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The Central Board of Direct Taxes issues the Income-tax (10th Amendment) Rules, 2019 to amend rule 37BA of the Income-tax Rules, 1962. The rules provide rules for tax deducted at source credit under section 194N. The rules give credit for tax deducted at source to the person from whose account the tax is deducted and paid to the Central Government account. This credit applies for the assessment year relevant to the previous year in which the tax deduction happens. The rules take effect from the 1st day of September, 2019.
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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 27th September, 2019 INCOME-TAX G.S.R. 694(E).In exercise of the powers conferred by section 199 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:—
[Notification No. 74/F. No. 370142/18/2019-TPL] SAURABH GUPTA, Under Secy. (Tax Policy and Legislation Division) Explanatory Memorandum : It is certified that no person is being adversely affected by giving retrospective effect to the present rules. 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. 679(E), dated 20.09.2019.
