NEW DELHI: The Centre on Tuesday extended till 30 June the validity of nil or lower tax deducted at source (TDS) certificates, for financial year ending 31 March, provided to various parties including overseas lenders to Indian borrowers.
The Central Board of Direct Taxes (CBDT), in an order, said the covid-19 pandemic has led to much disruption, including the normal functioning of Income Tax department and hence a relaxation was being offered.
Under the Income Tax Act, recipients of certain income can request tax official for a certificate to be issued saying there was no need to deduct tax at source or it could be done at a concessional lower rate as justified by the recipient’s income.