The Central Board of Direct Taxes (CBDT), through Notifications No. 45 and 46/2024 dated May 27, 2024, has issued new guidelines regarding higher rates of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) for non-furnishing of Income Tax Returns (ITR).

These notifications specifically exclude the Reserve Bank of India (RBI) from being classified as a “specified person” under these provisions.

Notification No. 45/2024 (S.O. 2107(E)) declares that, in exercise of the powers conferred by clause (ii) of the proviso to sub-section (3) of section 206AB of the Income-tax Act, 1961, the Central Government designates the RBI as a person referred to in the said clause.

Similarly, Notification No. 46/2024 (S.O. 2106(E)) indicates that under clause (ii) of the proviso to sub-section (3) of section 206CCA of the Income-tax Act, 1961, the RBI is identified as a person referred to in the said clause.

Both notifications are effective from the date of their publication in the Official Gazette.