notification no. 99/2021 f. no. 370142/11/2021 tpl / gsr 612 e income tax 26th amendment rules 2021

[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:- 1. 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. 2. 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.”. 3. 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. 4. 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.”. 5. 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] 1. 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. ... (c) Profits in lieu of salary under section 17(3) (as per Form No. 12BA, wherever applicable) Rs. ...