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July 2010

Income-tax (6th Amendment) Rules, 2010 — Notification No. 41/2010, dated 31-5-2010.

By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
Sejal Vasa | Company Secretary
Reading Time 1 mins
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Rules 30, 31, 31A, 31AA, 37CA and 37D have been substituted, which provide for time and mode of payment of TDS/TCS to the Government account, issue of certificate of TDS/TCS and filing of quarterly statements thereof. The said rules shall apply in respect of tax deducted/collected on or after 1st April, 2010. The major amendments include :

  • Revised forms of TDS certificates to include the receipt number of TDS return filed by the tax deductor, which along with the PAN of the deductee and the TAN of the deductor would form the unique identification, based on which credit for TDS would be available.

  • Even the Government authorities are now required to furnish a monthly return electronically in new Form 24G.

  • The due date of filing the TDS return for the last quarter of the financial year has been pre-poned from 15th June to 15th May and the due dates for furnishing the TDS certificates have also been modified to 15th May for Form 16 to be furnished annually and fifteen days from the date of submitting TDS certificates for other non-salary TDS certificates to be issued quarterly.

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