Income-tax (26th Amendment)… — G.S.R. 612(E) | CBDT notification

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Income-tax (26th Amendment)… — G.S.R. 612(E) | CBDT notification · Complied AI

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[भागII—खण् ड 3(i)] भारत का रािपत् : असाधारण 27 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 2nd September, 2021 (INCOME-TAX)

G.S.R. 612(E).—In exercise of the powers conferred by sections 194P and 206AB 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:-

Short title and commencement. –– (1) These rules may be called the Income-tax (26th Amendment) Rules, 2021. (2) They shall come into force from the date of their publication in the Official Gazette.
In the Income-tax Rules, 1962 (hereinafter referred to as the principal rules), after rule 26C, the following rule shall be inserted, namely:- “26D.Furnishing of declaration and evidence of claims by specified senior citizen under section 194P.-(1) The declaration required to be furnished by the specified senior citizen to the specified bank under sub-clause (iii) of clause (b) of explanation to section 194P shall be in Form no. 12BBA to be furnished in paper form duly verified. (2) On furnishing of the declaration in Form No. 12BBA, the specified bank shall, after giving effect to the deduction allowable under Chapter VI-A and rebate allowable under section 87A, compute the total income of such specified senior citizen for the relevant assessment year and deduct income-tax on such total income on the basis of the rates in force. (3) The effect to the deduction allowable under Chapter VI-A shall be given based on the evidence furnished by the specified senior citizen during the previous year. (4) The declaration referred to in sub-rule (1) and evidence for claiming deduction under Chapter VI-A referred to in sub-rule (3) shall be properly maintained by the Specified Bank and shall be made available to the Principal Chief Commissioner of Income-tax or Chief Commissioner of Income-tax, as and when required. (5) The Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems), as the case may be, shall specify procedure for furnishing of particulars of Form No. 12BBA referred to in sub-rule (1) and evidence referred to in sub-rule (3) by the specified banks to the Principal Chief Commissioner of Income-tax or Chief Commissioner of Income-tax, as and when required.”.
In the principal rules, in rule 31, in sub-rule (1), in clause (a), after the word and figures “section 192”, the words, figures and letter “and section 194P” shall be inserted.
In the principal rules, in rule 31A,- (i) in sub-rule (1), - (I) in clause (a), after the word and figures “section 192”, the words, figures and letter “and section 194P” shall be inserted; (II) in clause (b), after the words, figures and letter “section 193 to 196D”, the brackets, words, figures and letter “(other than section 194P)” shall be inserted; (ii) after sub-rule (3A), the following sub-rule shall be inserted, namely:- “(3B) Specified bank responsible for deduction of tax under section 194P shall furnish evidence produced by the specified senior citizen for claiming deduction under chapter VI-A to the Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems) or to any other person authorised by the Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems), as and when required.”.
In the principal rules, in Appendix II,- (i) after Form No.12BB, the following Form shall be inserted, namely:-

28 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] “Form no. 12BBA (see rule 26D) Declaration to be furnished by Specified Senior Citizen under sub-clause (iii) of clause (b) of Explanation to section 194P (1) Name and address of the person : (2) PAN or Aadhaar : (3) Previous Year : (4) Date of Birth : (5) Name of the Specified Bank : (6) Name of Employer from which pension is drawn : (7) Pension Payment Order (PPO) Number : Verification I, .............. son/daughter of ...................... do hereby certify that the information given above is complete and correct and that I do not have any income other than the income of the nature of pension and/or interest which is received or receivable only in the account(s) of the specified bank stated above

Date ................

……………

Place ..............

(Signature of person) Full Name: ...................... .”; (ii) For Form No. 16, the following Form shall be substituted, namely:-

“FORM NO. 16 [See rule 31(1)(a)] PART A Certificate under section 203 of the Income-tax Act, 1961 for tax deducted at source on salary paid to an employee under section 192 or pension/interest income of specified senior citizen under section 194P

Certificate No. Last updated on

Name and address of the Employer/Specified Bank Name and address of the Employee/ Specified senior citizen

PAN of Deductor TAN of the Deductor PAN of the Employee/ specificed senior citizen Employee Reference No./ Pension Payment order no. provided by the Employer (If available) CIT (TDS) Address……………………………

……………………………………..

Assessment Year Period with the Employer

From To

[भागII—खण् ड 3(i)] भारत का रािपत् : असाधारण 29 City…………………………………. Pin code………………… Summary of amount paid/credited and tax deducted at source thereon in respect of the employee

Quarter(s) Receipt Numbers of original quarterly statement of TDS under sub section (3) of Section 200 Amount paid/ credited Amount of tax deducted (Rs.) Amount of tax deposited/ remitted (Rs.)

