Income Tax -TDS - Relaxation for Furnishing of UID
THE provisions of section 197A of the Income-tax Act, 1961 inter alia provide that tax shall not be deducted, if the recipient of certain payment on which tax is deductible furnishes to the payer a self-declaration in Form No.15G/15H in accordance with provisions of the said section. The manner of filing such declarations and the particulars have been laid down in Rule 29C of the Income-tax Rules, 1962.
The amended Rule 29C which came into effect from 1st October, 2015 in addition to paper filing, also provides for online filing of self-declaration for non-deduction of tax under section 197A of the Act.
Sub-rule (3) of Rule 29C provides for allotment of Unique identification number to each declaration received in Form 15G/15H by the deductor. Further, sub-rule (5) of Rule 29C provides that the payer shall also furnish unique identification number along with the details of the transactions covered under Form 15G/15H in quarterly TDS statements in accordance with the provisions of clause (vii) of sub-rule (4) of Rule 31A irrespective of the fact that no tax has been deducted in the said quarter.
Representations have been received that due to operational constraints, the Form 15G/15H and the details thereof could not be included in the quarterly statement for the quarter ending 31.12.2015 and 31.3.2016 respectively.
Taking into account the concerns of the stakeholders, the Central Board of Direct Taxes, has relaxed the condition of furnishing of Unique identification number allotted by the deductor for the quarter ending 31.12.2015 and 31.3.2016 in the quarterly statement of deduction of tax in accordance with sub-rule (5) of Rule 29C.
CBDT Circular No. 18/2016., Dated: May 23, 2016