Income Tax Update: Big relief to taxpayers, last date for filing this special form extended..
CBDT has extended the date for filing Form 10A/10AB till June 30, 2024. The Central Board of Direct Taxes (CBDT) has said in an order that the due date for filing Form 10A/Form 10AB under the Income Tax Act 1961 (Act) has been extended till June 30.
CBDT had earlier extended the due date of filing Form 10A/Form 10AB by trusts, institutions, and fund houses several times to mitigate the genuine hardships of taxpayers. The last such extension was made vide Circular No. 06/2023, wherein the date was extended to 30.09.2023.
A Circular was issued yesterday also-
Yesterday, CBDT warned PAN cardholders in its circular. It was said that for transactions done till March 31, 2024, and in cases where PAN is activated due to linking with Aadhaar on or before May 31. There will be no obligation to deduct tax in 2024. Sandeep Sehgal, partner-tax, AKM Global, said the circular provides some relief to the taxman in cases where the taxpayer's PAN is found to be inactive due to lack of linking with Aadhaar.
31st May Last Date-
The Income Tax Department has said that if taxpayers link their PAN with Aadhaar by May 31, no action will be taken for less deduction of TDS, but action will be taken after that. As per Income Tax rules, if PAN is not linked to biometric Aadhaar, TDS will be deducted at double the applicable rate. The Central Board of Direct Taxes (CBTD) said that it has received several complaints from taxpayers that they are getting notices that they have defaulted in short deduction/collection of TDS/TCS.
Let us tell you that ITR filing has started. Its last date is 31 July 2024. The Income Tax Department, in its order, issued a few days ago, had appealed to the taxpayers to file ITR before time.
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