TMI BlogCBDT issues orders u/s 119 of IT Act,1961 to mitigate hardships to taxpayers arising out of compliance of TDS/TCS provisionsX X X X Extracts X X X X X X X X Extracts X X X X ..... CBDT issues orders u/s 119 of IT Act,1961 to mitigate hardships to taxpayers arising out of compliance of TDS/TCS provisions - News and Press Release Dated:- 4-4-2020 - News - Due to outbreak of the Covid-19 pandemic, there is severe disruption in the normal working of almost all sectors. To mitigate the hardships of taxpayers, the CBDT has issued the following directions/clarifications by exerc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ise of its power u/s 119 of the Income-tax Act, 1961 (the Act): All the assessees who have filed application for lower or nil deduction of TDS/TCS for F.Y. 2020-21 and whose applications are pending for disposal as on date and they have been issued such certificates for F.Y. 2019-20, then such certificates would be applicable till 30.06.2020 of F.Y. 2020-21 or disposal of their applications ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Assessing Officers, whichever is earlier, in respect of the transaction and the deductor or collector if any, for whom the certificate was issued for F.Y. 2019-20. In cases where the assessees could not apply for issue of lower or nil deduction of TDS/TCS in the Traces Portal for the F.Y. 2020-21, but were having the certificates for F.Y. 2019-20, such certificates will be applicable till ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 30.06.2020 of F.Y. 2020-21. However, they need to apply at the earliest giving details of the transactions and the Deductor/Collector to the TDS/TCS Assessing Officer as per procedure prescribed. Further, on payments to Non-residents (including foreign companies) having Permanent Establishment in India, where the above applications are pending, tax on payments made will be deducted at the sub-sidi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sed rate of 10% including surcharge and cess, on such payments till 30.06.2020 of F.Y. 2020-21, or disposal of their applications, whichever is earlier ( Order passed on 31.03.2020 ). In case of pending applications for lower/nil rate of TDS/TCS for F.Y. 2019-20, the Assessing Officers have been directed to dispose off the applications through a liberal procedure by 27.04.2020, so that the taxp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ayers may not have to pay extra tax which may cause liquidity issues to them ( Order passed on 03.04.2020 ). To mitigate the hardships of small taxpayers, it has been decided that if a person had submitted valid Form 15G and 15H to the Banks or other institutions for F.Y. 2019-20, then these Forms would be valid up to 30.06.2020. This will safeguard the small tax payers against TDS where th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ere is no tax liability ( Order passed on 03.04.2020 ). All the above orders passed u/s 119 of the Act are available on www.incometaxindia.gov.in under the head Miscellaneous Communications. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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