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The tax authority partially modifies a prior circular regarding consequences of PAN cards becoming inoperative under Rule 114AAA of the Income-tax Rules. It clarifies that no liability shall arise for deductors or collectors to apply higher TDS/TCS rates under sections 206AA/206CC when payments made between April 1, 2024, and July 31, 2025, involve PANs made operative by Aadhaar linkage on or before September 30, 2025, or when payments made on or after August 1, 2025, involve PANs made operative within two months from the end of the payment month. This amendment aims to address grievances where demands were raised for short deduction/collection despite PANs becoming operative within specified timelines. Other applicable provisions of the Income-tax Act remain enforceable.
The tax authority partially modifies a prior circular regarding consequences of PAN cards becoming inoperative under Rule 114AAA of the Income-tax Rules. It clarifies that no liability shall arise for deductors or collectors to apply higher TDS/TCS rates under sections 206AA/206CC when payments made between April 1, 2024, and July 31, 2025, involve PANs made operative by Aadhaar linkage on or before September 30, 2025, or when payments made on or after August 1, 2025, involve PANs made operative within two months from the end of the payment month. This amendment aims to address grievances where demands were raised for short deduction/collection despite PANs becoming operative within specified timelines. Other applicable provisions of the Income-tax Act remain enforceable.
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