Income Tax

CBDT amends TCS Rules. Amount on which TCS not collected from buyer to be reported

CBDT amends TCS Rules. Amount received or debited on which TCS was not collected from buyer to be reported
 
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
 

Notification 54/2020

 
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.
 
(vii) furnish particulars of amount received or debited on which tax was not collected from the buyer,-
 
(a) under second proviso to sub-section (1H) of section 206C; and
 
(b) under sub-clause (A) or sub-clause (B) or sub-clause (C), or in view of any notification issued under sub-clause (C), of clause (a) of the Explanation to sub-section (1H) of section 206C.”
 
3. In the principal rules, from the date of publication in the Official Gazette, in rule 37BC, in sub-rule (1), after the words “fees for technical services”, the words “, dividend” shall be inserted.
 
4. In the principal rules, in rule 37CA, the words, brackets, figures and letters ‘sub-section (1) or sub-section (1C)’, wherever they occur, shall be omitted.
 
5. In the principal rules, in rule 37-I, after sub-rule (2), the following sub-rule shall be inserted namely:-
 
“(2A) Notwithstanding anything contained in sub-rule (2), for the purposes of sub-section (1F) or, sub-section (1G) or, sub-section (1H) of section 206C, credit for tax collected at source shall be given to the person from whose account tax is collected and paid to the Central Government account for the assessment year relevant to the previous year in which such tax collection is made”
 
6. In the principal rules, in Appendix II, in Form 27EQ, for the “Annexure”, the following “Annexure” shall be substituted, namely :-
 
“ANNEXURE -: PARTY WISE BREAK UP OF TCS
 
(Please use separate Annexure for each-line item in Table at Sl. No. 04 of main Form 27EQ)
Details of amount received/debited during thequarterended…(dd/mm/yyyy) and of tax collected atsource
 
 
[F. No. 370142/22/2020-TPL]
JAVED AKHTAR, Director.
(Tax Policy and Legislation Division)
 
Note:The principal rules were published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (ii) vide notification number S.O. 969 (E), dated the 26th March, 1962 and last amended vide notification number G.S.R. 429(E), dated 03.07.2020

Download Notification Click Here >>

Share

Recent Posts

  • GST

No arrest under GST- Major decision of 57th Meeting of GST Council held on 8th October 2026

No arrest under GST- Major decision taken in 57th Meeting of the GST Council on 8th October 2026 PRESS RELEASE…

20 hours ago
  • Income Tax

Later SC ruling cannot render an act done in compliance of a court order a statutory default

A subsequent Apex Court ruling on the substantive issue cannot retrospectively make an act done in compliance of a binding…

2 days ago
  • Income Tax

Interest payment on mobilisation advance to NHAI not liable to TDS u/s 194A

Interest payment on mobilisation advance to NHAI not liable for deduction of tax at source u/s 194A - ITAT Interest…

2 days ago
  • Income Tax

Typographical error in turnover accepted during assessment not a mistake apparent from record

Typographical error in turnover declared in ITR was not as a mistake apparent from the record u/s 154 when AO…

4 days ago
  • Income Tax

Plea that assessee was not aware of order cannot be brushed aside in absence of proof of service

Ground taken by assessee that he was not aware of the order cannot be brushed aside so lightly in absence…

4 days ago
  • Income Tax

Order rejecting stay of income tax demand should recite merits if it is a case for stay or not

In an order rejecting stay of income tax demand there should be a recital of the merits whether it is…

5 days ago