Finance Ministry makes further amendments in the Income Tax Rules 1962

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Ministry of Finance (“MOF”) vide Notification dated July 03, 2020, makes further amendment in the Income Tax Rules, 1962. The following are the amendment made in the rules are as under:-

1. In the Income-tax Rules, 1962 (hereinafter referred to as the principal rules), in rule 31A, in sub-rule (4),-

  • in clause (viii), after the words “not deducted”, the words “or deducted at a lower rate” shall be inserted;
  • for clause (ix) the following shall be substituted from the 1st day of July, 2020, namely:-

“(ix) furnish particulars of the amount paid or credited on which tax was not deducted or deducted at a lower rate in view of the notification issued under the second proviso to section 194N or in view of the exemption provided in the third proviso to section 194N or in view of the notification issued under the fourth proviso to section 194N”;

(c) after clause (ix), the following clauses shall be inserted, namely:–

“(x) furnish particulars of the amount paid or credited on which tax was not deducted or deducted at a lower rate in view of the notification issued under sub-section (5) of section 194A.

(xi) furnish particulars of the amount paid or credited on which tax was not deducted under sub-section (2A) of section 194LBA.

(xii) furnish particulars of the amount paid or credited on which tax was not deducted in view of clause (a) or clause (b) of sub-section (1D) of section 197A.

(xiii) furnish particulars of the amount paid or credited on which tax was not deducted in view of the exemption provided to persons referred to in Board Circular No. 3 of 2002 dated 28th June 2002 or Board Circular No. 11 of 2002 dated 22nd November 2002 or Board Circular No. 18 of 2017 dated 29th May 2017.”

2. In the principal rules, in Appendix II:-

(I) in form 26Q – (a) for the brackets, words, figures and letters “[See sections 192A, 193, 194, 194A, 194B, 194BB, 194C, 194D, 194DA, 194EE, 194F, 194G, 194H, 194-I, 194J, 194LA, 194LBA, 194LBB, 194LBC, 194N and rule 31A]” the following brackets, words, figures and letters

“[See sections 192A, 193, 194, 194A, 194B, 194BB, 194C, 194D, 194DA, 194EE, 194F, 194G, 194H, 194-I, 194J, 194K, 194LA, 194LBA, 194LBB, 194LBC, 194N, 194-O, 197A and rule 31A]” shall be substituted;

(b) for the “Annexure”, the following “Annexure” shall be substituted, namely:-

Note: This rules, shall come into force from the date of their publication in the Official Gazette.

The Notification can be accessed at: http://egazette.nic.in/WriteReadData/2020/220364.pdf

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