Decrease in the Rate of TDS/TCS

Government as a part of relief package to revive economic due to the impact of COVID-19 has reduced the existing rates of TDS/TCS under Income Tax Act, 1961 by 25% with effect from 14.05.2020, For Example- TDS rate under section 194I(b) (renting of land/building) will now be 7.50% from existing 10.00% .