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CBDT issues orders to mitigate hardships to taxpayers
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SME Times News Bureau | 04 Apr, 2020
The government has extended the validity of all lower withholding tax
orders secured by assessees by three months till June 30 to mitigate the
hardships of payees caused due to Covid-19 related disruptions.
The
Central Board of Direct Taxes (CBDT) in an order has allowed taxpayers
who have filed for lower TDS/TCS (tax deduction at source/tax collected
at source) for FY 21 and whose application is pending for disposal as on
date to extend the period of their FY20 order on lower TDS by three
months to June 30, 2020.
The extension will also be given if
taxpayers have the lower TDS order for FY20 but have so far not applied
similar order for FY21.
However, taxpayers need to apply at the
earliest giving details of the transactions and the Deductor/Collector
to the TDS/TCS Assessing Officer as per procedure prescribed.
Further,
on payments to non-residents (including foreign companies) having
permanent establishment in India, where the above applications are
pending, tax on payments made will be deducted at the subsidised rate of
10 per cent including surcharge and cess, on such payments till June 30
or disposal of their applications, whichever is earlier.
In case
of pending applications for lower/nil rate of TDS/TCS for FY 2019-20,
the Assessing Officers have also been directed to dispose off the
applications through a liberal procedure by April 24, so that the
taxpayers may not have to pay extra tax which may cause liquidity issues
to them.
To mitigate the hardships of small taxpayers, it has
also been decided that if a person had submitted valid Forms 15G and 15H
to the Banks or other institutions for FY 2019-20, then these Forms
would be valid up to 30.06.2020. This will safeguard the small tax
payers against TDS where there is no tax liability.
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