Income Tax News: Regarding TDS (TCS) deduction, the Income Tax Department has greatly relieved taxpayers and business owners. If taxpayers link PAN with Aadhaar by May 31, 2024, the Income Tax Department has stated that no action will be taken against taxpayers and businessmen for short deduction of TDS.
TDS Deduction Rate Doubled for Unlinked PANs
The Income Tax Department stipulates that TDS deduction will be made at twice the rate in the event that the PAN number is not connected to Aadhaar. However, the Central Board of Direct Taxes reported that it had received multiple complaints from taxpayers claiming that they had received notices stating that they had failed to omit PANs from transactions and under-deducted or collected TDS/TCS.
Payment Request for TDS/TCS Statement Processing
The Income Tax Department has requested payment for processing the TDS/TCS statement in these situations since the deduction was not made at the higher rate. In response to these complaints, the CBDT has stated that taxpayers will not be assessed the higher tax rate for transactions completed up until March 31, 2024, and for cases where PANs have become operational as a result of PAN Aadhaar linking prior to May 31, 2024. must make a donation.
 deduction relief that the Income Tax Department recently offered. Find out how taxpayers and){kind=link}