Quick Summary
CBDT has released two significant notifications on May 27, 2024, introducing higher rates of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) for individuals and entities failing to furnish their Income Tax Returns (ITR). These directives, detailed in Notifications No. 45 and 46/2024, mark a crucial development in the enforcement of tax compliance. Key Highlights of the Notifications 1. Exclusion of RBI from Specified Person Status Notification No. 45/2024 (S.O. 210
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FAQ :
The new higher rates of TDS and TCS are for individuals and entities failing to furnish their Income Tax Returns (ITR).
Yes, the CBDT has issued notifications specifically exempting the Reserve Bank of India (RBI) from being classified as a "specified person" for the purposes of higher TDS and TCS rates.
Both notifications are effective immediately from the date of their publication in the Official Gazette.
The notifications aim to tighten tax compliance measures and encourage taxpayers to file their income tax returns on time.
Taxpayers who fail to furnish their ITR will face higher rates of TDS and TCS.
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