Supplement To Income Tax Act As Amended by Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act 2020

Year: 2020

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