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F.No.275/25/2020-IT(B) Government of India, Ministry of Finance/ Department of Revenue Central Board of Direct Taes North Block. New Delhi 9th April. 2020 Sub: Clarification on orders dated 31.03.2020 and 03.04.2020 issued under section 119 of the Income tax Act. 1961 (the Act) by CBDT
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FAQ :
The CBDT's clarification aims to provide further details on the issuance of TDS/TCS certificates for lower or nil deduction/collection rates, specifically addressing their validity and threshold limits.
These certificates are valid for the specific period they were issued in FY 2019-20, and will also remain valid from 1st April 2020 to 30th June 2020 for FY 2020-21, provided the conditions in the 31.03.2020 order are met.
The threshold or transaction limits mentioned in the lower/nil deduction/collection certificates issued for FY 2019-20 will be considered fresh for the period of 1st April 2020 to 30th June 2020 for FY 2020-21, with the same limit amounts as in the previous financial year, subject to other conditions.
The orders regarding the issuance of certificates for lower/nil deduction/collection of TDS/TCS were issued under section 119 of the Income Tax Act, 1961.
Yes, the clarification applies to both Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) certificates for lower or nil deduction/collection rates.
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