Punjab Govt declares 7-day state mourning on demise of former PM Dr Manmohan Singh
The Punjab Government has declared seven day State mourning till January 1, 2025 on demise of former PM Dr Manmohan Singh.
The Central Board of Direct Taxes (CBDT) on Wednesday relaxed the provisions of TDS-TCS in event of death of deductee/collectee, before linkage of PAN and Aadhaar.
In view of genuine difficulties being faced by taxpayers, CBDT issued the Circular No. 8 of 2024 dated 05.08.2024, and vide the same, the Government has relaxed the provisions of TDS/TCS as per the Income-tax Act, 1961(the ‘Act’) in the event of death of deductee/collectee before linking of PAN and Aadhaar, the Ministry of Finance said.
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It further said that this is in continuation of Circular No. 6 of 2024 dated 23.04.2024 issued earlier by CBDT wherein the date for linking of PAN and Aadhaar was extended upto 31.05.2024 for the taxpayers (for the transactions entered into upto 31.03.2024) to avoid higher TDS/ TCS as per the Act.
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Despite the relaxation of higher rates under sections 206AA and 206CC, other provisions of the Income-tax Act, 1961, will still apply. The CBDT’s latest decision aims to reduce tax burdens and address taxpayer grievances related to deceased deductees and collectees.
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