The gist of changes are as under:
1. The language has been made simpler. Now Rule 30 may have 30 % of total words used in earlier version of Rule 30.
2. Now the only method of deposit of TDS/TCS are online banking or credit card. Read the language given in Rule 30(4) & Rule 30(5)
(4) The person responsible for making deduction, or payment of tax, under Chapter
XVII-B shall, within the time specified in sub-rule (1), or sub-rule (2), -(a) electronically furnish an income-tax challan in Form No.17; and
b) pay the amount so deducted to the credit of the Central Government by electronically remitting it into the Reserve Bank of India, State Bank of India or any authorised bank.
(5) For the purposes of this rule, the amount shall be construed as electronically
remitted to the Reserve Bank of India or of the State Bank of India or of any authorised bank,if the amount is remitted by way of –
(a) internet banking facility of the Reserve Bank of India or of the State Bank of India or of any authorised bank; or
(b) credit or debit card.
3. A new compliance statement in Form 27C has to be filed by every person deducting tax. This is as per Rule 31A(1) which is as under
31A. (1) Every person who has been allotted a tax deduction and collection account
number under section 203A shall deliver, or cause to be delivered the following quarterly statements; namely:-
(a) the TDS Compliance Statement in Form No.24C;
4 . The date of submission of compliance statement and the return are as under
(3) The statement in Form No.24C referred to in sub-rule (1), shall be delivered, or
caused to be delivered, on or before the 15th July, the 15th October, the 15th January in
respect of the first three quarters of the financial year, respectively, and on or before the 15th
June following the last quarter of the financial year.
(4) The statements in Form No.24Q, Form No.26Q, Form No.27Q and Form
(3) The statement in Form No.24C referred to in sub-rule (1), shall be delivered, or
caused to be delivered, on or before the 15th July, the 15th October, the 15th January in respect of the first three quarters of the financial year, respectively, and on or before the 15th June following the last quarter of the financial year.
(4) The statements in Form No.24Q, Form No.26Q, Form No.27Q and FormN o.27 EQ referred to in sub-rule(1), shall be delivered, or caused to be delivered, on or before the 15th June following the financial year.”; referred to in sub-rule(1), shall be delivered, or caused to be delivered, on or beforethe 15th June following the financial year.”
Similar changes have been made for TCS.
Download the new notification and forms from here.
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