Amendments vide notification no. 30/2016 dated 29.04.2016 in the chapter XVIIB-Deduction of Tax at source (Applicable from 01.06.2016)

  1. A new rule 26C is being inserted wherein the assessee shall furnish to the employer the evidence or the particulars of the claims such as HRA, Deduction u/c VI-A, in Form No.12BB for the purpose of estimating his income or computing the tax deduction at source.

 

For different claims, following evidences shall be required:

S. No.Nature of claimsEvidence
1HRAName, address and PAN of the landlord where the aggregate rent paid during the previous year exceeds Rs. 1 Lakh.
2Leave travel concessionEvidence of expenditure
3Deduction of interest under the head Income from house propertyName, address and permanent account number of the lender.
4Deduction under chapter VI-AEvidence of Investment or expenditure

 

  1. Sub rule 2A of Rule 30 provides that any sum deducted u/s 194IA shall be paid to CG within 7 days from the end of the month in which deduction is made.

 

The said period of 7 days has been substituted with 30 days. Hence, any sum deducted u/s 194IA shall be paid within 30 days from the end of the month in which deduction is being made.

 

  1. Sub rule 2 of rule 31A provides for due date for filing of TDS Returns which is as follow:

 

S. No.Date of ending of the quarter of the financial yearGovt. DeductorsNon-Govt. Deductors
130th June31st July of the financial year.15th July of the financial year.
230th September31st October of the financial year.15th October of the financial year.
331st December31st January of the financial year.15th January of the financial year.
431st March15th May of the financial year immediately following the financial year in which the deduction is being made.15th May of the financial year immediately following the financial year in which the deduction is being made.

 

The said sub rule is substituted with the following due dates:

S. No.Date of ending of the quarter of the financial yearDue Dates
130th June31st July of the financial year.
230th September31st October of the financial year.
331st December31st January of the financial year.
431st March31ST May of the financial year immediately following the financial year in which the deduction is being made.

 

Earlier, due dates for both the govt. deductor and non govt. deductor was different. To avoid the complexities, the particular sub rule has been substituted with the new sub rule wherein same due dates has been prescribed for both kind of deductors.

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