CBDT issued a notification regarding Tax

Feb 04, 2024 | by TeamLease RegTech Legal Research Team

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Finance & Taxation Compliance

The Central Board of Direct Taxes (CBDT) on February 01, 2024, issued a notification regarding Tax Deductors/Collectors Consequences of PAN becoming inoperative as per the newly substituted rule 114AAA.

Deductees/Collectees having PAN status as 'Inoperative' attract higher TDS/TCS rates applicable as per provisions of Section 206AA/ 206CC of the Income Tax Act. Please refer to CBDT Circular no 3/2023 dated 28th March 2023.

The status of PAN can be checked by clicking the link ‘Verify PAN Status’ available under the quick links.