The Central Board of Direct Taxes (CBDT) permitted the Sharing of Information by the Income Tax Authorities with Scheduled Commercial Banks.
This move of the Government would ease the lenders’ hassle of deciding TDS deductibility on various payments to their customers.
The CBDT included ‘scheduled commercial banks, listed in the second schedule of the Reserve Bank of India Act, 1934, under Section 138 of Income Tax Act for sharing of information.
The Board has notified the procedure for exercise of option under sub-section (1) of section 245 M and imitation thereof by furnishing and uploading Form No. 34BB under sub-rule (1)of Rule 44DAof Income-tax Rules, 1962.
Firstly, they provide basic details for assessees intending to exercise the option under sub-section (1) of section 245M. The assessee who wishes to exercise the option for withdrawal application filed u/s 245C and such application is pending, shall first provide the basic details by 15-June-2021. In case there is more than one assessment year for which the application for settlement u/s 245C is made, the assessee shall provide only the 1st year under AY column. In the case of block assessment, the assessment year to be provided shall be the year of the block. Based on these details, a system-generated letter shall be generated through ITBA System to the assessee on his e-filing account requiring the assessee to upload a signed printout of Form No. 34138. The assessee should be a registered user on the E-filing Portal of the Department to proceed further.
Secondly, upload a signed copy of Form No. 34BB on the E-filing Portal of the Department.
The submitted Form would be available for view and download by going to www.incometax.gov.in, Login using Username and password, Select e-proceedings Tab, Furnishing of Form 34BB, and Select View submission.
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