These are the latest notifications issued by CBDT on Income Tax which have been published recently. The notifications are open for discussion and we invite expert comments from our members on its applicability and effect on relevant issues.
G.S.R.858(E).ÑIn exercise of the powers conferred by section 295 read with section 194M and 194N of the Income- tax Act, 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 (14th Amendment) Rules, 2019.
(2) They shall come into force from the date of their publication in the Official Gazette.
2. In the Income-tax Rules, 1962 (hereinafter referred to as the principal rules), in rule 30, -
(a) after sub-rule (2B), the following sub-rule shall be inserted, namely:-
“ (2C) Notwithstanding anything contained in sub-rule (1) or sub-rule (2) any sum deducted under section 194M shall be paid to the credit of the Central Government within a period of thirty days from the end of the month in which the deduction is made and shall be accompanied by a challan-cumstatement in Form No. 26QD.”;
(b) after sub-rule (6B), the following sub-rule shall be inserted, namely:—