Total (Rs.)

I. DETAILS OF TAX DEDUCTED AND DEPOSITED IN THE CENTRAL

GOVERNMENT ACCOUNT THROUGH BOOK ADJUSTMENT (the deductor to provide payment wise details of tax deducted and deposited with respect to the deductee)

Sl. No. Tax Deposited in respect of the deductee (Rs. ) Book Identification Number (BIN) Receipt numbers of Form No. 24G DDO serial number in Form No. 24G Date of transfer voucher dd/mm/yyyy Status of matching with Form No. 24G Total (Rs. )

II. DETAILS OF TAX DEDUCTED AND DEPOSITED IN THE CENTRAL GOVERNMENT ACCOUNT THROUGH CHALLAN (The deductor to provide payment wise details of tax deductedand deposited with respect to the deductee) Sl. No. Tax Deposited in respect of the deductee (Rs. ) Challan Identification Number (CIN)

BSR Code of the Bank Branch Date on which tax deposited (dd/mm/yyyy) Challan Serial Number Status of matching with OLTAS

TOTAL (Rs.)

30 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] Verification I,…………….………......….,son/daughter of ………… working 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, TDS statements, TDS deposited and other available records.

Place…………………………...

(Signature of person responsible for deduction of tax) Date………………………….... Designation:………………..

Full Name: .....................

PART B (Annexure-I) In relation to employees for tax deduction under section 192

Details of Salary Paid and any other income and tax deducted

A Whether opting for taxation u/s 115BAC? [YES/NO]

Gross Salary (a) Salary as per provisions contained in section 17(1) Rs. ...

(b) Value of perquisites under section 17(2) (as per Form No. 12BA, wherever applicable) Rs. ...

(d) Total

Rs. ...

(e) Reported total amount of salary received from other employer (s) Rs. ...

Less: Allowances to the extent exempt under section 10

(a) Travel concession or assistance under section 10(5) Rs. ...

(b) Death-cum-retirement gratuity under section 10(10) Rs. ... (c) Commuted value of pension under section 10(10A) Rs. ... (d) Cash equivalent of leave salary encashment under section 10(10AA) Rs. ... (e) House rent allowance under section 10(13A) Rs. ...

[भागII—खण् ड 3(i)] भारत का रािपत् : असाधारण 31

(f) Amount of any other exemption under section 10

clause … Rs. ...

… Rs. ...

(g) Total amount of any other exemption under section 10 Rs. ... (h) Total amount of exemption claimed under section 10

Rs. ... [2(a)+2(b)+2(c)+2(d)+2(e)+2(g)]

Total amount of salary received from current employer

Rs. ... [1(d)-2(h)]

Less: Deductions under section 16

(a) Standard deduction under section 16(ia) Rs. ... (b) Entertainment allowance under section 16(ii) Rs. ... (c) Tax on employment under section 16(iii) Rs. ... 5. Total amount of deductions under section 16

Rs. ... [4(a)+4(b)+4(c)]

Income chargeable under the head "Salaries" [(3+1(e)-5]

Rs. ... 7. Add: Any other income reported by the employee under as per section 192 (2B) (a) Income (or admissible loss) from house property reported Rs. ... by employee offered for TDS

(b) Income under the head Other Sources offered for TDS Rs. ... 8. Total amount of other income reported by the employee[7(a)+7(b)] Rs. ... 9. Gross total income (6+8) Rs. ... 10. Deductions under Chapter VI-A Gross Deductible Amount Amount (a) Deduction in respect of life insurance premia, Rs. ... Rs. ... contributions to provident fund etc. under section 80C

(b) Deduction in respect of contribution to certain pension funds under section 80CCC Rs. ... Rs. ... (c) Deduction in respect of contribution by taxpayer to Rs. ... Rs. ... pension scheme under section 80CCD (1)

(d) Total deduction under section 80C, 80CCC and 80CCD(1) Rs. ... Rs. ...

