Surcharge on TDS/TCS as per CBDT Circular No.8/2020 dated 13th April 2020

TDS / TCS 326 views 1 replies

Sirs, 

Please refer CBDT Circular No.8/2020 dated 13th April 2020 regarding enhanced surcharge on TDS/TCS.  In the financial year 2029-20 we didn't deduct surcharge for the payment exceeds Rs.50 Lakh Kindly explain and clarify whether shortfall (surcharge @ 15%, 25% or 37%)  will be be paid with interest if even three Qly TDS returns (APR' - DEC'19)  filed within due dates.?

My doubt is the above surcharg rates are applicable to Individual/HUF for computing tax for the FY 2019-20. So the recent Circular No.8 is applicable to payments above ₹ 50 lakh to deductee/payee whose status is residential individual/huf?

I would be appreciated if you could brief the above views.

Thanks & Regards:Murugesan


Attached File : 2262958 20200421110519 circular 8 2020.pdf downloaded: 92 times
Replies (1)

Dear Sir,

Really appreciate your query.

1) If your transaction is completed with billing, payment to party before 5th July 2019, you need not worry to deduct any additional amount.

2) About your doubt, the surcharge enhanced is applicable to all. It means its applicable even for individual and huf both.

 

For more queries, you can drop email to psandac @ gmail.com 


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