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CBDT Amends Form 27Q: Introduces Note 7A for Lower/No TDS Information

Last updated: 05 June 2024

The Central Board of Direct Taxes (CBDT) has issued a new notification announcing further amendments to the Income-tax Rules, 1962. Officially termed the Income-tax (Sixth Amendment) Rules, 2024, these changes will take effect on July 1st, 2024.

Key Highlights of the Notification

Amendment to Form 27Q

  • New Note 7A: A significant update has been made to Form No. 27Q, particularly in the Annexure under the heading "Verification". The amendment introduces a new Note, labeled as Note 7A.
  • Instruction for Taxpayers: This note directs taxpayers to write "P" if they are eligible for a lower deduction or no deduction, according to the notification issued under sub-section (1F) of section 197A of the Income-tax Act, 1961.
CBDT Amends Form 27Q: Introduces Note 7A for Lower/No TDS Information

Implementation Date

  • Effective July 1st, 2024: The revised rules will be effective from July 1st, 2024, providing a one-month window for taxpayers and tax professionals to become acquainted with the new requirements.

Official copy of the notification is as follows

(Department of Revenue)
New Delhi, the 4th June, 2024

G. S. R. 309(E).—In exercise of the powers conferred by section 295 read with sub-section (3) of section 200 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:–

1. (1) These rules may be called the Income-tax (Sixth Amendment) Rules, 2024.
(2) They shall come into force on the 1st day of July, 2024.

2. In the Income-tax Rules, 1962, in Form No. 27Q, in the Annexure, under the heading "Verification", in the Notes, after Note No. 7, the following Note shall be inserted, namely:- '7A. Write "P" if lower deduction or no deduction is in view of notification issued under sub-section (1F) of section 197A.'.

[Notification No. 48/2024/F. No 370142/11/2024-TPL]

Note: The Income-tax Rules, 1962 were published in the Gazette of India, Extraordinary, Part-II, section-3, subsection (ii) vide number S.O. 969 (E), dated the 26th March, 1962 and were last amended vide notification number G.S.R. 233 (E), dated the 27th March , 2024.

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