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The Central Board of Direct Taxes amends the Income-tax Rules, 1962, to introduce rules, statements, and certificates for tax deduction at source under sections 194M and 194N. Every person responsible for deduction of tax under section 194M pays the sum 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. The payment uses Form No. 26QD and electronic remittance into an authorized bank. The deductor furnishes Form No. 16D to the payee within fifteen days from the due date for furnishing the challan-cum-statement. The deductor also submits Form No. 26QD electronically to the Principal Director General of Income-tax Systems or Director General of Income-tax Systems 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 18th November, 2019 INCOME-TAX
G.S.R.858(E).—In exercise of the powers conferred by section 295 read with section 194M and 194N 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 (2B), the following sub-rule shall be inserted, namely:-
“(2C) Notwithstanding anything contained in sub-rule (1) or sub-rule (2), any sum deducted under section 194M 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. 26QD.”;
(b) after sub-rule (6B), the following sub-rule shall be inserted, namely:—
“(6C) Where tax deducted is to be deposited accompanied by a challan-cum-statement in Form No.26QD, 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 (2C) into the Reserve Bank of India or the State Bank of India or any authorised bank.”.
“ (3C) Notwithstanding anything contained in sub-rule (1) or sub-rule (2) or sub-rule (3), every person responsible for deduction of tax under section 194M shall furnish the certificate of deduction of tax at source in Form No.16D to the payee within fifteen days from the due date for furnishing the challan-cum-statement in Form No.26QD 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.”
“(ix) furnish particulars of amount paid or credited on which tax was not deducted in view of the exemption provided in clause (iii) or clause (iv) of the proviso to section 194N or in view of the notification issued under clause (v) of the proviso to section 194N.”
“(4C) 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 194M 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.26QD 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.”
Form No. 16D [See rule 31(3C)] Certificate under section 203 of the Income-tax Act, 1961 for tax deducted at source
Certificate No.
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Name and address of the Deductor
Name and address of the Deductee
PAN/Aadhaar No. of the Deductor
PAN/Aadhaar No. of the Deductee
Financial Year of deduction
Summary of the Transaction(s)
| S.No. | Unique Acknowledgement Number | Nature of payment | 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
| S.No. | Amount of tax deposited in respect of deductee (Rs) | Challan Identification Number | 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 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 the person responsible for deduction of tax)
Date
Full Name:
(b) In Form No. 26Q -
(i) for the brackets, words, figures and letters
“[See sections 193, 194, 194A, 194B, 194BB, 194C, 194D, 194EE, 194F, 194G, 194H, 194-I, 194J, 194LA and rule 31A] Quarterly statement of deduction of tax under sub‐section (3) of section 200 of the Income‐tax Act in respect of payments other than salary for the quarter ended ……………………… (June/September/December/March) ……………… (Financial Year)”
the following brackets, words, figures and letters
“[See section 192A, 193, 194, 194A, 194B, 194BB, 194C, 194D, 194DA, 194EE, 194F, 194G, 194H, 194-I, 194J, 194LA,194LBA,194LBB,194LBC, 194N and rule 31A] Quarterly statement of deduction of tax under sub-section (3) of section 200 of the Income-tax Act in respect of payments other than salary for the quarter ended…………………………(June/September/December/March) ………………(Financial Year)” shall be substituted;
(ii) for the word “Deductor” wherever it occurs, the words “Deductor/Payer” shall be substituted;
(iii) for the word “Deductors” wherever it occurs, the words “Deductors/Payers” shall be substituted;
(iv) for item no. 5 and entries relating thereto, the following item and entries shall be substituted, namely:-
“5. Details of amount paid and tax deducted thereon from the deductees and amount paid without deduction (see Annexure).”;
BSR Code of branch/Receipt Number of Form No. 24G
Date on which challan deposited/Transfer voucher date (dd/mm/yyyy)
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
Name of the Deductor/Payer
TAN
(v) 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. 04 of main Form 26Q)
