Government of India, Ministry of Finance, issued Notification No.31/2009 dated 25.3.2009 amending provisions of Rules 30, 31, 31A and 31AA of the Income tax Rules, 1962. The salient features of this notification are as follows.
1. Electronic payment of tax is compulsory. Online payment through RBI or SBI or any authorised bank allowed. Debit and Credit card payment also allowed.
2. A new Form 17 has been notified (instead of the earlier form No.281). This form has among other things space for a “UTN” (Unique Transaction number) which is generated automatically for every TDS deduction online. This UTN has to be mentioned in form 16 or 16A to claim deduction
3. TDS certificates should be issued in the new notified form 16 or form 16A (as required). The new notified forms have space for “UTN” and this number is compulsory to be mentioned in form 16 / form 16A
4. A new TDS compliance statement in 24C should be filed quarterly, 15th July, 15th October, 15th January and 15th June for the quarter ending March 31st.
5. Statements in form 24Q (Salary), 27Q (Foreigners), 27Q (all other TDS) should hereinafter filed annually on or before 15th July following the financial year
Effective Date of this notification was earlier set at 1.4.2009 which was postponed to 1.7.2009. However Press Release dated 30.06.2009 has postponed indefinitely operation of this notification.
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