Due date of filing statement for deduction of tax at source (TDS) on Sale of Property u/s 194-IA has been extended to 30 days from 7 days

CBDT has vide Notification No. 39/2016 dated: 31/05/2016 has extended Due date of filing statement for deduction of tax at source (TDS) on Sale of Property u/s 194-IA  to 30 days from earlier 7 days from the end of month in which tax was deducted by making amendment to Rule 31A (4A) & 29B of Income-tax Rules, 1962.

Earlier  Vide notification no. 30/2016 dated 29-04-2016 Changes were made in due date of making payment. It was  extended to 30 days from the end of month in which tax was deducted but due  date of  filing statement  was 7 days from end of month in which tax was deducted.

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

(DEPARTMENT OF REVENUE)

(CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION NO. 39/2016

New Delhi, 31st May, 2016

S.O. 1923 (E) – In exercise of the powers conferred by section 200 read with section 295 of the Income-tax Act,  1961 (43 of 1961), the Central Board of Direct Taxes, hereby, makes the following rules further to amend the Income-tax Rules, 1962, namely : –

1.            (1) Theses rules may be called the Income-tax (13th Amendment) Rules, 2016.

(2) They shall come into force form the 1st day of June, 2016.

2.  In the Income-tax Rules, 1962, in rule 29B, in rule 31A, in sub-rule (4A), for the words “seven days”, the words “thirty days” shall be substituted;

[F. No. 142/29/2015-TPL]

(R. LAKSHMI NARAYANAN)

UNDER SECRETARY, (TAX POLICY AND LEGISLATION)

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