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F. No. 370133/S/2020-TPL
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
(TPL Division)
Room No. 147B-II, North Block, New Delhi
Dated 131h April, 2020
Subject: Clarification regarding short deduction ofTDSITCS due to increase in rates of surcharge by Finance (No.2) Act, 20l9-reg.
The Finance (No.2) Bill,20 19 was tablcd in Lok Sabha on 51h July, 2019 which was passed by both the houses of Parliament and became Finance (No.2) Act, 2019 (the Act) which received assent of the President on l SI August, 2019. The Act provided for increase in the rate of surcharge as under:
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FAQ :
The notification provides clarification regarding the short deduction of TDS/TCS due to the increased rates of surcharge by the Finance (No. 2) Act, 2019.
The Finance (No. 2) Bill, 2019 was tabled on 5th July 2019, passed by both houses of Parliament, and received the President's assent on 1st August 2019.
The Act introduced an increase in the rate of surcharge.
This clarification was issued by the Central Board of Direct Taxes (TPL Division), Ministry of Finance, Government of India.
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Circular No : 8/2020Published in Income Tax
Source : https://www.incometaxindia.gov.in/communications/circular/circular_8_2020.pdf