CBDT inserts new TDS forms 16E and 26QE under Income Tax Rules, 1962

The Central Board of Direct Taxes has notified the Income Tax (19th Amendment Rules) 2022 in order to amend Income Tax Rules, 1962.

Key points:

  1. Sub rule 2D has been inserted which provides that any sum deducted for the payment on transfer of Virtual Digital Asset (Section 194S) by a specified person will be paid to the credit of Central Government within thirty days. The payment will be calculated from the end of the month in which the deduction is made and it will be accompanied by the challan-cum-statement in Form No. 26QE.
  2. Sub rule 6D that has been inserted providing where the deducted tax is to be deposited alongwith the challan, it has to done electronically either to the Reserve Bank of India or to the State Bank of India or any other authorised bank within 30 days from the end of the month in which the deduction is made.
  3. Sub Rule 3D has been inserted which provides that  the specified person should furnish the certificate of deduction of tax to the payee within 15 days from the due date for furnishing the challan. This certificate can be obtained by generating and downloading the same from the web portal specified by the Principal Director General of Income Tax/ Director General of Income Tax/ the person specified.
  4. Sub Rule 4D has been inserted which provides that the specified person responsible for deduction of tax has to produce to the Principal Director General of Income Tax or to the Director General of Income Tax the challan- cum-statement that has to be obtained electronically in accordance with proper formats and standards.
  5. Form No. 16E which deals with TDS Certificate issued by a Payer for payment of a commission, brokerage, contractual fee has been amended and new insertions have been made that will come into effect from 1st of July, 2022.
  6. Form No. 26QB is also substituted which is a return-cum-challan form for the payment of Tax Deducted at Source(TDS) to the government for deductions made on payment on transfer of certain immovable property other than agriculture land.


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