The Ministry of Finance (MoF) on October 16, 2024, issued the Income-tax (Ninth Amendment) Rules, 2024 to further amend the Income-tax Rules, 1962.
The following has been stated namely: -
• Rule 31AA which states “Statement of collection of tax under proviso to sub-section (3) of section 206C” in sub-rule (4) the following clause shall be inserted namely: -
“(viii) furnish particulars of amount received or debited on which tax was not collected or tax was collected at a lower rate in view of any notification issued under sub-section (12) of section 206C.”
• In rule 37-I which states “Credit for tax collected at source for the purposes of sub-section (4) of section 206C” the following sub-rule (1A) has been inserted namely: -
“Where under any provisions of the Act, the income of the collectee is assessable in the hands of any person other than the collectee, the credit for the tax collected at source, shall be given to such other person and not to the collectee
Provided that the collectee shall file a declaration with the collector and the collector shall report the tax collection in the name of the other person in the information relating to collection of tax referred to in sub-rule (1)”
This shall come into force October 16, 2024.
[Notification No. G.S.R. 645(E)]
