Income-tax (Fifth Amendment) Rules, 1988 (Cancel) - S.O. 585(E) - Income Tax

MINISTRY OF FINANCE (Department of Revenue) Central Board of Direct Taxes NOTIFICATION New Delhi, the 14th June, 1988 Income-tax S.O. 585 (E).- In exercise of the powers conferred by 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:- 1. (1) These rules may be called the Income-tax (Fifth Amendment) Rules, 1988. (2) They shall come into force on the dated of their publication in Official Gazette. 2. In the Income-tax Rules, 1962, (a) for rule 31, the following rule shall be substituted, namely:- Certificate of tax deducted at source. 31. (1) The certificate of deduction of tax at source under section 203 to be furnished by any person deducting tax in accordance with the provisions of sections 192 to 194, section 194A, section 194B, section 194C, section 194D and section 195 shall be in Form No. 16. (2) The certificate shall be issued on a paper serially numbered and printed by the Central Government in book form and supplied for a consideration to the person deducting tax at source on an application made by him In Form No. 17 to the Commissioner having jurisdiction over him in this regard: Provided that for the Issue of a certificate under section 192 and 194, the Commissioner may waive such stipulation in the case of companies including public sector companies which have adopted computerisation for furnishing such certificate. (3) The certificate mentioned in sub-rule (1) shall be furnished within a period of one month from the date of credit or payment of the sum or as may be , from the date of issue of cheque or warrant for payment of any dividend to a shareholder. Provided that where the income by way of interest referred to in section 194A or the sum referred to in section 194C or the income by way of insurance commission referred to in section 194D is credited by a person carrying on a business or profession to the account of the payee as on the date up to which the accounts of such business or profession are made, the certificate under sub-rule (1) shall be issued within a week after the expiry of two months from the month in which income is so credited : Provided further that the certificate in the case of deduction of tax under section 192, may be furnished within one month from the close of the financial year in which such deduction was made. (4) Where in a case, the TDS certificate issued under this rule is lost, the person deducting tax at source may issue a duplicate certificate of deduction of tax at source on a plain paper giving necessary details as contained in Form No. 16. (5) The Assessing Officer before giving credit for the tax deducted at source on the basis of duplicate certificate referred to in sub-rule (4), shall get the payment certified from the Income-tax Officer designated in this behalf by the Chief Commissioner or the Commissioner and shall also obtain an Indemnity Bond from the assessee. ; (b) In Appendix II,- (1) for Form No, 16, the following form shall be substituted, namely:- (ii) for Form No. 17, the following form shall be substituted, namely:- FORM No. 17 (See rule 3!) Application for issue of TDS Certificate Books To The Income-tax Officer, .. .. Sir, The undersigned has been allotted Tax Deduction Account No .. vide your letter No. ..dated .. You are requested to Issue .. books of TDS Certificates. 2. The Book No. (2) .. containing certificate numbered from .. to ..issued on .. has/have since been exhausted. Yours faithfully, ( ) Signature of person responsible for deduction of tax at source Full Name .. Dated Designation .. Address .. .. (iii) Forms Nos. 18, 19, 19A, 19B, 19C, 19D, and 20 shall be omitted. [No. 8005/F. No. 142/28/87-TPL{Pt)] A. N. PRASAD, DIRECTOR (TPL)