Clarification regarding short deduction of TDS/TCS due to increase in rates of surcharge by Finance (No. 2) Act, 2019

Last updated: 14 April 2020

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This notification from the Central Board of Direct Taxes clarifies issues related to the short deduction of TDS/TCS. This arises due to the increased surcharge rates introduced by the Finance (No. 2) Act, 2019. The Act received Presidential assent on 1st August 2019, following its introduction in Lok Sabha on 5th July 2019.

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 (N

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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.

Circular No : 8/2020
Source : https://www.incometaxindia.gov.in/communications/circular/circular_8_2020.pdf

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