32 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] (e) Deductions in respect of amount paid/deposited to notified pension scheme under section 80CCD (1B) Rs. ... Rs. ... (f) Deduction in respect of contribution by Employer to pension scheme under section 80CCCD (2) Rs. ... Rs. ... (g) Deduction in respect of health insurance premia under section 80D Rs. ... Rs. ... (h) Deduction in respect of interest on loan taken for higher education under section 80E Rs. ... Rs. ... Gross Qualifying Deductible Amount Amount Amount (i) Total Deduction in respect of donations to certain funds, charitable institutions, etc. under section 80G Rs. ... Rs. ... Rs. ... (j) Deduction in respect of interest on deposits in savings account under section 80TTA Rs. ... Rs. ... Rs. ... (k) Amount deductible under any other provision(s) of Chapter VI‐A section … Rs. ... Rs. ... Rs. ... section … Rs. ... Rs. ... Rs. ... section … Rs. ... Rs. ... Rs. ... section … Rs. ... Rs. ... Rs. ... section … Rs. ... Rs. ... Rs. ... section … Rs. ... Rs. ... Rs. ...

… Rs. ... Rs. ... Rs. ...

(l) Total of amount deductible under any other provision(s) of Chapter VI‐A Rs. ... Rs. ... Rs. ... 11. Aggregate of deductible amount under Chapter VI-A [10(a) +10(b) +10(c)+ 10(d)+ 10(e)+ 10(f)+ 10(g)+ 10(h)+ 10(i) + 10(j)+10(l)] Rs. ... 12. Total taxable income (9-11) Rs. ... 13. Tax on total income Rs. ... 14. Rebate under section 87A, if applicable Rs. ... 15. Surcharge, wherever applicable Rs. ... 16. Health and education cess @ 4% Rs. ...

[भागII—खण् ड 3(i)] भारत का रािपत् : असाधारण 33 17.Tax payable (13+15+16-14) Rs. ... 18.Less: Relief under section 89 (attach details) Rs. ... 19.Net tax payable (17-18) Rs. ...

Verification

I, …………………………….., son/daughter of ……………………………………….working in the capacity of .………………………......... (designation) do hereby certify that the information given above is true, complete and correct and is based on the books of account, documents, TDS statements, and other available records.

Place…………………………......…

(Signature of person responsible for deduction of tax) Date………………………….......…

Full Name : ……………………………

Annexure II In relation to specified senior citizen for tax deduction under section 194P

A Whether opting for taxation u/s 115BAC? [YES/NO]

Gross Salary (a) Pension as per provisions contained in clause (ii) of section 17(1)

Rs. ...

Total amount of salary received

Rs. ... 3. Less: Deductions under section 16

(a) Standard deduction undersection 16(ia)

Rs….

(b) Tax on employment undersection 16(iii)

Rs. ...

Total amount of deductions under section 16 [3(a)+3(b)]

Rs. ... 5. Income chargeable under the head "Salaries" [(2-4]

Rs. ... 6. Interest Income under the head Other Sources paid by the specified bank

Rs. ...

Gross total income (5+6)

Rs. ... 8. Deductions under Chapter VI-A

Gross Amount Deductible Amount (a) Deduction in respect of life insurance premia, contributions to provident fund etc. under section 80C

Rs. ... Rs. ... (b) Deduction in respect of contribution to certain pension funds under section 80CCC

Rs. ... Rs. ... (c) Deduction in respect of contribution by taxpayer to pension scheme under section 80CCD(1)

Rs. ... Rs. ...

34 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] (d) Total deduction under section 80C, 80CCC and 80CCD (1)

Rs. ... Rs. ... (e) Deductions in respect of amount paid/deposited to notified pension scheme under section 80CCD (1B)

Rs. ... Rs. ... (b) Deduction in respect of health insurance premia under section 80D

Rs. ... Rs. ... (e) Deduction in respect of interest on loan taken for higher education under section 80E

Rs. ... Rs. ...

Gross Amount Qualifying Amount Deductible Amount (f) Total Deduction in respect of donations to certain funds, charitable institutions, etc. under section 80G Rs. ... Rs. ... Rs. ... (g) Deduction in respect of interest on deposits in savings account under section 80TTB Rs. ... Rs. ... Rs. ... (h) Amount deductible under any other provision(s) of Chapter VI‐A

section … Rs. ... Rs. ... Rs. ...

… Rs. ... Rs. ... Rs. ... (i) Total of amount deductible under any other provision(s) of Chapter VI‐A Rs. ... Rs. ... Rs. ... 9. Aggregate of deductible amount under Chapter VI-A [8(a)+8(b)+8(c)+8(d)+8(e)+8(f)+8(g)+8(h)+8(i)]

Rs. ... 10. Total taxable income (7-9)

Rs. ... 11. Tax on total income

Rs. ... 12. Rebate under section 87A, if applicable

Rs. ... 13. Surcharge, wherever applicable

Rs. ... 14. Health and education cess

Rs. ... 15. Tax payable (11+13+14-12)

Rs. ... 16. Less: Relief under section 89 (attach details)

Rs. ... 17. Net tax payable (16-17)

Rs. ...

