Income Tax Notification 54.

Income Tax Notification 54.

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:-

  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.

Verification
I, ………………………………………………………………………… , hereby certify that all the particulars furnished above are correct andcomplete.
Place: ………………….. Signature of the person responsible for collecting tax atsource
Date: ………………….. Name and designation of the person responsible for collecting tax atsourc
Notes:

  1. Write “A” if “lower collection” is on account of a certificate under sub-section (9) of section 206C.
  2. Write “B” if “non-collection” is on account of furnishing of declaration under sub-section (1A) of section 206C.
  3. Write “C” if collection is at higher rate on account of non-furnishing of PAN/Aadhar by the collectee.
  4. Write “D” if no collection is on account of the first proviso to sub-section (1G) of section 206C.
  5. Write “E” if no collection is on account of the fourth proviso to sub-section (1G) of section 206C.
  6. Write “F” if no collection is on account clause (i) or clause (ii) of the fifth proviso to sub-section (1G) or in view of notification issued under the clause (ii).
  7. Write “G” if no collection is on account of the second proviso to sub-section (IH) of section 206C.
  8. Write “H” if no collection is on account of sub-clause (A) or sub-clause (B) or sub-clause (C), or in view of notification issued under sub-clause (c), of clause (a) of the Explanation.
  9. Write collection code as mentionedbelow:
Spread the love

Leave a Reply

Your email address will not be published. Required fields are marked *