Govt directs taxmen to dispose off applications related to TDS, TCS for FY20 by April 27
PrintListen to this Article
“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 directions/clarifications,” the Board said in a statement on Saturday.
Officials have been directed to communicate approval or rejection of the certificate to the applicant via email, However, applicants have to send email intimation to the assessing officer about the pendency of issuance of such certificates, and must have “the required documents and evidences of filing their application in TRACES portal,” the Central Board of Direct Taxes (CBDT) said in a notification.
The Board added that due the Coronavirus, the applications filed “may not be attended in a timely manner by the TDS-Assessing officers, which may cause hardship to the payees and buyers/licensees/lessees who have raised the invoice in FY20 but have not received the payment for the same till date,” it added.
In a separate notification, the government provided more relief to taxpayers as it extended the validity of forms 15H and 15G till June 30, which are used to avail exemption from deducting tax deducted at source (TDS) on interest income as the income falls below taxable threshold.
The directions come amid several measures announced by the finance ministry to support individuals and businesses impacted by Covid-19. The government had recently extended the deadline to file IT returns for FY 2018-19 to June 30, 2020.
Finance minister Nirmala Sitharaman had also cut interest rate to 9% from 18% on delayed deposit of TDS. Businesses with less than Rs 5-crore turnover would not be required to interest, late fee, or penalty while for bigger companies, late fee and penalty won’t be charged. However, the interest will be levied at a reduced rate of 9%. #casansaar (Source - Economic Times, ET Bureau)
Category : TDS | Comments : 0 | Hits : 1335
The Delhi High Court on Tuesday upheld Tax Deducted at Source (TDS) on External Development Charges (EDC) in a real estate project. This means that home buyers will have to bear the burden of TDS. A division Bench of Delhi High Court Comprising Justices Yashwant Varma and Purushaindra Kumar Kaurav upheld that Section 194C is applicable to EDC paid by real estate developers to Haryana Urban Development Authority. “We negative the challenge raised in these writ petitions in so far as the ...
The finance ministry on June 28 said that the higher Tax Collected at Source (TCS) on overseas spending will now be implemented three months after the original deadline of July 1. At the same time, the finance ministry also said that transactions conducted via international credit cards while abroad will not be counted under the Liberalised Remittances Scheme (LRS). As such, these transactions would not be subject to TCS even after October 1. "To give adequate time to Banks and Card n...
There are reports in certain sections of media wherein certain doubts have been raised regarding the applicability of the provisions relating to Tax Collection at Source (TCS) on certain goods introduced vide Finance Act, 2020. This press note is being issued to clarify those doubts about the applicability of these provisions. Finance Act, 2020 amended provisions relating to TCS with effect from 1st October, 2020 to provide that seller of goods shall collect tax @ 0.1 per cent (0.075% up to 3...
More than 82 per cent of individual taxpayers faced TDS mismatch problems during the last three years resulting in disallowance of refund and the creation of avoidable harassment of taxpayers, the latest CAG report on the Department of Revenue has pointed out. The apex audit body in its report tabled in Parliament last week also said the actual reasons of the large scale mismatch could not be ascertained because of non-submission of the relevant data by the ministry to the CAG. While launc...
Amendments in TDS Provisions by Finance Act 2020 discussed by CA.Saloni Varshney. Watch the Video,,,, https://youtu.be/LUcxlQUSc4I
Comments