Supplement To Income Tax Act
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
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