Verification I, …………………………….., son/daughter of ……………………………………….working in the capacity of .………………………......... (designation) do hereby certify that the information given above is true, complete and correct and is based on the books of account, documents, TDS statements, and other available records. Place…………………………......… (Signature of person responsible for deduction of tax) Date………………………….......… Full Name : ……………………………

[भागII—खण् ड 3(i)] भारत का रािपत् : असाधारण 35 Notes:

Government deductors to fill information in item I of Part A if tax is paid without production of an income-tax challan and in item II of Part A if tax is paid accompanied by an income-tax challan.
Non-Government deductors to fill information in item II of Part A.
The deductor shall furnish the address of the Commissioner of Income-tax (TDS) having jurisdiction as regards TDS statements of the assessee.
If an assessee is employed under one employer only during the year, certificate in Form No. 16 issued for the quarter ending on 31st March 2021 of the financial year shall contain the details of tax deducted and deposited for all the quarters of the financial year.
(i) If an assessee is employed under more than one employer during the year, each of the employers shall issue Part A of the certificate in Form No. 16 pertaining to the period for which such assessee was employed with each of the employers. (ii) Part B (Annexure-I) of the certificate in Form No.16 may be issued by each of the employers or the last employer at the option of the assessee. (iii) Part B (Annexure-II) of the certificate in Form 16 may be issued by the specified bank to a specified senior citizen.
In Part A, in items I and II, in the column for tax deposited in respect of deductee, furnish total amount of tax, surcharge and health and education cess.
Deductor shall duly fill details, where available, in item numbers 2(f) and 10(k) before furnishing of Part B (Annexure) to the employee.”; (iii) for Form No. 24Q, the following Form shall be substituted, namely:-

36 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]

(a) Tax Deductionand Collection Account Number (TAN) (b) Permanent Account Number (PAN) [See Note 1] (c) Financial Year
Particulars of the Deductor (employer) (a) Name of the employer (b) If Central/State Government Name (See Note 3) AIN Code of PAO/TO/CDDO

(c) TAN Registration No. (d) Address Flat No.. Name of the premises/building Road/Street/Lane Area/Location Town/City/District State PIN Code Telephone No. Alternate telephone No. (See Note 4) Email Alternate email (See Note 4 3. Particulars of the person responsible for deduction of tax: (a) Name (b) Address Flat No. Name of the premises/building Road/Street/Lane Area/Location

(d) Has the statement been filed earlier for this quarter (Yes/No)

(e) If answer to (d) is"Yes", then token No.of original statement

(f) Type of Deductor [See Note 2]

FORM NO. 24Q [See section 192, 194P and rule 31A]

Quarterly statement of deduction of tax under sub-section (3) of section 200 of the Income-tax Act in respect of salary paid to employee under section 192, or income of specified senior citizen under section 194P, forthe quarter ended ……….. (June/September/December/March) ……..(Financial Year

[भागII—खण् ड 3(i)] भारत का रािपत् : असाधारण 37 Town/City/ District / State PIN Code Telephone No. Alternate telephone No. (See Note 4) Email Alternate email (See Note 4) Mobile No.

Details of tax deducted and paid to the credit of the Central Government:

Sl. No. Tax Surcharge Education Cess Interest Fee (See Note 12) Penalty/Others Total amount deposited as per challan/ Book Adjustment (302+303+304+305+306+307) (see note 6) Mode of TDS deposit through Challan (C) /Book Adjustment (B) (See Note 7) BSR Code/receipt number of form no. 24G (See note 8) Challan Serial No./DDO Serial no. of Form 24G (See Note 8) Date on which amount deposited through challan/ Date of transfer voucher (SeeNote8) Minor Head of Challan (See Note 9) [301] [302] [303] [304] [305] [306] [30A] [308] [309] [310] [311] [312] [313] 1 2 3

Details of salary paid and tax deducted thereon from the employees-

(i) enclose Annexure I along with each statement having details of the relevant quarter;
(ii) enclose Annexure II along with the last statement, i.e., for the quarter ending 31st March having details for the whole financial year.
(iii) enclose Annexure III along with the last statement, i.e., for the quarter ending 31st March having details for the whole financial year.

