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CBDT Issues Notif No. 45 & 46/2024 for Giving Exemption to RBI from Higher Tax Rates

CBDT Notifications No.45 and 46/2024 for Non-Filing of ITR

On May 27, 2024, two notifications were released by CBDT, presenting higher rates of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) for individuals and entities who were unable to file their Income Tax Returns (ITR). In Notifications No. 45 and 46/2024, these directives are detailed and specify an important development in the enforcement of tax compliance.

Notifications Key Highlights

  1. Exclusion of RBI from “Specified Person” Status

2. The Date on which the Rule was Implemented

Immediately from the date of their publication in the official Gazette, both notifications are effective.

Such exemptions for the RBI provide the assurance that the central banking institution does not within the surge of compliance load of higher TDS and TCS rates applicable for the non-filers of income tax returns.

Intended Impacts on Taxpayers

The government’s intent has been underscored in the notifications of stringent compliance measures and incentivized filing of tax returns within the due date. The assesses who are unable to file their ITR shall suffer higher rates of TDS and TCS, consequently supporting the significance of complying with income tax filing due dates.

CBDT Notification Number 45/2024

CBDT Notification Number 46/2024

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