TCS Return or Form 27EQ amended: Income Tax amendment of rule 31AA

MINISTRY OF FINANCE

(Department of Revenue)

(CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION

New Delhi, the 24th July, 2020

INCOME-TAX

G.S.R. 464(E).—In exercise of the powers conferred by section 197 and 206C 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:-

TCS Return or Form 27EQ amended: Income Tax amendment of rule 31AA

1. Short title and commencement.–– (1) These rules may be called the Income-tax ( 17th Amendment) Rules, 2020.

(2) Save as otherwise provided in these rules, they shall come into force with effect from the 1st day of October, 2020.

2. In the Income-tax Rules, 1962 (hereinafter referred to as the principal rules), in rule 31AA, in sub-rule (4), after clause (v), the following clauses shall be inserted namely:-

“(vi) furnish particulars of amount received or debited on which tax was not collected,-

(a) by the authorised dealer from the buyer under the first proviso to sub-section (1G) of section 206C;

(b) by the authorised dealer under fourth proviso to sub-section (1G) of section 206C; and

(c) by the authorised dealer or seller of an overseas tour program from the buyer under clause (i) or clause (ii) of the fifth proviso of sub-section (1G) of section 206C or in view of any notification issued under clause (ii) of the fifth proviso of sub-section (1G) of section 206C.

(vii) furnish particulars of amount received or debited on which tax was not collected from the buyer,-

(a) under second proviso to sub-section (1H) of section 206C; and

(b) under sub-clause (A) or sub-clause (B) or sub-clause (C), or in view of any notification issued under sub-clause

(C), of clause (a) of the Explanation to sub-section (1H) of section 206C.”

3. In the principal rules, from the date of publication in the Official Gazette, in rule 37BC, in sub-rule (1), after the words “fees for technical services”, the words “, dividend” shall be inserted.

4. In the principal rules, in rule 37CA, the words, brackets, figures and letters ‘sub-section (1) or sub-section (1C)’, wherever they occur, shall be omitted.

5. In the principal rules, in rule 37-I, after sub-rule (2), the following sub-rule shall be inserted namely:-

“(2A) Notwithstanding anything contained in sub-rule (2), for the purposes of sub- section (1F) or, sub-section (1G) or, sub-section (1H) of section 206C, credit for tax collected at source shall be given to the person from whose account tax is collected and paid to the Central Government account for the assessment year relevant to the previous year in which such tax collection is made”

6. In the principal rules, in Appendix II, in Form 27EQ, for the “Annexure”, the following “Annexure” shall be substituted, namely :-

You May Also Like:

• Waiver of interest under Sec 234A, 234B and 234C due to financial disability
• CBDT allows One Time Relaxation for Verification of Tax Return pending due to Non-Filing of ITR- V Form and Processing of Such Returns
• ITR Filing due date for AY 2019-20 further extended to 30th Sep 2020
• CBDT has refunded Rs 71229 crore so far to help taxpayers during COVID