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Good News for EPF employees: Big relief in TDS; Know who will benefit, how much and when – News 24

New Delhi: FM Nirmala Sitharaman knowledgeable in regards to the breakup of COVID-19’s relief bundle of 20 lakh crore. Under this bundle, PF funds have been left to each the employer and the worker. Under this, all of the companies and corporations the place lower than 100 staff work and their wage is lower than 15 thousand, the federal government will give their PF cash. Apart from this, the federal government has additionally minimize TDS by 25 %.

three months assist for Employees

All companies and corporations the place lower than 100 staff work and their wage is lower than 15 thousand, the federal government will pay their PF cash. Government will deposit 24% of the wage of such staff in their PF. The authorities prolonged EPF contribution for three months, now by August the federal government will assist in EPF.

PF-EPF:  Reduce PF contribution from 12% to 10%

The authorities has determined to cut back PF contribution from 12% to 10%. It will be for three months. However, the PF of central and state authorities staff will stay minimize by 12%. It will be for these staff who haven’t come below the poor welfare scheme. This will profit about 43 crore staff. This will give an extra Rs 6750 crore to staff and corporations.

TDS price diminished by 25%, 55 thousand crores will profit

Finance Minister Nirmala Sitharaman additionally slashed TDS (tax deducted at supply)/TCS (Tax collected at supply) charges for non-wage funds to residents by 25 per cent.

“From tomorrow until March 31, 2021, the TDS/TCS charges have been diminished by 25 per cent of the prevailing price… This shall additionally apply to all funds for contracts, curiosity, hire, dividend, fee or brokerage.. all of those will be eligible for 25 per cent price discount.

“This discount would launch practically Rs 50,000 crore in the fingers of the individuals who would have in any other case paid it as TDS,” Sitharaman stated.

Also, the Vivad Se Vishwas scheme for direct tax dispute decision has been prolonged by six months until December 31, 2020.

The final date of earnings tax return for 2019-20 has been prolonged to 30 November 2020.

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