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The Central Board of Direct Taxes amends the Income-tax Rules, 1962, to update Form No. 27Q. The person responsible for deduction writes the code P in the verification notes when lower deduction or no deduction applies under a notification issued through sub-section 1F of section 197A. These rules come into force on the 1st day of July, 2024.
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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 4th June, 2024 (INCOME-TAX)
G. S. R. 309(E).—In exercise of the powers conferred by section 295 read with sub-section (3) of section 200 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:––
‘7A. Write “P” if lower deduction or no deduction is in view of notification issued under sub-section (1F) of section 197A.’.
[Notification No. 48/2024/F. No 370142/11/2024-TPL] KHUSHBOO LATHER, Under Secy.
Note: The Income-tax Rules, 1962 were published in the Gazette of India, Extraordinary, Part-II, section-3, sub- section (ii) vide number S.O. 969 (E), dated the 26th March, 1962 and were last amended vide notification number G.S.R. 233 (E), dated the 27th March , 2024.
