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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 3rd July, 2020 INCOME-TAX G.S.R. 429(E). In exercise of the powers conferred by sections 194A, 194J, 194K, 194LBA, 194N, 194-O, 197A and 200 read with section 295 of the Income-tax Act, 19
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FAQ :
The notification amends Rule 31A and Forms 26Q & 27Q of the Income-tax Rules, 1962, to introduce new reporting requirements for situations where Tax Deducted at Source (TDS) was not deducted or was deducted at a lower rate.
The amendments generally come into force from the date of their publication in the Official Gazette, with specific changes related to Section 194N effective from 1st July 2020, and changes related to Section 194-O effective from 1st October 2020.
Rule 31A has been amended to include new clauses (x), (xi), (xii), and (xiii) requiring the furnishing of particulars for amounts paid or credited where tax was not deducted or deducted at a lower rate under various sections and notifications, including Section 194A(5), Section 194LBA(2A), Section 197A(1D), and specific Board Circulars.
Forms 26Q and 27Q have been updated to include references to new sections and to revise the 'Annexure' sections. These revisions incorporate new fields for reporting details related to non-deduction or lower deduction of TDS, particularly concerning cash withdrawals under Section 194N and other specific scenarios.
The amended forms require reporting reasons such as lower deduction based on a certificate under Section 197, declarations under Section 197A, notifications under Section 194A(5), exemptions under Section 194N, or specific Board Circulars.
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