TDS/EPF/I-T RETURN

TDS R ATE CUT FOR NON-SAL ARIED:

The government has cut the TDS (tax deduction at source) rates by 25 per cent for the non-salaried section. Contractual payments, professional fees, interest, rent, dividend, commission and brokerage are eligible for this reduced rate of TDS. The change in rates will be applicable from May 14, that is, Thursday. With t his, the government hopes to infuse Rs 50,000 crores liquidity. This reduction is applicable for the remaining part of the current fiscal year, that is, up to March 31 next year.

EPF CONTRIBUTION CUT:

The statutor y EPF contribution has been reduced for businesses and workers for three months to 10 per cent from the existing 12 per cent. This means that employees will be able to take away higher salaries while companies will save on employer PF contribution. This will provide a liquidity relief of Rs 2,500 crore.

I-T RETURNS DATE EXTENDED:

The government has also extended the due date of all income-tax returns for FY 2019-20 from July 31 and October 31 to November 30 and the tax audit from September 30 to October 31.

WAITING LIST FOR SPECIAL TRAINS:

In an indication that it might soon start mail/express as well as chair car services, the Railway Board on Wednesday issued an order introducing the provision of waiting list starting May 22 for journeys not only on its presently operational special trains but also on all its forthcoming services. The railways has, however, capped the waiting list on these trains - - up to 100 for AC 3 tier, 50 for AC 2 tier, 200 for Sleeper Class, 100 for chair cars, and 20 each for First AC and Executive Class. The changes will come into effect for tickets booked from May 15 for journeys beginning from May 22.