Introduction: The Ministry of Finance, through the Central Board of Direct Taxes, has issued Notification No. 48/2024-Income Tax, dated 31st May 2024, exercising powers conferred by the Income-tax Act, 1961. This notification introduces amendments to the Income-tax Rules, 1962, specifically targeting Form No. 27Q.
Form No. 27Q Modification: The amendment focuses on Form No. 27Q, which is used for furnishing information regarding tax deducted at source (TDS) for payments made to non-residents. Specifically, the alteration involves the addition of a new note under the “Verification” section of the Annexure.
Note Addition – Lower Deduction: A new Note 7A is added after Note 7 in Form No. 27Q. Tax deductors are instructed to indicate “P” if lower deduction or no deduction is applicable due to a notification issued under sub-section (1F) of section 197A of the Income-tax Act, 1961.
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification No. 48/2024-Income Tax | Dated : 31st May, 2024
G.S.R. 2153(E).— In exercise of the powers conferred by section 295 read with sub-section (3) of section 200 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:––
1. (1) These rules may be called the Income-tax (Sixth Amendment) Rules, 2024.
(2) They shall come into force on the 1st day of July, 2024.
2. In the Income-tax Rules, 1962, in Form No. 27Q, in the Annexure, under the heading “Verification”, in the Notes, after Note No. 7, the following Note shall be inserted, namely:––
‘7A. Write “P” if lower deduction or no deduction is in view of notification issued under sub-section (1F) of section 197A.’.
[Notification No. 48/2024/ F. No 370142/11/2024-TPL]
KHUSHBOO LATHER, Under Secy.
Note: The Income-tax Rules, 1962 were published in the Gazette of India, Extraordinary, Part-II, section-3, sub-section (ii) vide number S.O. 969 (E), dated the 26th March, 1962 and were last amended vide notification number G.S.R. 233 (E), dated the 27th March , 2024.
