Attention Deductors: Verify PAN Status to Avoid Higher TDS/TCS Rates as per IT Dept new update

The Income Tax Department has recently issued an important update addressed to deductors, emphasizing the need to verify the PAN status of the deductee. It is crucial to be vigilant as deductees with an ‘Inoperative’ PAN status may be subjected to higher TDS/TCS rates. For detailed information, please refer to CBDT Notification No. 15/2023 and Circular No. 3/2023 dated March 28, 2023. It is imperative for deductors to stay informed and comply with the specified guidelines to ensure accurate tax deductions.

Source #Income Tax Portal

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