TDS U/s. 194IA on Immovable Property to be paid by Form 26QB; TDS certificate in Form 16B

The provisions of rule 30, rule 31 and rule 31A of the Income-tax Rules, 1962 were amended and Form No.16B & Form No.26QB were inserted in the Income-tax Rules, 1962 vide Notification No.S.O.1404 (E) dated 31st May, 2013 to simplify the procedure relating to deposit of tax and furnishing of information relating to tax deducted at source (TDS) on payment made for transfer of certain immovable property other than rural agricultural land. Form No.24Q (Quarterly statement for deduction of tax from salary payment) was also revised to incorporate columns relating to surcharge.

Notification No.  39/2013, Dated : May 31, 2013

S.O.1404(E) – In exercise of the powers conferred by 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) These rules may be called the Income-tax (Fifth Amendment) Rules, 2013.

(2) They shall come into force on the date of their publication in the Official Gazette.

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

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

“(2A) Notwithstanding anything contained in sub-rule (1) or sub-rule (2), any sum deducted under section 194-IA shall be paid to the credit of the Central Government within a period of seven 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.26QB.”;

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

“(6A) Where tax deducted is to be deposited accompanied by a challan-cum-statement in Form No.26QB, 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 (2A) into the Reserve Bank of India or the State Bank of India or any authorised bank.”;

(c) after sub-rule (7), the following sub-rules shall be inserted, namely:-

“(7A) The Director General of Income-tax (Systems) shall specify the procedure, formats and standards for the purposes of remitting the amount electronically to the Reserve Bank of India or the State Bank of India or any authorised bank and shall be responsible for the day-to-day administration in relation to the remitting of the amount electronically in the manner so specified.”;

3. In rule 31 of the said rules,–

(a) after sub-rule (3), the following sub-rule shall be inserted, namely:-

“(3A) 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-IA shall furnish the certificate of deduction of tax at source in Form No.16B to the payee within fifteen days from the due date for furnishing the challan-cum-statement in Form No.26QB under rule 31A after generating and downloading the same from the web portal specified by the Director General of Income-tax (System) or the person authorised by him.”;

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

“(6A) The Director General of Income-tax (Systems) shall specify the procedure, formats and standards for the purposes of generation and download of certificates and shall be responsible for the day-to-day administration in relation to the generation and download of certificates from the web portal specified by him or the person authorised by him.”;

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

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

5. In Appendix-II of the said rules,-

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

“FORM NO.16B

Download Format of Form No. 16B in PDF Format

Notes :

1. Salary includes wages, annuity, pension, gratuity [other than exempted under section 10 (10)], fees, commission, bonus, repayment of amount deposited under the Additional Emoluments (Compulsory Deposit) Act, 1974, perquisites, profits in lieu of or in addition to any salary or wages including payments made at or in connection with termination of employment, advance of salary, any payment received in respect of any period of leave not availed [other than exempted under section 10 (10AA)], any annual accretion to the balance of the account in a recognised provident fund chargeable to tax in accordance with rule 6 of Part A of the Fourth Schedule of the Income tax Act, 1961, any sums deemed to be income received by the employee in accordance with sub-rule (4) of rule 11 of Part A of the Fourth Schedule of the Income tax Act, 1961, any contribution made by the Central Government to the account of the employee under a pension scheme referred to in section 80CCD or any other sums chargeable to incometax under the head ‘Salaries’.

2. Where an employer deducts from the emoluments paid to an employee or pays on his behalf any contributions of that employee to any approved superannuation fund, all such deductions or payments should be included in the statement.”;

FORM

Download Form Form No. 24Q in PDF Format

Download Form Form No. 24Q in Excel Format

Download Form No. 26QB in PDF Format

F.No.133/23/2013-SO(TPL)(Pt.)

RAJESH KUMAR BHOOT
DIRECTOR (TPL-III)

Note: – The principal rules were published in the Gazette of India vide notification number S.O. 969(E), dated the 26th March, 1962 and last amended vide notification number S.O. 1393(E), dated the 30th May, 2013.