The Central Board of Direct Taxes (CBDT) on Monday, mandates providing certain information relating to cash withdrawals under section 194N in Form No. 26Q.
The Board also mandates that details of interest liable to TDS under section 194A be mentioned even where tax is not deducted or deducted at a lower rate.
The Board seeks to amend the Income-tax Rules, 1962, which came to be known as the Income-tax (16th Amendment) Rules, 2020. This will come into force from July 3, 2020.
In rule 31A (4), in clause (viii), after the words “not deducted”, the words “or deducted at a lower rate” shall be inserted.
In rule 31A (4), for clause (ix) the “furnish particulars of the amount paid or credited on which tax was not deducted or deducted at a lower rate in view of the notification issued under the second proviso to section 194N or in view of the exemption provided in the third proviso to section 194N or in view of the notification issued under the fourth proviso to section 194N,” shall be substituted from the 1st day of July 2020.
In the principal rules, in Appendix II, in form 26Q for the brackets, words, figures and letters “[See sections 192A, 193, 194, 194A, 194B, 194BB, 194C, 194D, 194DA, 194EE, 194F, 194G, 194H, 194-I, 194J, 194LA, 194LBA, 194LBB, 194LBC, 194N and rule 31A]” the “[See sections 192A, 193, 194, 194A, 194B, 194BB, 194C, 194D, 194DA, 194EE, 194F, 194G, 194H, 194-I, 194J, 194K, 194LA, 194LBA, 194LBB, 194LBC, 194N, 194-O, 197A and rule 31A]” shall be substituted brackets, words, figures and letters.
“In relation to section 194N, the changes shall come into effect from 1st July 2020. In relation to section 194-O, the changes shall come into effect from 1st October 2020,” the notification said.
Subscribe Taxscan Premium to view the Judgment
