Notification No. 75/2020 [F. No. 370142/8/2020-TPL] / GSR 574(E)

Last updated: 24 September 2020

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This notification introduces amendments to the Income Tax Rules, 1962. Specifically, rule 29B has been updated to include 'insurer' alongside 'banking company' for certain applications. Consequently, Form 15C, used for applications by banking companies or insurers for a certificate to receive interest and other sums without tax deduction under section 195(3), has been revised to reflect this change. These amendments came into effect upon their publication in the Official Gazette.

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXE) NOTIFICATION New Delhi, the 22nd September, 2020 Incom-Tax G.S.R. 574(E).-In exercise of the powers conferred by section 295 read with section 195 and rule 5 of the First Schedule to the Income- tax Act

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FAQ :

The main purpose is to amend the Income-tax Rules, 1962, by including 'insurers' in rule 29B and updating the related application form (Form 15C).

Rule 29B of the Income-tax Rules, 1962, has been amended.

The words 'banking company' have been substituted with 'banking company or an insurer' wherever they appear in rule 29B.

Form 15C is used for applications by a banking company or insurer for a certificate under section 195(3) of the Income-tax Act, 1961, to receive interest and other sums without deduction of tax.

These amendments come into force from the date of their publication in the Official Gazette.