Delhi High Court Criticizes DDA for Gross Negligence in Construction of Apartments  ||  Del. HC: 24 Seven Files Suit for Trademark Violation against Godfrey Phillips  ||  NCLAT: RP Can Withdraw Application u/s 12A of IBC Before it is Heard or Allowed  ||  NCLAT: Submission of Status Report in Cr. Proceeding Won’t Have Bearing While Deciding App u/s 7 IBC  ||  Cal. HC: Statutory Framework under CGST Act Provides Mechanisms to Address Assessee’s Concerns  ||  Delhi HC Issues Notice on Plea by Yuvraj Singh Foundation Seeking Registration under FCRA  ||  Cal. HC Quashes Cruelty Proceedings against Brother-In-Law of Woman after 18 Years of Marriage  ||  SC Explains Conditions to Invoke Section 53-A of the Transfer of Property Act, 1882  ||  NCLT: IBC Doesn’t Have Provision to Issue Multiple Demand Notices before Filing Petition u/s 9  ||  J&K HC: Can Set Aside an Award Passed by Ineligible Arbitrator    

CBDT relaxes provisions of TDS/TCS in event of death of deductee/collectee, before linkage of PAN and Aadhaar- (Press Information Bureau) (07 Aug 2024)

MANU/PIBU/0621/2024

Direct Taxation

The Central Board of Direct Taxes (CBDT) has relaxed provisions of TDS/TCS in event of death of deductee/collectee, before linkage of PAN and Aadhaar.

In view of genuine difficulties being faced by taxpayers, CBDT issued the Circular no. 8 of 2024 dated 05.08.2024, and vide the same, the Government has relaxed the provisions of TDS/TCS as per the Income-tax Act, 1961(the 'Act') in the event of death of deductee/collectee before linking of PAN and Aadhaar.

In order to redress the grievances of the taxpayers wherein instances have been cited, of demise of the deductee/collectee on or before 31.05.2024 and before the option to link PAN and Aadhaar could have been exercised, the Circular provides that there shall be no liability on the deductor/collector to deduct/collect the tax under section 206AA/206CC of the Act, as the case maybe pertaining to the transactions entered into upto 31.03.2024.

This is in continuation of Circular no. 6 of 2024 dated 23.04.2024 issued earlier by CBDT wherein the date for linking of PAN and Aadhaar was extended upto 31.05.2024 for the taxpayers (for the transactions entered into upto 31.03.2024) to avoid higher TDS/ TCS as per the Act. The Circular No. 06 of 2024 dated 23.04.2024 and Circular No. 08 of 2024 dated 05.08.2024 are available on www.incometaxindia.gov.in.

Tags :   PROVISIONS  TDS/TCS  RELAXATION

Share :        

Disclaimer | Copyright 2024 - All Rights Reserved