{"id":269391,"date":"2022-07-01T16:00:13","date_gmt":"2022-07-01T10:30:13","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=269391"},"modified":"2022-07-01T16:22:50","modified_gmt":"2022-07-01T10:52:50","slug":"insertion-of-insertion-of-form-no-26qf-to-the-income-tax-rules-1962-vide-income-tax-20th-amendment-rules-2022","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/07\/01\/insertion-of-insertion-of-form-no-26qf-to-the-income-tax-rules-1962-vide-income-tax-20th-amendment-rules-2022\/","title":{"rendered":"Insertion of Form No. 26QF to the Income tax Rules, 1962 vide Income-tax (20th Amendment) Rules, 2022"},"content":{"rendered":"<p style=\"text-align: justify;\"><span id=\"page3R_mcid93\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">The Central Board of Direct Taxes has notified <\/span>Income-tax (20th Amendment) Rules, 2022 <span dir=\"ltr\" role=\"presentation\">to amend the Income-tax Rules, 1962<\/span><\/span><span id=\"page3R_mcid94\" class=\"markedContent\">. The amendment modifies Rule 31 A dealing with <span id=\"page3R_mcid96\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\"><b>Statement of deduction of tax under section 200 (3) <\/b><\/span><\/span><span id=\"gvGazetteList_lbl_Subject_11\"> and insertion of Form No. 26QF to the Income tax Rules, 1962<\/span>.<br role=\"presentation\" \/><\/span><span id=\"page3R_mcid96\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><\/p>\n<ul>\n<li style=\"text-align: justify;\"><span id=\"page3R_mcid96\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">In the Income-tax Rules, 1962, in rule 31A dealing with <b>Statement of deduction of tax under sub-section (3) of section 200<\/b>, a proviso has been <\/span><\/span><span id=\"page3R_mcid97\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">inserted: <\/span><\/span><span id=\"page3R_mcid99\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify; padding-left: 40px;\"><span id=\"page3R_mcid99\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">\u201c<\/span><\/span><span id=\"page3R_mcid100\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Provided that where the exchange has, in accordance with the guidelines issued under sub<\/span><\/span><span id=\"page3R_mcid101\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><\/span><span id=\"page3R_mcid102\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">sect<\/span><\/span><span id=\"page3R_mcid103\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">ion (6) of <\/span><\/span><span id=\"page3R_mcid104\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">section 194S, agreed to pay tax in relation to a transaction of transfer of a virtual digital asset, owned by it <\/span><\/span><span id=\"page3R_mcid105\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">as an alternative to tax required to be deducted by the buyer of such asset under s<\/span><\/span><span id=\"page3R_mcid106\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">e<\/span><\/span><span id=\"page3R_mcid107\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">ction 194S, the <\/span><\/span><span id=\"page3R_mcid108\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">E<\/span><\/span><span id=\"page3R_mcid109\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">xchange shall deliver or cause<\/span><\/span><span id=\"page3R_mcid110\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">to be delivered, a quarterly statement of such transactions in Form No. <\/span><\/span><span id=\"page3R_mcid111\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">26QF to the Principal Director General of Income<\/span><\/span><span id=\"page3R_mcid112\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><\/span><span id=\"page3R_mcid113\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">tax (Systems) or Director General of Income<\/span><\/span><span id=\"page3R_mcid114\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><\/span><span id=\"page3R_mcid115\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">tax <\/span><\/span><span id=\"page3R_mcid116\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">(Systems) or the person authori<\/span><\/span><span id=\"page3R_mcid117\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">s<\/span><\/span><span id=\"page3R_mcid118\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">ed by the Principal Director General of Income<\/span><\/span><span id=\"page3R_mcid119\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><\/span><span id=\"page3R_mcid120\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">tax (Sys<\/span><\/span><span id=\"page3R_mcid121\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">tems) or the <\/span><\/span><span id=\"page3R_mcid122\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Director General of Income<\/span><\/span><span id=\"page3R_mcid123\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><\/span><span id=\"page3R_mcid124\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">tax (Systems).<\/span><\/span><span id=\"page3R_mcid125\" class=\"markedContent\"><\/span><span id=\"page3R_mcid126\" class=\"markedContent\"><\/span><span id=\"page3R_mcid127\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><\/p>\n<p style=\"text-align: justify; padding-left: 40px;\"><span id=\"page3R_mcid136\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">Note: \u201c<\/span><\/span><span id=\"page3R_mcid137\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">E<\/span><\/span><span id=\"page3R_mcid138\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">xchange\u201d means a person that operates an application or platform for transferring of virtual <\/span><\/span><span id=\"page3R_mcid139\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">digital assets, which matches buy and sell trades<\/span><\/span><span id=\"page3R_mcid140\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">and execute the same on their application or <\/span><\/span><span id=\"page3R_mcid141\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">platform;<\/span><\/span><span id=\"page3R_mcid142\" class=\"markedContent\"><\/span><span id=\"page3R_mcid143\" class=\"markedContent\"><\/span><span id=\"page3R_mcid144\" class=\"markedContent\"><\/span><\/p>\n<ul>\n<li style=\"text-align: justify;\"><span id=\"page3R_mcid144\" class=\"markedContent\"><\/span><span id=\"page3R_mcid165\" class=\"markedContent\">The following sub rule is inserted in Rule 31A<br role=\"presentation\" \/><\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify; padding-left: 40px;\"><span id=\"page3R_mcid165\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">\u201c<\/span><\/span><span id=\"page3R_mcid166\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">(4E) The exchange r<\/span><\/span><span id=\"page3R_mcid167\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">eferred to sub<\/span><\/span><span id=\"page3R_mcid168\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><\/span><span id=\"page3R_mcid169\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">rule (1) shall, at the time of preparing of quarterly statement in Form <\/span><\/span><span id=\"page3R_mcid170\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">No. 26QF, furnish particulars of account paid or credited on which tax was not deducted in accordance <\/span><\/span><span id=\"page3R_mcid171\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">with guidelines issued under sub<\/span><\/span><span id=\"page3R_mcid172\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><\/span><span id=\"page3R_mcid173\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">section (6) of section 194S<\/span><\/span><span id=\"page3R_mcid174\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">.