New IT Form 16C and 26QC: CBDT Amends IT Rules relating to TDS u/s 194IB

CBDT Amends IT Rules relating to TDS on Rent u/s 194IB; Inserts New IT Rules 30(2B), 30(6B), 31(3B) and 31A(4B); Inserts New IT Form 16C and 26QC

The CBDT has notified Income Tax (13th Amendment) Rules, 2017 applicable w.e.f. 8 June 2017, whereby IT Rules relating to TDS on Rent u/s 194IB have been amended. New IT Rules 30(2B), 30(6B), 31(3B), 31A(4B) have been inserted. Also, new IT Forms 16C (TDS Certificate under section 203 of the Income-tax Act, 1961) and 26QC (Challan cum Statement of TDS under section 194-IB) have been introduced, as under:

New IT Rules/ Forms for TDS on Rent u/s 194IB: CBDT Notification No. 48/2017 dt. 8 June 2017

G.S.R. 561(E).—In exercise of the powers conferred by section 295 read with section 194-IB 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. (1) These rules may be called the Income-tax (13 th Amendment) Rules, 2017. (2) They shall come into force from the date of their publication in the Official Gazette.

2. In the Income-tax Rules, 1962 (hereafter referred to as the principal rules), in rule 30, –

(a) after sub-rule (2A), the following sub-rule shall be inserted, namely:-

“ (2B) Notwithstanding anything contained in sub-rule (1) or sub-rule (2), any sum deducted under section
194-IB 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-cum-statement in Form
No. 26QC.”;

(b) after sub-rule (6A), the following sub-rule shall be inserted, namely:—

“(6B) Where tax deducted is to be deposited accompanied by a challan-cum-statement in Form No.26QC, the amount of tax so deducted shall be deposited to the credit of the Central Government by remitting it electronically within the time specified in sub-rule (2B) into the Reserve Bank of India or the State Bank of
India or any authorized bank.”.

3. In the principal rules, in rule 31, after sub-rule (3A), the following sub-rule shall be inserted, namely:—

“(3B) Notwithstanding anything contained in sub-rule (1) or sub-rule (2) or sub-rule (3), every person responsible for deduction of tax under section 194-IB shall furnish the certificate of deduction of tax at source in Form No.16C to the payee within fifteen days from the due date for furnishing the challan-cum-statement in Form No.26QC under rule 31A after generating and downloading the same from the web portal specified by the Principal Director General of Income-tax (Systems)or the Director General of Income-tax (Systems) or the person authorised by him.”

4. In the principal rules, in rule 31A, after sub-rule (4A), the following sub-rule shall be inserted, namely:—

“(4B) Notwithstanding anything contained in sub-rule (1) or sub-rule (2) or sub-rule (3) or sub-rule (4), every person responsible for deduction of tax under section 194-IB shall furnish to the Principal Director General of Income-tax (Systems) or Director General of Income-tax (System) or the person authorised by the Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems) a challan-cum-statement in Form No.26QC electronically in accordance with the procedures, formats and standards specified under sub-rule (5) within thirty days from the end of the month in which the deduction is made.”

5. In the principal rules,—

(a) after Form No.16B, the following Form shall be inserted, namely:—

“FORM NO.16C

[See rule 31(3B)]

Certificate under section 203 of the Income-tax Act, 1961 for tax deducted at source (… please refer attachment)

(b) after Form No.26QB, the following Form shall be inserted, namely:—

“Form No.26QC 

[ See section 194-IB, rule 30(2B and 6B) and rule 31A(4B)]

Challan –cum – statement of deduction of tax under section 194-IB” (… please refer attachment)

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. 557(E), dated 07/06/2017.

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