Taxmann’s Supplement to Income Tax Act as amended by Taxation and Other Laws Relaxation and Amendment of Certain Provisions Act 2020 September Edition 2020

Description

Description

The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act 2020, has inserted or amended 39 Sections of the Income-tax Act, 1961. This supplement to Income-tax Act provides all amended and newly inserted Sections. These amendments are relating to:

· Change in the due dates of various compliances

· Reduction in the rates of TDS/TCS

· Clarifications regarding amended provisions of residential status

· Faceless proceedings

· Restoration and deferment of certain provisions relating to trusts

· Exemptions and deductions

· Taxation of Alternative Investment Funds (AIFs)

· Reduced rates of surcharge on dividend income in case of FPIs