CBDT CIRCULAR ON TDS RETURNS OF GOVT DEDUCTORS THE Central Board of Direct Taxes (CBDT) has received several petitions from deductors/collectors, being an office of the Government (Government deductors), regarding delay in filing of TDS/TCS statements due to late furnishing of the Book Identification Number (BIN) by the Principal Accounts Officers (PAO) / District Treasury Office (DTO) / Cheque Drawing and Disbursing Office (CDDO). This has resulted in consequential levy of fees under section 234E of the Income-Tax Act, 1961. Board has decided to ex-post facto, extend the due date of filing of the TDS/TCS statement prescribed under sub- section (3) of section 200 /proviso to sub-section (3) of section 206C of the Act read with rule 31A/31AA of the Income-tax Rules, 1962. However Board has clarified that any fee under section 234E of the Act already paid by a Government deductor shall not be refunded. Further this extension is only a one-time exception in view of the special circumstances. Board states that timely filing of TDS/TCS statements is essential to ensure timely reconciliation of Government accounts and for providing tax credit to the assessees while processing their Income-tax Returns. Board suggests that since the Government deductor and the associated PAO/ DTO/ CDDO belong to the same administrative setup that regulates the clearance of expenditure, the deductors/collectors may be advised to co-ordinate with the respective PAO/DTO/CDDO to ensure timely receipt of BIN/filing of TDS/TCS statements. This Circular is addressed to all Chief Commissioners and Directors General of Income Tax. They are supposed to inform all the officers for compliance. CBDT Circular No. 7/2014 in F. No. 275/27/2013-IT(B), Dated: March 04 2014-
Posted on: Mon, 10 Mar 2014 05:11:57 +0000
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