Madras HC: Police Superintendent not Liable For IO’s Delay In Filing Chargesheet or Closure Report  ||  Supreme Court: Provident Fund Dues Have Priority over a Bank’s Claim under the SARFAESI Act  ||  SC Holds Landowners Who Accept Compensation Settlements Cannot Later Seek Statutory Benefits  ||  Supreme Court: Endless Investigations and Long Delays in Chargesheets Can Justify Quashing  ||  Delhi HC: Arbitrator Controls Evidence and Appellate Courts Cannot Reassess Facts  ||  Delhi HC: ED Can Search Anyone Holding Crime Proceeds, not Just Those Named in Complaint  ||  Delhi HC: ED Can Search Anyone Holding Crime Proceeds, not Just Those Named in Complaint  ||  Delhi HC: Economic Offender Cannot Seek Travel Abroad For Medical Treatment When Available In India  ||  SC: Governors and President Have No Fixed Timeline To Assent To Bills; “Deemed Assent” is Invalid  ||  SC: Assigning a Decree For Specific Performance of a Sale Agreement Does Not Require Registration    

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 2025 - All Rights Reserved