TaxTMI 
TaxTMI 
CBDT issues orders u/s 119 of IT Act,1961 to mitigate hardships to taxpayers arising out of compliance of TDS/TCS provisions
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....BDT issues orders u/s 119 of IT Act,1961 to mitigate hardships to taxpayers arising out of compliance of TDS/TCS provisions <br>News and Press Release<br>Dated:- 4-4-2020<br><BR>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....
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....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 by th....
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....e 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 30.06.....
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....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-sidised ra....
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....te 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 taxpayers may ....
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....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 there is no tax liab....
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....ility (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.<BR> News - Press release - PIB....