CBDT Amends Rules on Tax Cut at Source

The Central Board of Direct Taxes (CBDT) has amended the rules related to tax deducted at source (TDS).

According to a finance ministry statement, forms for the TDS certificate have been revised to include the “ receipt number” of the TDS return filed by the deductor.

Now the tax- deduction account number (TAN) of the deductor, permanent account number ( PAN) of the deductee and the receipt number of TDS return filed by the deductor will form the “ unique identification” for allowing tax credit claimed by the taxpayer in his income- tax return.

Government authorities ( pay and accounts officers, treasury officers or cheque drawing and disbursing officers) responsible for crediting tax deducted at source to the credit of the Central government by book- entry are now required to electronically file a monthly statement in a new Form No. 24G containing details of credit of TDS to the agency authorized by the director general of income- tax (systems).

The due date for furnishing TDS return for the last quarter of the last financial year has been advanced to May 15 from the earlier date of June 15.

The revised due dates for furnishing TDS returns are July 15 for the quarter ending June 30, followed by October 15 for the quarter ending September 30.


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