notification no. 43/2020/f. no. 370142/11/2020 tpl / gsr 429 e amendment of rule 31a form 26q 27q

10 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 3rd July, 2020 INCOME-TAX G.S.R. 429(E).— In exercise of the powers conferred by sections 194A, 194J, 194K, 194LBA, 194N, 194-O, 197A and 200 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 (16th Amendment) Rules, 2020. (2) Save as otherwise provided in these rules, they shall come into force from the date of their publication in the Official Gazette. 2. In the Income-tax Rules, 1962 (hereinafter referred to as the principal rules), in rule 31A, in sub-rule (4), -- (a) in clause (viii), after the words “not deducted”, the words “or deducted at lower rate” shall be inserted; (b) for clause (ix) the following shall be substituted from the 1st day of July, 2020, namely:- “(ix) furnish particulars of amount paid or credited on which tax was not deducted or deducted at lower rate in view of the notification issued under second proviso to section 194N or in view of the exemption provided in third proviso to section 194N or in view of the notification issued under fourth proviso to section 194N”; (c) after clause (ix), the following clauses shall be inserted, namely:-- “(x) furnish particulars of amount paid or credited on which tax was not deducted or deducted at lower rate in view of the notification issued under sub-section (5) of section 194A. (xi) furnish particulars of amount paid or credited on which tax was not deducted under sub-section (2A) of section 194LBA. (xii) furnish particulars of 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 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.” 3. 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; [भाग II—खण्‍ड 3(i)] भारत‍का‍राजपत्र‍:‍असाधारण 11 (b) for the “Annexure”, the following “Annexure” shall be substituted, namely :- “[ANNEXURE: DEDUCTEE/PAYEE WISE BREAK UP OF TDS (Please use separate Annexure for each line-item in Table at Sl. No. 4 of main Form 26Q) Details of amount paid/credited during the quarter ended……….. (dd/mm/yyyy) and of tax deducted at source BSR Code of branch/Receipt Number of Form No. 24G Name of the Deductor/Payer Date on which challan deposited/Transfer voucher date (dd/mm/yyyy) TAN Challan Serial Number / DDO Serial No. of Form No. 24G Amount as per Challan Total tax to be allocated among deductees/payees as in the vertical total of Col. 421 Total interest to be allocated among the deductees/payees mentioned below Sl. No. Deductee /payee reference number provided by the deductor/payer, if available Deductee/ payee code (01-Company 02-Other than company) PAN of the deductee/ payee Name of the deductee/ payee Section code (See Note 12) Date of payment or credit (dd/mm/ yyyy) Amount paid or credited Amount of cash withdrawal in excess of Rs. 1 crore as referred to in section 194N (in cases not covered by the first proviso to section 194N) Amount of cash withdrawal which is in excess of Rs. 20 lakhs but does not exceed Rs. 1 crore for cases covered by sub-clause (a) of clause (ii) of first proviso to section 194N Amount of cash withdrawal which is in excess of Rs. 1 crore for cases covered by sub-clause (b) of clause (ii) of first proviso to section 194N Total tax deducted Total tax deposited Date of deduction (dd/mm/yyyy) Rate at which deducted Reason for non-deduction/ lower deduction/ Higher Deduction/ Threshold/ Transporter etc. (See notes 1 to 11) Number of the certificate under section 197 issued by the Assessing Officer for non-deduction/ lower deduction [412] [413] [414] [415] [416] [417] [418] [419] [419A] [419B] [419C] [420] [421] [422] [423] [424] [425] 1 2 3 Total 12 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] Verification I, ........................................................................... , hereby certify that all the particulars furnished above are correct and complete. Place: ………………….. ………………………………………….. Signature of the person responsible for deducting tax at source Date: ………………….. ………….……………………………….. Name and designation of the person responsible for deducting tax at source Notes: 1. Write "A" if "lower deduction" or "no deduction" is on account of a certificate under section 197. 2. Write "B" if no deduction is on account of declaration under section 197A other than the cases mentioned in sub-section (1F) of section 197A. 3. Write "C" if deduction is on higher rate on account of non-furnishing of PAN by the deductee/payee. 4. Write “D” if no deduction or lower deduction is on account of payment made to a person or class of person on accont of notification issued under sub-section (5) of section 194A. 5. Write “E” if no deduction is on account of payment being made to a person 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 28th May, 2017. 6. Write "Y" if no deduction is on account of payment below threshold limit specified in the Income-tax Act, 1961. 7. Write "T" if no deduction is on account of deductee/payee being transporter. PAN of deductee/payee is mandatory [section 194C (6)]. 8. Write "Z" if no deduction or lower deduction is on account of payment being notified under section 197A (1F). 9. Write “M” if no deduction or lower deduction is on account of notification issued under second proviso to section 194N.* 10. Write “N” if no deduction or lower deduction is on account of payment made to a person referred to in the third proviso to section 194N or on account of notification issued under the fourth proviso to section 194N.* 11. Write “O” if no deduction is as per the provisions of sub-section (2A) of section 194LBA. 12. List of section codes is as under: Section Nature of Payment Section Code 192A Payment of accumulated balance due to an employee 192A 193 Interest on securities 193 194 dividend 194 194A Interest other than interest on securities 94A [भाग II—खण्‍ड 3(i)] भारत‍का‍राजपत्र‍:‍असाधारण 13 194B Winnings from lotteries and crossword puzzles 94B 194BB Winnings from horse race 4BB 194C Payment of contractors and sub-contractors 94C 194D Insurance Commission 94D 194DA Payment in respect of life insurance policy 4DA 194EE Payments in respect of deposits under National Savings Schemes 4EE 194F Payments on account of repurchase of Units by Mutual Funds or UTIs 94F 194G Commission, prize etc., on sale of lottery tickets 94G 194H Commission or Brokerage 94H 194-I(a) Rent 4-IA 194-I (b) Rent 4-IB 194J(a) Fees for Technical Services(not being professional services), royalty for sale, distribution or exhibition of cinematographic films and call centre (@2%) 94J-A 194J (b) Fee for professional service or royalty etc. (@10%) 94J-B 194K Income in respects of units. 94K 194LA Payment of Compensation on acquisition of certain immovable property 4LA 194LBA(a) Certain income in the form of interest from units of a business trust to a residential unit holder 4BA1 194LBA(b) Certain income in the form of dividend from units of a business trust to a resident unit holder 4BA2 194LB Income in respect of units of investment fund LBB 194LBC Income in respect of investment in securitization trust LBC 194N Payment of certain amounts in cash 94N 194N First proviso* Payment of certain amounts in cash to non-filers 94N-F #194-O Payment of certain sums by e-commerce operator to e-commerce participant 94O”