Verification I, ....................................................................................... , hereby certify that all the particulars furnished above are correct andcomplete. ………………...………………………. Place:………………………………………. Signature of the person responsible for deducting tax atsource Date:………………………………………. Name and designation of the person responsible for deducting tax atsource Notes:

38 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]

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 24G Amount as per Challan Total TDS to be allocated among deductees as in the vertical total of col. 326 Total Interest to be allocated among deductees below Name of the Employer TAN

It is mandatory for non-Government deductors to quote PAN. In case of Government deductors,"PANNOTREQD" should be mentioned.
Please indicate Government deductor or non-Government deductor.
In case of Central Government, please mention name of Ministry/Department. In case of State Government, please mention name of theState.
In alternate telephone number and alternate email, please furnish the telephone number and email of a person 3ho can be contacted in the absence of deductor or person responsible for deduction of tax.
Fee paid under section 234E for late filling of TDS statement to be mentioned in separate column of' Fee(column306)
In column308, Government DDOs to mention the amount of TDS remitted by the PAO/TO/CDDO. Other deductors to write the exact amount of TDS deposited through challan.
In column 309, Government deductors to write "B" where TDS is remitted to the credit of Central Government through book adjustment. Other deductors to write"C".
Challan/Transfer Voucher (CIN/BIN) particulars, i.e. 310, 311, 312 should be exactly the same as available at Tax Information Network.
In column 313, mention minor head as marked on the challan.

ANNEXURE - I: DEDUCTEE WISE BREAK UP OF TDS (Please use separate Annexure for each line – item in the table at Sl. No. 04 of main Form 24Q) Details of salary paid and tax deducted therefrom from the employees

Sl. No. Employee reference number provided by employer/ PPO number , if available PAN of the employee/ specified senior citizen Name of the employee/ specified senior citizen Section Code [See Note 4] Date of payment/ credit (dd/mm/yyyy) Date of deduction (dd/mm/yyyy) Amount Paid or Credited Tax Surcharge Education Cess Total TDS (Total of column 322, 323, 324) Total TDS deposited Rs. Date of deposit (dd/mm/yyyy) Reason for non-deduction/ lower deduction/ higher deduction [See Notes 1,2 and 3] Number of the certificate u/s 197 issued by the Assessing Officer for non- deduction/lower deduction [314] [315] [316] [31A] [318] [319] [320] [321] [322] [323] [324] [325] [326] [32A] [328] [329] 1 2 3 Total

[भागII—खण् ड 3(i)] भारत का रािपत् : असाधारण 39 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 certificate has been given by the Assessing Officer for deduction of tax at lower rate under section 197. PAN of employee is mandatory in such cases.
2 Write "B" if certificate has been given by the Assessing Officer for no deduction of tax under section 197. PAN of employee is mandatory in such cases.
3 Write "C" if deduction is on higher rate on account of non-furnishing of PAN by the deductee.
4 List of section codes is asunder:

Section Nature of Payment Section Code 192 Payment to Government employees other than Inion Government employees 92A 192 Payment to employees other than Government employees 92B 192 Payment to Indian Government employees 92C 194P Payment to Specified Senior Citizen 94P

40 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]

Annexure II Details of salary paid or credited during the financial year ………………………….and net tax payable (under section 192) Serial number. Permanent Account Number of the employee. Name of the employee. Whether opting for taxation u/s 115BAC

[Yes/No] Deductee type (Senior Citizen, Super Senior Citizen, Others). Date from and date up to employed with current employer in the current financial year (dd/mm/yyyy). (a) Gross Salary as per provisions contained in section 17(1). (b) Value of perquisites under section 17(2) (as per FormNo.12BA, wherever applicable). (c) Profits in lieu of salary under section 17(3) (as per Form No.12BA, wherever applicable). Total amount of gross salary received from current employer (see Note 1 for definition of Salary). (330) (331) (332A) (332B) (333) (334) (335) (336) (337) (338)

Reported total amount of salary received from other employer(s) (see Note 1 for definition of Salary). Travel concession or assistance under section 10(5). Death-cum- retirement gratuity under section 10(10). Commuted value of pension under section 10(10A). Cash equivalent of leave salary encashment under section 10(10AA). House rent allowance under section 10(13A). PAN of landlord, if exemption is claimed under section 10(13A) (see Note 3). Amount of any other exemption under section 10. Total amount of exemption claimed under section 10 (340+341+342+343+344+346). Total deduction under section 16(ia). (339) (340) (341) (342) (343) (344) (345) (346) (347) (348)

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