Key Highlights for Income Tax, TDS, RERA

My Dear readers, followers, taxpayers & clients,  
Welcome to my blog. Get yourself update with changes in tax structures. 
Key Highlights of FM's press conference related to Direct Taxes and RERA 
Key Highlights for Income Tax, TDS, RERA

Direct Tax key highlights points:-

1. All pending refunds to charitable trusts and non corporate businesses & professions including proprietorship, partnership, LLP and Co-operatives shall be issued immediately.
2. Due date of all income-tax return for FY 2019-20 will be extended from 31st July, 2020 & 31st October, 2020 to 30th November, 2020 and Tax audit from 30th September, 2020 to 31st October,2020.
3.Date of assessments getting barred on 30th September,2020 extended to 31st December,2020 and those getting barred on 31st March,2021 will be extended to 30th September,2021.
4.Period of Vivad se Vishwas Scheme for making payment without additional amount will be extended to 31st December,2020.

Reduction in TDS/TCS rate:-

1. In order to provide more funds at the disposal of the taxpayers, the rates of Tax Deduction at Source (TDS) for non-salaried specified payments made to residents and rates of Tax Collection at Source (TCS) for the specified receipts shall be reduced by 25% of the existing rates. For more details click on..
2. Payment for contract, professional fees, interest, rent, dividend, commission, brokerage, etc. shall be eligible for this reduced rate of TDS.
3. This reduction shall be applicable for the remaining part of the FY 2020-21 i.e. from tomorrow to 31st March, 2021.

Extension for Registration and Completion Date of Real Estate Projects under RERA:-

1. Adverse impact due to COVID and projects stand the risk of defaulting on RERA timelines. Time lines need to be extended.
2. Ministry of Housing and Urban Affairs will advise States/UTs and their Regulatory Authorities to the following effect:
a) Treat COVID-19 as an event of ‘Force Majeure’ under RERA.
b) Extend the registration and completion date suo-moto by 6 months for all registered projects expiring on or after 25th March, 2020 without individual applications.
c) Regulatory Authorities may extend this for another period of upto 3 months, if needed
d) Issue fresh ‘Project Registration Certificates’ automatically with revised timelines.
e) Extend timelines for various statuary compliances under RERA concurrently.
f) These measures will de-stress real estate developers and ensure completion of projects so that homebuyers are able to get delivery of their booked houses with new timelines.
See You all in the next blog.

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