Income tax department has amend some TDS rules which will be effective from 01-11-2011. The CBDT has also amended e-tds/e-tcs return submission dates w.e.f. 01-11-2011 vide Notification No. 57 issued on dated 24th October, 2011. Earlier there was no change for submission of e-tds/e-tcs return for Government Deductors or Non-Government Deductors. Keeping in view the filing of Form No. 24G regarding data of Government Deductors, due dates for submission of e-tds/e-tcs returns for Government Dedcutors have been changed/increased. Secondly, It is more important that now all data including Non-TDS deducted will be uploaded as mandatory in view of furnishing of declaration under section 197A(complete section detailed given below). In the simple words, now the Form 15G and 15H received by Dedcutors will be reported in e-tds/e-tcs returns as mandatory, earlier It was not mandator as well as Enlarging the scope of grant of TDS credit to person other than the dedcutee.
Income tax department has issued a notification regarding this issue. In this notification income tax department amend rules by:
1. extending the time limit of submission of TDS statements by the Government deductors in view of filing of Form No.24G by them,
2. compulsory uploading of particulars of amount paid without deduction of tax in view of furnishing of declaration under section 197A
3. enlarging the scope for grant of TDS credit to person other than the deductee.
NOTIFICATION:
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification
New Delhi, the 24th October, 2011
INCOME-TAX
S.O. 2429 (E).‐ In exercise of the powers conferred by 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:‐
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification
New Delhi, the 24th October, 2011
INCOME-TAX
S.O. 2429 (E).‐ In exercise of the powers conferred by 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. (1) These rules may be called the Income‐tax (Eighth Amendment) Rules, 2011.
(2) They shall come into force on the 1st day of November, 2011.
2. In the Income-tax Rules, 1962, –
(A) in rule 31A –
(a) for sub-rule (2), the following sub-rule shall be substituted, namely:-
“(2) Statements referred to in sub-rule (1) for the quarter of the financial year ending
with the date specified in column (2) of the Table below shall be furnished by –
(i) the due date specified in the corresponding entry in column (3) of the said
Table, if the deductor is an office of Government; and
(ii) the due date specified in the corresponding entry in column (4) of the said Table, if the deductor is a person other than the person referred to in clause
(i).
(b) in sub-rule (4), after clause (vi),the following clause shall be inserted, namely:-
“(vii) furnish particulars of amount paid or credited on which tax was not deducted in
view of the furnishing of declaration under sub-section (1) or sub-section (1A) or
sub-section (IC) of section 197A by the payee.”
(B) in rule 37BA, in sub-rule (2), for clause (i), the following clause shall be substituted, namely:-
“(i) where under any provisions of the Act, the whole or any part of the income on which
tax has been deducted at source is assessable in the hands of a person other than the
deductee, credit for the whole or any part of the tax deducted at source, as the case may
be, shall be given to the other person and not to the deductee:
Provided that the deductee files a declaration with the deductor and the deductor reports
the tax deduction in the name of the other person in the information relating to
deduction of tax referred to in sub-rule (1).”
(2) They shall come into force on the 1st day of November, 2011.
2. In the Income-tax Rules, 1962, –
(A) in rule 31A –
(a) for sub-rule (2), the following sub-rule shall be substituted, namely:-
“(2) Statements referred to in sub-rule (1) for the quarter of the financial year ending
with the date specified in column (2) of the Table below shall be furnished by –
(i) the due date specified in the corresponding entry in column (3) of the said
Table, if the deductor is an office of Government; and
(ii) the due date specified in the corresponding entry in column (4) of the said Table, if the deductor is a person other than the person referred to in clause
(i).
(b) in sub-rule (4), after clause (vi),the following clause shall be inserted, namely:-“(vii) furnish particulars of amount paid or credited on which tax was not deducted in
view of the furnishing of declaration under sub-section (1) or sub-section (1A) or
sub-section (IC) of section 197A by the payee.”
(B) in rule 37BA, in sub-rule (2), for clause (i), the following clause shall be substituted, namely:-
“(i) where under any provisions of the Act, the whole or any part of the income on which
tax has been deducted at source is assessable in the hands of a person other than the
deductee, credit for the whole or any part of the tax deducted at source, as the case may
be, shall be given to the other person and not to the deductee:
Provided that the deductee files a declaration with the deductor and the deductor reports
the tax deduction in the name of the other person in the information relating to
deduction of tax referred to in sub-rule (1).”
[Notification No. 57 /2011/F. No.142/23/2011-SO(TPL)]
(RAJESH KUMAR BHOOT,)
Director (Tax Policy and Legislation)
(RAJESH KUMAR BHOOT,)
Director (Tax Policy and Legislation)
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