<\/span><\/span><span id=\"page3R_mcid175\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">\u201d<\/span><\/span><span id=\"page3R_mcid176\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">.<\/span><\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li><span id=\"page8R_mcid8\" class=\"markedContent\"><\/span><span id=\"page8R_mcid12\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">\u201c<\/span><span dir=\"ltr\" role=\"presentation\">Form No. 26QF has been inserted dealing with <\/span><\/span><span id=\"page8R_mcid13\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Quarterly statement of tax deposited in relation to transfer of virtual digital asset.\u00a0 <\/span><\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The Central Board of Direct Taxes has notified Income-tax (20th Amendment) Rules, 2022 to amend the Income-tax Rules, 1962. The amendment modifies <\/p>\n","protected":false},"author":8808,"featured_media":268668,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[],"class_list":["post-269391","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Insertion of Form No. 26QF to the Income tax Rules, 1962 vide Income-tax (20th Amendment) Rules, 2022 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2022\/07\/01\/insertion-of-insertion-of-form-no-26qf-to-the-income-tax-rules-1962-vide-income-tax-20th-amendment-rules-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Insertion of Form No. 26QF to the Income tax Rules, 1962 vide Income-tax (20th Amendment) Rules, 2022\" \/>\n<meta property=\"og:description\" content=\"The Central Board of Direct Taxes has notified Income-tax (20th Amendment) Rules, 2022 to amend the Income-tax Rules, 1962. 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Key points: 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\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/CBDT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/CBDT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/CBDT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/CBDT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/CBDT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":259394,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/12\/31\/income-tax-35th-amendment-rules-2021\/","url_meta":{"origin":269391,"position":1},"title":"Income-tax (35th Amendment) Rules, 2021","author":"Bhumika Indulia","date":"December 31, 2021","format":false,"excerpt":"On December 29, 2021, the Central Board of Direct Taxes notified\u00a0Income-tax (35th Amendment) Rules, 2021 to amend the Income-tax Rules,1962. Key amendment: In the Income-tax Rules, 1962, the following rule shall be inserted, namely:\u2013 16DD. Form of particulars to be furnished along with return of income for claiming deduction under\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"CBDT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":135711,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/06\/07\/cbdt-notifies-changes-in-rules-related-to-refund-of-tds\/","url_meta":{"origin":269391,"position":2},"title":"CBDT notifies changes in Rules related to refund of TDS","author":"Saba","date":"June 7, 2017","format":false,"excerpt":"[Notification No. 45\/2017 ,\u00a0dated 5th June, 2017] G.S.R. 554(E).\u2014In exercise of powers conferred by Section 295 of the Income Tax Act, 1961 (43 of 1961) (hereinafter referred to as the \u2018Act\u2019), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:\u2014\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":178584,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/12\/27\/income-tax-25th-amendment-rules-2017-notified\/","url_meta":{"origin":269391,"position":3},"title":"Income Tax (25th Amendment) Rules, 2017 notified","author":"Saba","date":"December 27, 2017","format":false,"excerpt":"G.S.R.\u00a0\u00a0 1527(E).\u2014In exercise of the powers conferred by Section 282 read with Section 295 of the Income-tax \u00a0Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:\u2014 1.(1) \u00a0These rules may be called the Income \u2013tax\u2026","rel":"","context":"In &quot;Foreign Legislation&quot;","block_context":{"text":"Foreign Legislation","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/foreign\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":271824,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/08\/18\/new-form-29d-for-application-by-a-person-under-s-239a-of-the-it-act-1961-introduced-vide-income-tax-26th-amendment-rules-2022\/","url_meta":{"origin":269391,"position":4},"title":"New Form 29D introduced for Application by a person under S. 239A of the IT Act, 1961 vide Income-tax (26th Amendment) Rules, 2022","author":"Bhumika Indulia","date":"August 18, 2022","format":false,"excerpt":"\u00a0 \u00a0 The Central Board of Direct Taxes has notified Income-tax (26th Amendment) Rules, 2022 to amend Income-tax Rules, 1962. The amendment inserts a new\u00a0 Rule 40G in the Income-tax Rules, 1962, relating to Refund Claim under Section 239-A has been inserted. It provides that a claim for refund under\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/CBDT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/CBDT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/CBDT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/CBDT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/CBDT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":77841,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/10\/13\/the-income-tax-26th-amendment-rules-2016-notified\/","url_meta":{"origin":269391,"position":5},"title":"The Income Tax ( 26th Amendment) Rules, 2016 notified","author":"Saba","date":"October 13, 2016","format":false,"excerpt":"S.O. 3160(E).\u2014 In exercise of the powers conferred by Section 139A and Section 285BA, read with Section 295 of the Income Tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income Tax Rules, 1962, namely:\u2014 1. (1) These\u2026","rel":"","context":"In &quot;Foreign Legislation&quot;","block_context":{"text":"Foreign Legislation","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/foreign\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/269391","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=269391"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/269391\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/268668"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=269391"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=269391"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=269391"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}