CBDT excludes RBI from Higher TDS/TCS Rates for Non-Furnishing of ITR

By: Admin
May 28, 2024
Categories: CBDT Notification|Notification And Circular
4 Min Read

The CBDT vides Notifications No. 45 and 46/2024 dated May 27, 2024, has issued new directives regarding higher rates of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) for non-furnishing of Income Tax Returns (ITR).

The notifications exclude the Reserve Bank of India (RBI) from being considered a “specified person” under these provisions.

Notification No. 45/2024 (S.O. 2107(E)) states that in exercise of the powers conferred by clause (ii) of the proviso to sub-section (3) of section 206AB of the Income-tax Act, 1961, the Central Government notifies the RBI as a person referred to in the said clause.

Similarly, Notification No. 46/2024 (S.O. 2106(E)) specifies that under clause (ii) of the proviso to sub-section (3) of section 206CCA of the Income-tax Act, 1961, the RBI is notified as a person referred to in the said clause.

Both notifications come into force from the date of their publication in the Official Gazette.

For Official copy of the Notification No. 45/2024: CLICK HERE

For Official copy of the Notification No. 46/2024: CLICK HERE