MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification No. 54/2020-Income Tax
New Delhi, the 24th July, 2020
G.S.R. 464(E).—In exercise of the powers conferred by section 197 and 206C 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. Short title and commencement.–– (1) These rules may be called the Income-tax ( 17th Amendment) Rules, 2020.
(2) Save as otherwise provided in these rules, they shall come into force with effect from the 1st day of October, 2020.
(2) In the Income-tax Rules, 1962 (hereinafter referred to as the principal rules), in rule 31AA, in sub-rule (4), after clause (v), the following clauses shall be inserted namely:-
“(vi) furnish particulars of amount received or debited on which tax was not collected,-
(a) by the authorised dealer from the buyer under the first proviso to sub-section (1G) of section 206C;
(b) by the authorised dealer under fourth proviso to sub-section (1 G) of section 206C; and
(c) by the authorised dealer or seller of an overseas tour program from the buyer under clause (i) or clause (ii) of the fifth proviso of sub-section (1 G) of section 206C or in view of any notification issued under clause (ii) of the fifth proviso of sub-section (1 G) of section 206C.
(vii) furnish particulars of amount received or debited on which tax was not collected from the buyer,-
(a) under second proviso to sub-section (1H) of section 206C; and
(b) under sub-clause (A) or sub-clause (B) or sub-clause (C), or in view of any notification issued under sub-clause (C), of clause (a) of the Explanation to sub-section (1H) of section 206C.”
3. In the principal rules, from the date of publication in the Official Gazette, in rule 37BC, in sub-rule (1), after the words “fees for technical services”, the words “, dividend” shall be inserted.
4. In the principal rules, in rule 37CA, the words, brackets, figures and letters ‘sub-section (1) or sub-section (1C)’, wherever they occur, shall be
5. In the principal rules, in rule 37-I, after sub-rule (2), the following sub-rule shall be inserted namely:-
“(2A) Notwithstanding anything contained in sub-rule (2), for the purposes of sub- section (1F) or, sub-section (1G) or, sub-section (1H) of section 206C, credit for tax collected at source shall be given to the person from whose account tax is collected and paid to the Central Government account for the assessment year relevant to the previous year in which such tax collection is made”
6. In the principal rules, in Appendix II, in Form 27EQ, for the “Annexure”, the following “Annexure”shall be substituted, namely :-
“ANNEXURE -: PARTY WISE BREAK UP OF TCS
(Please use separate Annexure for each-line item in Table at Sl. No. 04 of main Form 27EQ)
Details of amount received/debited during the quarter ended…(dd/mm/yyyy) and of tax collected at source
| BSR Code of branch/Receipt Number of Form No. 24G | Name of the Collector | |||
| Date on which challan deposited/Transfer voucher date (dd/mm/yyyy) | TAN | |||
| Challan Serial Number / DDO Serial No. of Form No. 24G |
|
|||
| Amount as per Challan | ||||
| Total TCS to be allocated among deductees as in the vertical total of Col. 677 | ||||
| Total interest to be allocated among the parties mentioned below | ||||
*****************
*************** (Check Notification for Full Format)
Verification
I,………………………………………………………………………… , hereby certify that all the particulars furnished above are correct and complete.
Place: …………… Signature of the person responsible for collecting tax at source
Date: …………… Name and designation of the person responsible for collecting tax at source
Notes:
1. Write “A” if “lower collection” is on account of a certificate under sub-section (9) of section 206C.
2. Write “B” if “non-collection” is on account of furnishing of declaration under sub-section (1A) of section 206C.
3. Write “C” if collection is at higher rate on account of non-furnishing of PAN/Aadhar by the collectee.
4. Write “D” if no collection is on account of the first proviso to sub-section (1G) of section 206C.
5. Write “E” if no collection is on account of the fourth proviso to sub-section (1G) of section 206C.
6. Write “F” if no collection is on account clause (i) or clause (ii) of the fifth proviso to sub-section (1G) or in view of notification issued under the clause (ii).
7. Write “G” if no collection is on account of the second proviso to sub-section (IH) of section 206C.
8. Write “H” if no collection is on account of sub-clause (A) or sub-clause (B) or sub-clause (C), or in view of notification issued under sub-clause (c), of clause (a) of the Explanation. Write collection code as mentioned below:
| Section | Nature of collection | Collection Code | |
| 206C | Collection at source from alcoholic liquor for human consumption | 6C | A |
| 206C | Collection at source from timber obtained under forest lease | 6C | B |
| 206C | Collection at source from timber obtained by any mode other than a forestlease | 6C | C |
| 206C | Collection at source from any other forest produce (not being tendu leaves) | 6C | D |
| 206C | Collection at source from scrap | 6C | E |
| 206C | Collection at source from contractors or licensee or lease relating to parkinglots | 6C | F |
| 206C | Collection at source from contractors or licensee or lease relating to toll plaza | 6C | G |
| 206C | Collection at source from contractors or licensee or lease relating to mine or quarry | 6C | H |
| 206C | Collection at source from tendu leaves | 6C | I |
| 206C | Collection at source on sale of minerals, being coal or lignite or iron ore | 6C | J |
| 206C | Collection at source on cash sale of bullion and jewellery | 6C | K |
| 206C | Collection at source on sale of motor vehicle | 6C | L |
| 206C | Collection at source on remittance under LRS for purchase of overseas tour program package | 6C | O |
| 206C | Collection at source on remittance under LRS for educational loan taken from financial institution mentioned in section 80E | 6C | P |
| 206C | Collection at source on remittance under LRS for purpose other than for purchase of overseas tour package or for educational loan taken from financial institution | 6C | Q |
| 206C | Collection at source on sale of goods | 6C | R” |
[Notification No. 54/2020/F. No. 370142/22/2020-TPL]
JAVED AKHTAR, Director. (Tax Policy and Legislation Division)
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. 429(E), dated 03.07.2020.
