TMI BlogQuarterly statement of deduction of tax or collection of taxX X X X Extracts X X X X X X X X Extracts X X X X ..... f transfer of a virtual digital asset, owned by it as an alternative to tax required to be deducted by the buyer of such asset under section 194S, the Exchange shall deliver or cause to be delivered, a quarterly statement of such transactions in Form No. 26QF to the Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems) or the person authorised by the Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems). Explanation: For the purposes of this sub-rule, (i) Exchange means a person that operates an application or platform for transfer of virtual digital assets, which matches buy and sell trades and execute the same on their application or platform; (ii) virtual digital asset shall have same meaning as assigned to it in clause (47A) of section 2. ] 12 [(2) Statements referred to in sub-rule (1) for the quarter of the financial year ending with the date specified in column (2) of the Table below shall be furnished by the due date specified in the corresponding entry in column (3) of the said Table: Table Sl. No. Date of ending of quarter of fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n for claiming deduction under chapter VI-A to the Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems) or to any other person authorised by the Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems), as and when required. ] (4) The deductor at the time of preparing statements of tax deducted shall,- (i) quote his tax deduction and collection account number (TAN) in the statement; (ii) quote his permanent account number (PAN) in the statement except in the case where the deductor is an office of the Government; (iii) quote the permanent account number of all deductees; (iv) furnish particulars of the tax paid to the Central Government including book identification number or challan identification number, as the case may be. 2 [(v) furnish particulars of amount paid or credited on which tax was not deducted in view of the issue of certificate of no deduction of tax under section 197 by the Assessing Officer of the payee; (vi) furnish particulars of amount paid or credited on which tax was not deducted in view of the compliance of provisions of sub-section (6) of section 194C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to section 194B; 31 [ (aa) winnings in terms of sub-section (2) of section 194BA; ] (b) benefit or perquisite in terms of first proviso to sub-section (1) of section 194R; and (c) consideration in terms of proviso to sub-section (1) of section 194S along with the challan details such as BSR code of the bank, date of payment and challan serial number. ] 11 [ (4A) Notwithstanding anything contained in sub-rule (1) or sub-rule (2) or sub-rule (3) or sub rule (4), every person responsible for deduction of tax under section 194-IA shall furnish to the Director General of Income-tax (System) or the person authorised by the Director General of Income-tax (System) a challan-cum-statement in Form No.26QB electronically in accordance with the procedures, formats and standards specified under sub-rule (5) within 13 [ thirty days ] from the end of the month in which the deduction is made. ] 15 [(4B) Notwithstanding anything contained in sub-rule (1) or sub-rule (2) or sub-rule (3) or sub-rule (4), every person responsible for deduction of tax under section 194-IB shall furnish to the Principal Director General of Income-tax (Systems) or Director General of Income-tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ement of tax deducted at source is to be furnished for tax deducted before the 1st day of April, 2010, the provisions of this rule and rule 37A shall apply as they stood immediately before their substitution or omission by the Income-tax (6th Amendment) Rules, 2010 .] ************** Notes. 1. Substituted vide notification no. 41/2010 dated 31-5-2010 [Income-tax (6th Amendment) Rules, 2010 .] w.e.f. 1-4-2010, before substitution it was read as, Quarterly statement of deduction of tax under sub-section (3) of section 200 . 31A.(1) Every person, being a person responsible for deducting tax under Chapter XVII-B shall, in accordance with the provisions of sub-section (3) of section 200 , deliver or cause to be delivered to the Director-General of Income-tax (Systems) or the person authorized by the Director General of Income-tax (Systems), quarterly statement- (i) in Form No. 24Q in respect of deduction of tax at source under sub-sections (1) and (1A) of section 192 ; and (ii) in Form No. 26Q in respect of other cases of deduction of tax at source, on or before the 15 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... prepare the quarterly statement as per the data structure provided by the e-filing Administrator designated by the Board for the purposes of administration of Electronic Filing of Returns of Tax Deducted at Source Scheme, 2003 supported by a declaration in Form No. 27A in paper format: Provided that in case any compression software has been used for preparing the quarterly statement on computer media, such compression software shall be furnished on the same computer media; (ii) affix a label indicating name, permanent account number, tax deduction and collection account number and address of the person responsible for deduction of tax at source, the period to which the statement pertains and the volume number of the said computer media in case more than one volume of such media is used] ************ Earlier it was Substituted vide notification no. 9/2010 dated 18-2-2010 [Income-tax (First Amendment) Rules, 2010] w.e.f. 1-4-20009, before substitution it was read as, [ Quarterly statement of deduction of tax or collection of tax 31A.(1) Every person who has been allotted a tax deduction and collection account nu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t source, on or before the 15th July, the 15th October, the 15th January in respect of the first three quarters of the financial year and on or before the 15th June following the last quarter of the financial year : Provided that where,- (a) the deductor is an office of Government: or (b) the deductor is a company; or (c) the deductor is a person required to get his accounts audited under section 44AB in the immediately preceding financial year; or (d) the number of deductees records in a quarterly statement for any quarter of the immediately preceding financial year is equal to or more than fifty, the person responsible for deducting tax at source, and the principal officer in the case of a company shall deliver or cause to be delivered such quarterly statements on computer media (3.5 1.44 MB floppy diskette or CD-ROM of 650 MB capacity):; Provided further that a person other than a person referred to in the first proviso, responsible for deducting tax at source, may at his option, deliver or cause to be delivered the quarterly statements on computer media (3.5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s referred to in sub-rule (1) for the quarter of the financial year ending with the date specified in column (2) of the Table below shall be furnished by the due date specified in the corresponding entry in column (3) of the said Table:- Table Sl. No. Date of ending of the quarter of the financial year Due date (1) (2) (3) 1. 30th June 15th July of the financial year 2. 30th September 15th October of the financial year 3. 31st December 15th January of the financial year 4. 31st March 15th May of the financial year immediately following the financial year in which deduction is made 4. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (3) (4) 1. 30th June 31st July of the financial year 15th July of the financial year 2. 30th September 31st October of the financial year 15th October of the financial year 3. 31st December 31st January of the financial year 15th January of the financial year 4. 31st March 15th May of the financial year immediately following the financial year in which deduction is made 15th May of the financial year immediately following the financial year in which deduction is made] 13. Substituted vide Not. 39/2016 - Dated 31-5-2016 , w.e.f 1 st day of June, 2016, before it ..... X X X X Extracts X X X X X X X X Extracts X X X X
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