New TDS Return 01.07.2020

New TDS Return 01.07.2020

1. In the Income-tax Rules, 1962 in rule 31A, in sub-rule (4):

As per the amendment under rule 31A (4) (viii) of the Income-tax Act, the word ‘not deducted’ now shall be inserted with ‘not deducted or deducted at a lower rate’.

And (ix) is substitute with:

“furnish particulars of the amount paid or credited on which tax was not deducted or deducted at a lower rate in view of the notification issued under the second proviso to section 194N or in view of the exemption provided in the third proviso to section 194N or in view of the notification issued under the fourth proviso to section 194N”.

After (ix) some clauses are also inserted namely:

(x) Furnish particulars of the amount paid or credited on which tax was not deducted or deducted at a lower rate in view of the notification issued under sub-section (5) of section 194A.

(xi) Furnish particulars of the amount paid or credited on which tax was not deducted under sub-section (2A) of section 194LBA.

(xii) furnish particulars of the amount paid or credited on which tax was not deducted in view of clause (a) or clause (b) of sub-section (1D) of section 197A.

(xiii) furnish particulars of the amount paid or credited on which tax was not deducted in view of the exemption provided to persons referred to in Board Circular No. 3 of 2002 dated 28th June 2002 or Board Circular No. 11 of 2002 dated 22nd November 2002 or Board Circular No. 18 of 2017 dated 29th May 2017.

In all these sections now TDS return should be filled.

2. on payment of income to Ramakrishna math and Ramakrishna Mission whose income is exempted under Section 193, 194A & 194K, now they have to report that income under TDS return.

3. If any income is provided by the Central or State govt. to Ramakrishna Math and Ramakrishna Mission without the TDS, they have to report TDS return after the amendment.

4. The persons whose income is exempted under Section 10 of the Income Tax Act and cannot pay TDS, now they have to file TDS return.

5. In form no. 26 Q new sections are inserted- 194K, 194N, 194O & 197A.

If cash withdrawal is more than 1 Crore, it should be reported by banking co.

The persons who are not filing TDS from the past 3 years and withdraw 20 lakhs and more in cash, there should be a separate column for them.

Reasons are provided for non-deduction and lower deduction.