CBDT has amended the Income tax rules,1962 by notification No. S.O. 1261(E). The procedure of filing TDS/TCS returns and issuing TDS certificates have been changed.
- Rule 30, 31, 31A and 31AA have been substituted and the revised rules are applicable from the financial year 2010-11onwards.
- Existing rules will continue to be applicable for the financial year 2009-10 and earlier years.
- Due date for filing TDS/TCS returns of 4th quarter will be 15th May instead of 15th June.
- Form 16A needs to be issued quarterly and within fifteen days from the due date for furnishing quarterly return. No option to issue Form 16A annually.
- Form 16 needs to be issued within 31st May.
- The due date for depositing TDS where income is credited or paid in the month of March shall be 30th April.
- Form 16 and 16A have been amended.
- TDS/TCS returns have to be filed electronically where no. of deductees for any quarter of the financial year is 20 or more.
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