The Income Tax Department has issued an update for deductors, stressing the importance of verifying the PAN status of the deductee. It’s essential to be cautious, as deductees with an ‘Inoperative’ PAN status may face higher TDS/TCS rates. For more details, refer to CBDT Notification No. 15/2023 and Circular No. 3/2023 dated March 28, 2023. Deductors must stay informed and adhere to the specified guidelines for accurate tax deductions.
Tax Concept is a dedicated team of financial writers, legal analysts, and tax professionals committed to breaking down complex Indian corporate updates. From real-time GST amendments and crucial Income Tax judgements to EPFO schemes and corporate law updates, TaxConcept serves as a reliable, authoritative guide for chartered accountants, businesses, and everyday taxpayers seeking absolute compliance clarity.