Short deduction of TDS/TCS due to increase in rates of surcharge

Short deduction of TDS/TCS due to increase in rates of surcharge CBDT issues Circular No. 8/2020 dt 13th April, 2020 clarifying the issue regarding short deduction of tax, TDS/TCS due to increase in rates of surcharge by Finance (No. 2) Act, 2019. Deductor/Collector of tax not to be considered assessee in default under certain conditions.

Circular No. 8/2020 F. No. 370133/5/2020-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) *****

Room No. 147BII, North Block, New Delhi Dated 13th April, 2020 Subject: Clarification regarding short deduction of Tax due to increase in rates of surcharge by Finance (No.2) Act, 2019-reg. The Finance (No.2) Bill,20 19 was tabled in Lok Sabha on 5th July, 2019 which was passed by both the houses of Parliament and became Finance (No.2) Act , 2019 (the Act} which received assent of the President on 1st August, 2019. The Act provided for increase in the rate of surcharge as under: