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The Central Board of Direct Taxes amends the Income-tax Rules, 1962, to operationalise section 194-IB. The rules introduce Form No. 16C and Form No. 26QC for tax deduction at source. Every person responsible for deduction of tax under section 194-IB pays the sum to the credit of the Central Government within thirty days from the end of the month in which the deduction happens. The deductor remits the tax electronically into an authorized bank using a challan-cum-statement in Form No. 26QC. The deductor furnishes the certificate of deduction in Form No. 16C to the payee within fifteen days from the due date for furnishing the challan-cum-statement. The deductor also furnishes the challan-cum-statement in Form No. 26QC electronically within thirty days from the end of the month.
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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 8th June, 2017 INCOME-TAX
G.S.R. 561(E).—In exercise of the powers conferred by section 295 read with section 194-IB of the Income-tax Act, 1961, the Central Board of Direct Taxes, hereby, makes the following rules further to amend the Income-tax Rules, 1962, namely:-
(2) They shall come into force from the date of their publication in the Official Gazette.
(a) after sub-rule (2A), the following sub-rule shall be inserted, namely:-
“ (2B) Notwithstanding anything contained in sub-rule (1) or sub-rule (2), any sum deducted under section 194-IB shall be paid to the credit of the Central Government within a period of thirty days from the end of the month in which the deduction is made and shall be accompanied by a challan-cum-statement in Form No. 26QC.”;
(b) after sub-rule (6A), the following sub-rule shall be inserted, namely:— “(6B) Where tax deducted is to be deposited accompanied by a challan-cum-statement in Form No.26QC, the amount of tax so deducted shall be deposited to the credit of the Central Government by remitting it electronically within the time specified in sub-rule (2B) into the Reserve Bank of India or the State Bank of India or any authorized bank.”.
In the principal rules, in rule 31, after sub-rule (3A), the following sub-rule shall be inserted, namely:— “(3B) Notwithstanding anything contained in sub-rule (1) or sub-rule (2) or sub-rule (3), every person responsible for deduction of tax under section 194-IB shall furnish the certificate of deduction of tax at source in Form No.16C to the payee within fifteen days from the due date for furnishing the challan-cum-statement in Form No.26QC under rule 31A after generating and downloading the same from the web portal specified by the Principal Director General of Income-tax (Systems)or the Director General of Income-tax (Systems) or the person authorised by him.”
In the principal rules, in rule 31A, after sub-rule (4A), the following sub-rule shall be inserted, namely:— “(4B) Notwithstanding anything contained in sub-rule (1) or sub-rule (2) or sub-rule (3) or sub-rule (4), every person responsible for deduction of tax under section 194-IB shall furnish to the Principal Director General of Income-tax (Systems) or Director General of Income-tax (System) or the person authorised by the Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems) a challan-cum-statement in Form No.26QC electronically in accordance with the procedures, formats and standards specified under sub-rule (5) within thirty days from the end of the month in which the deduction is made.”
In the principal rules,—
(a) after Form No.16B, the following Form shall be inserted, namely:—
“FORM NO.16C [See rule 31(3B)] Certificate under section 203 of the Income-tax Act, 1961 for tax deducted at source
Certificate No.
Last updated on
Name and address of the Deductor (Tenant/lesse/Payer)
Name and address of the Deductee (Landlord/lessor/Payee)
PAN of the Deductor
PAN of the Deductee
Financial Year of deduction
Summary of Transaction (s)
| S. No. | Unique Acknowledgement Number | Amount Paid/Credited | Date of payment/credit (dd/mm/yyyy) | Amount of tax deducted and deposited in respect of the deductee |
|---|---|---|---|---|
Total (Rs.)
DETAILS OF TAX DEPOSITED TO THE CREDIT OF THE CENTRAL GOVERNMENT FOR WHICH CREDIT IS TO BE GIVEN TO THE DEDUCTEE
Challan Identification number
| S. No. | Amount of tax deposited in respect of deductee (Rs.) | BSR Code of the Bank Branch | Date on which tax deposited (dd/mm/yyyy) | Challan Serial Number |
|---|---|---|---|---|
| 1. | ||||
| 2. |
Total (Rs.)
Verification
I,…………….., son/daughter of …………. in the capacity of ……. (designation) do hereby certify that a sum of (Rs.) ………….. [Rs. ………….(in words)] has been deducted and deposited to the credit of the Central Government. I further certify that the information given above is true, complete and correct and is based on the books of account, documents, challan-cum-statement of deduction of tax, TDS deposited and other available records.
Place
(Signature of person responsible for deduction of tax)
Date
Full Name:”;
(b) after Form No.26QB, the following Form shall be inserted, namely:—
“ Form No.26QC [ See section 194-IB, rule 30(2B and 6B) and rule 31A(4B)] Challan –cum – statement of deduction of tax under section 194-IB
Financial Year
Major Head Code* 2 0
Minor Head Code* 8 0 0
Permanent Account Number (PAN) of Tenant/ lesse/ Payer
Full Name of Tenant/ lesse/ Payer*
Complete Address of Tenant/ lesse/ Payer
PIN
Mobile No.
Email ID
Whether more than one Tenant/ lesse/ Payer (Yes/No)
Permanent Account Number (PAN) of Landlord / Lessor/ Payee
Category of PAN*
Status of PAN*
Full Name of Landlord / Lessor/ Payee
Complete Address of Landlord / Lessor/ Payee
PIN
Mobile No.
Email ID
Whether more than one Landlord / Lessor/ Payee (Yes/No)
Complete Address of Property Rented
PIN
Total Value of Rent Paid
Value of Rent Paid in Last Month
Period of Tenancy***
(Amount in Rs.)
(Amount in Rs.)
Amount Paid/Credited (in Rs.)
Date of payment/credit**
Rate at which tax deducted
Amount of tax deducted at source
Date of Deduction**
Date of Deposit**
Mode of payment
Details of Payment of Tax Deducted at Source (Amount in Rs.)
TDS (Income Tax)(Credit of tax to the deductee shall be given for this amount)
Interest
Fee
Total payment
Total Payment in Words (in Rs.)
Crores Lakhs Thousands Hundreds Tens Units
** In dd/mm/yyyy format.”.
*** Against Period of tenancy, the number of months the property is rented for the financial year may be mentioned”.
[Notification No. 48/2017/F. No. 370 142/16/2017-TPL]
LAKSHMI NARAYANAN, Under Secy. (Tax Policy and Legislation)
Note: The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide notification number S.O. 969 (E), dated the 26th March, 1962 and last amended vide notification number G.S.R. 557(E), dated 07/06/2017.
