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September 2024

Regulatory Referencer

By Pramod Prabhudesai | Rutvik Sanghvi | Sonalee Godbole, Chartered Accountants
Reading Time 9 mins

I. DIRECT TAX: Spot light

1. Non-applicability of higher rate of TDSITCS as per provisions of section 206AAI and 206CC of the Incometax Act, 1961, in the event of death of deductee / collectee efore linkage of PAN and Aadhaar – Circular No. 08/2024 dated 5th August, 2024

CBDT had provided time up to 31st May, 2024 for linkage of PAN and Aadhaar for the transactions entered into up to 31st March, 2024 so as to avoid higher deduction /collection of tax under section 206AA/206CC of the Act.

CBDT has now provided that in cases where higher rate of TDS/TCS was attracted under section 206AA/206CC of the Act pertaining to the transactions entered into up to 31st March, 2024 and in case of demise of the deductee / collectee on or before 31st May, 2024 i.e. before the linkage of PAN and Aadhaar could have been done, there shall be no liability on the deductor/collector to deduct /collect the tax under section 206AA/206CC, as the case may be. The deduction / collection as mandated in other provisions of Chapter XVII-B or Chapter XVII-BB of the Act, shall, however, be applicable.

II. COMPANIES ACT, 2013

1. MCA extends the time for filing of Web-Form PAS-7 wi

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