxes (CBDT) had recently extended the validity of certificates issued for lower TDS or TCS for three months — till June 30 this year — in light of the disruptions caused by the coronavirus disease (Covid-19).
 

Now, the department has said that threshold would be taken afresh for the financial year 2020-21 (FY21) even if the validity of past certificates has been extended by three months.
 

Explaining the issue, Amit Maheshwari, partner, AKM