CBDT notifies on party wise break up of TCS



Quick Summary
The Central Board of Direct Taxes (CBDT) has issued new rules amending the Income-tax Rules, 1962, concerning the party-wise breakdown of Tax Collected at Source (TCS). These amendments, which come into effect from October 1, 2020, introduce specific requirements for furnishing particulars of amounts received or debited where tax was not collected. This includes details related to authorised dealers and sellers of overseas tour programs.

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 24th July, 2020
INCOME-TAX

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

FAQ :

The notification introduces amendments to the Income-tax Rules, 1962, to provide a party-wise breakdown of Tax Collected at Source (TCS).

These rules, referred to as the Income-tax (17th Amendment) Rules, 2020, come into force from October 1, 2020.

Particulars of amounts received or debited on which tax was not collected, specifically by authorised dealers and sellers of overseas tour programs, need to be furnished.

Authorised dealers and sellers of overseas tour programs are responsible for furnishing the required particulars.

These rules are made in exercise of powers conferred by sections 197 and 206C read with section 295 of the Income-tax Act, 1961.




News posted by

Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.

Comments :


More »


Popular News





CCI Pro



Company
29 August 2026
Chartered Accountant

Velionit Consulting PVT LTd

Mumbai

CA

View Details
Company
27 August 2026
ACCOUNTANT

CHARUPREETI & CO

Noida

Graduate (Any)

View Details
Company
ARTICLESHIP 07 September 2026
CA Articles

Kothari Jain Patil & Chartered Accountants

Pune

CA Inter

View Details
Company
Featured 11 September 2026
Audit Executive

RBSM Corporate Advisors Private Limited

Pune

CA

View Details
Company
ARTICLESHIP 01 September 2026
Article Assistant

SGNG & Associates

New Delhi

CA Inter

View Details
Company
28 August 2026
Audit Manager

K A R M & CO

Mumbai

CMA

View Details
Company
18 August 2026
Audit Assistant - Remote / Work From Home

CA ANOOP P K & ASSOCIATES

Kozhikode

CA Inter

View Details
Company
21 August 2026
Accountant

A G International

Kolkata

B.Com

View Details