CBDT Notified New Form 29D for Refund of Tax Deducted

The Central Board of Direct Taxes (CBDT) has notified the new Form 29D for a refund of tax deducted.

The Income-tax (26th Amendment) Rules, 2022 have been announced by the Board. The Income-tax Rules of 1962 were amended to include a new Rule 40G pertaining to Refund Claims under Section 239A.

By way of the Finance Act of 2022, a new section 239A was inserted to the Income-tax Act. According to Section 239A, a taxpayer may apply to the Assessing Officer for a refund of tax deducted under Section 195 on any income if no tax deduction was necessary (except interest).

A claim for a refund under section 239A must be lodged on Form No. 29D in accordance with Rule 40G. A copy of the agreement or other arrangement mentioned in section 239A must be included with the claim. A fully authorised agent may present the claim on behalf of the claimant or the claimant themselves.

A person’s request for a refund of tax withheld under section 239A of the Income-tax Act of 1961 is addressed in Form No. 29D.