Clarification regarding short deduction of TDS/TCS due to increase in rates of surcharge by Finance (No.2) Act, 2019: IT Circular No. 8/2020
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
(TPL Division)
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Dated 13th April, 2020
S.No.
|
Income slab
|
Surcharge before the Act
|
Enhanced surcharge as provided by the Act
|
l
|
Less than 50 lakh rupees
|
Nil
|
Nil
|
2
|
50 lakh rupees but less than 1 crore rupees
|
10%
|
10%
|
3
|
I crore rupees but less than 2 crore rupees
|
15%
|
15%
|
4
|
2 crore rupees but less than 5 crore rupees
|
15%
|
25%
|
5
|
5 crore rupees and above
|
15%
|
37%
|
Dy. Commissioner of Income-tax (OSD)
TPL Division