Surcharge on TDS

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Dear Experts, Please refer CBDT Circular No.8/2020 dated 13th April 2020 regarding enhenced surcharge on TDS/TCS. In the financial year 2019-20 we didn't deduct surcharge for the payments exceeds ₹ 50 Lakh Kindly explain and clarify whether shortfall(surcharge @15%, 25% or 37%) will be be paid with interest if even three Qly TDS returns (APR' - DEC'19) filed within due da .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... tes? Thanks regards: G Venugopal - Reply By DR.MARIAPPAN GOVINDARAJAN - The Reply = The circular clearly indicates that such transaction has been completed and entire payment has been made to the deductee/payee on or before 5th July, 2019 and there is no subsequent transaction between the deductor/collector and the deductee/payee in the financial year 2019-20 from which the shortfall of ta .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... x could have been deducted/collected by the deductor/collector the assessee will not be considered as assessee-in-default. However the shortfall is to be recovered. For the II quarter and III quarter you are required to pay the shortfall along with interest. - Reply By gvenugopal g - The Reply = Dear Sir, Thank you very much for your valued explanation. The enhenced surcharge rates (10,15,2 .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 5 37 percent) are applicable to all payments exceeding ₹ 50 Lakh to deductee/payee (individual/Huf / firm/ aop/ company)? My doubt is the above surcharg rates are applicable to Individual/HUF for computing tax for the FY 2019-20. So the recent Circular No.8 is applicable to payments above ₹ 50 lakh to deductee/payee whose status is residential individual/huf? I would be appreciat .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ed if you could brief the above views. - Surcharge on TDS - Query Started By: - gvenugopal g Dated:- 16-4-2020 Income Tax - Got 2 Replies - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X