CBDT vide notification Dt. 03.07.2020 has amended rule 31A which provides rule for TDS statement.
As we know Budget 2020, has introduced section 194K, 194-O and reintroduced section 194N and same have now been introduced or included in TDS statement i.e. Form 26Q (for resident payee) and 27Q (for non resident payee).
Further, in clause (viii) of the said rule, amendment has been made to include details of reason for lower deduction along with non-deduction if same was liable to be deducted at normal rate i.e. provide details of certificate received if any for the same.
Details of few amendments are as follows:
“in rule 31A, in sub-rule (4),
(a) in clause (viii), after the words “not deducted”, the words “or deducted at lower rate” shall be inserted;
(b) for clause (ix) the following shall be substituted from the 1st day of July, 2020, namely:
(ix) furnish particulars of amount paid or credited on which tax was not deducted or deducted at lower rate in view of the notification issued under second proviso to section 194N or in view of the exemption provided in third proviso to section 194N or in view of the notification issued under fourth proviso to section 194N”;
(c) after clause (ix), the following clauses shall be inserted, namely:
(x) furnish particulars of amount paid or credited on which tax was not deducted or deducted at lower rate in view of the notification issued under sub-section (5) of section 194A.
(xi) furnish particulars of amount paid or credited on which tax was not deducted under sub-section (2A) of section 194LBA.
(xii) furnish particulars of amount paid or credited on which tax was not deducted in view of clause (a) or clause (b) of sub-section (1D) of section 197A.
(xiii) furnish particulars of amount paid or credited on which tax was not deducted in view of the exemption provided to persons referred to in Board Circular No. 3 of 2002 dated 28th June 2002 or Board Circular No. 11 of 2002 dated 22nd November 2002 or Board Circular No. 18 of 2017 dated 29th May 2017.”
Along with above amendments in rule, amendment has also been made to respective Forms. Hence if you are liable for any amendment do remember to use the latest forms.
To read full notification CLICK HERE.
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