Govt Considers Decriminalising Delayed TCS Filing in Finance Bill: CBDT Chairman

The Central Board of Direct Taxes (CBDT) Chairman has indicated that the government is considering decriminalizing the delayed filing of Tax Collected at Source (TCS) in the upcoming Finance Bill. This move aims to reduce the penal consequences for businesses facing delays in TCS filing, providing relief to taxpayers and promoting a more business-friendly environment. The decision reflects the government's commitment to simplifying tax compliance and easing regulatory burdens on businesses. By decriminalizing such delays, the government hopes to encourage better compliance and reduce the fear of harsh penalties among taxpayers.