Big relief: 25 per cent reduction in professional fees and property tax

abstract CBDT issued notification after announcement of Finance Minister  Discount will be applicable from 14 May to 31 March 2021 ...

abstract

  • CBDT issued notification after announcement of Finance Minister 
  • Discount will be applicable from 14 May to 31 March 2021

Detailed

To give relief to the people affected by the Corona epidemic, the Finance Minister announced a 25 per cent reduction in dividend payment, insurance policy, rent, professional fees and real estate tax. In the notification issued on Thursday, CBDT has said that the benefit of this deduction will be applicable till 31 March 2021.  The finance minister had a day earlier said to give a 25 per cent rebate on tax deducted at source (TDS) and tax collection at source (TCS). Subsequently, the Central Board of Direct Taxes (CBDT) has notified the revised rates. This deduction will save taxpayers an additional 50 thousand crores. According to the CBDT, TCS has reduced 0.75 per cent on motor vehicle sales of over 10 lakh. Reduced TDS in 23 cases. 


So much profit on these products

the product       Old rate  update rate     
life insurance policy5 percent   3.75 percent
Dividend rent107.5
Real estate10.75 
professional fees21.5
Saving scheme107.5
mutual fund2015

Package aims to increase consumption

Chief Economic Advisor KV Subramanian has said that the government's massive economic package aims to increase consumption. The Corona epidemic has led to a major decline in demand for non-essential goods and services. In such a situation, the government is trying to support every sector while keeping the effects of inflation limited. There will also be an effort not to put too much pressure on the fiscal situation. The Prime Minister in his address had also emphasized on land, labor, law and capital. In the coming times, there will be a big impact on land and labor reforms at the state level.

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Today's Latest news, Know What's happening in India- with Timesnowindia.com: Big relief: 25 per cent reduction in professional fees and property tax
Big relief: 25 per cent reduction in professional fees and property tax
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