Short deduction of TDS/TCS due to increase in rates of surcharge
CBDT issues Circular No. 8/2020 dt 13th April, 2020 clarifying the issue regarding short deduction of tax, TDS/TCS due to increase in rates of surcharge by Finance (No. 2) Act, 2019. Deductor/Collector of tax not to be considered assessee in default under certain conditions.
Circular No. 8/2020
F. No. 370133/5/2020-TPL
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
(TPL Division)
*****
Room No. 147BII, North Block, New Delhi
Dated 13th April, 2020
Subject: Clarification regarding short deduction of Tax due to increase in rates of surcharge by Finance (No.2) Act, 2019-reg.
The Finance (No.2) Bill,20 19 was tabled in Lok Sabha on 5th July, 2019 which was passed by both the houses of Parliament and became Finance (No.2) Act , 2019 (the Act} which received assent of the President on 1st August, 2019. The Act provided for increase in the rate of surcharge as under:
You May Also Refer:
- Corporate Compliance Calendar for the Month of April 2020
- Validity of Forms 15G and 15H of FY 2019-20 extended due to COVID-19
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