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CBDT notifies on party wise break up of TCS

Posted on 28 July 2020,    
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(Department of Revenue)
New Delhi, the 24th July, 2020

G.S.R. 464(E). In exercise of the powers conferred by section 197 and 206C read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-

1. Short title and commencement.––

(1) These rules may be called the Income-tax ( 17th Amendment) Rules, 2020.
(2) Save as otherwise provided in these rules, they shall come into force with effect from the 1st day of October, 2020.

2. In the Income-tax Rules, 1962 (hereinafter referred to as the principal rules), in rule 31AA, in sub-rule (4), after clause (v), the following clauses shall be inserted namely:-

“(vi) furnish particulars of amount received or debited on which tax was not collected,-

(a) by the authorised dealer from the buyer under the first proviso to sub-section (1G) of section 206C;
(b) by the authorised dealer under fourth proviso to sub-section (1G) of section 206C; and
(c) by the authorised dealer or seller of an overseas tour program from the buyer under clause (i) or clause (ii) of the fifth proviso of sub-section (1G) of section 206C or in view of any notification issued under clause (ii) of the fifth proviso of sub-section (1G) of section 206C.

To view / download the complete notification, find the enclosed file

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