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TMI BlogClarification regarding short deduction of TDS/TCS due to increase in rates of surcharge by Finance (No.2) Act, 2019-X X X X Extracts X X X X X X X X Extracts X X X X ..... ubject: Clarification regarding short deduction of TDS/TCS due to increase in rates of surcharge by Finance (No.2) Act, 2019-reg. The Finance (No.2) Bill,2019 was tabled in Lok Sabha on 5th 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 1st August, 2019. The Act provided for increase in the rate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rate of surcharge. 3. Several cases have come to the notice of the Central Government wherein deductors/ collectors were held to be an assessee in default for short deduction of TDS/short collection of TCS in cases where final transaction was done before laying of the Finance (No.2) Bill, 2019 in the Parliament, i.e. 5th July, 2019. Since the transaction was completed before the rates of enhance ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r 2019-20 from which the shortfall of tax could have been deducted/collected by the deductor/collector; b) TDS has been deducted or TCS has been collected by such deductor/collector on such sum as per the rates in force as per the provisions prior to the enactment of the Act; c) such tax deducted or collected has been deposited in the account of Central Government by the deductor/collector on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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