Income-tax (26th Amendment) Rules, 2021. - TDS - Furnishing of declaration and evidence of claims by specified senior citizen u/s 194P - 99/2021 - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 99/2021 New Delhi, the 2nd September, 2021 (INCOME-TAX) G.S.R. 612(E). -In exercise of the powers conferred by sections 194P and 206AB 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:- 1. Short title and commencement. (1) These rules may be called the Income-tax (26th Amendment) Rules, 2021. (2) They shall come into force from the date of their publication in the Official Gazette. 2. In the Income-tax Rules, 1962 (hereinafter referred to as the principal rules), after rule 26C , the following rule shall be inserted, namely:- 26D.Furnishing of declaration and evidence of claims by specified senior citizen under section 194P .-(1) The declaration required to be furnished by the specified senior citizen to the specified bank under sub-clause (iii) of clause (b) of explanation to section 194P shall be in Form no. 12BBA to be furnished in paper form duly verified. (2) On furnishing of the declaration in Form No. 12BBA, the specified bank shall, after giving effect to the deduction allowable under Chapter VI-A and rebate allowable under section 87A, compute the total income of such specified senior citizen for the relevant assessment year and deduct income-tax on such total income on the basis of the rates in force. (3) The effect to the deduction allowable under Chapter VI-A shall be given based on the evidence furnished by the specified senior citizen during the previous year. (4) The declaration referred to in sub-rule (1) and evidence for claiming deduction under Chapter VI-A referred to in sub-rule (3) shall be properly maintained by the Specified Bank and shall be made available to the Principal Chief Commissioner of Income-tax or Chief Commissioner of Income-tax, as and when required. (5) The Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems), as the case may be, shall specify procedure for furnishing of particulars of Form No. 12BBA referred to in sub-rule (1) and evidence referred to in sub-rule (3) by the specified banks to the Principal Chief Commissioner of Income-tax or Chief Commissioner of Income-tax, as and when required. . 3. In the principal rules , in rule 31 , in sub-rule (1), in clause (a), after the word and figures section 192 , the words, figures and letter and section 194P shall be inserted. 4. In the principal rules , in rule 31A ,- (i) in sub-rule (1), - (I) in clause (a), after the word and figures section 192 , the words, figures and letter and section 194P shall be inserted; (II) in clause (b), after the words, figures and letter section 193 to 196D , the brackets, words, figures and letter (other than section 194P) shall be inserted; (ii) after sub-rule (3A), the following sub-rule shall be inserted, namely:- (3B) Specified bank responsible for deduction of tax under section 194P shall furnish evidence produced by the specified senior citizen 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. . 5. In the principal rules, in Appendix II ,- (i) after Form No.12BB , the following Form shall be inserted, namely:- Form no. 12BBA (see rule 26D) Declaration to be furnished by Specified Senior Citizen under sub-clause (iii) of clause (b) of Explanation to section 194P (1) Name and address of the person : (2) PAN or Aadhaar : (3) Previous Year : (4) Date of Birth : (5) Name of the Specified Bank : (6) Name of Employer from which pension is drawn : (7) Pension Payment Order (PPO) Number : Verification I, .............. son/daughter of ...................... do hereby certify that the information given above is complete and correct and that I do not have any income other than the income of the nature of pension and/or interest which is received or receivable only in the account(s) of the specified bank stated above Date ................ Place .............. (Signature of person) Full Name: ...................... . ; (ii) For Form No. 16, the following Form shall be substituted, namely:- FORM NO. 16 [ See rule 31(1)( a )] PART A Certificate under section 203 of the Income-tax Act, 1961 for tax deducted at source on salary paid to an employee under section 192 or pension/interest income of specified senior citizen under section 194P Certificate No. Last updated on Name and address of the Employer/Specified Bank Name and address of the Employee/ Specified senior citizen PAN of Deductor TAN of the Deductor PAN of the Employee/ specificed senior citizen Employee Reference No./ Pension Payment order no. provided by the Employer (If available) CIT (TDS) Address..................... .................................. City................ Pincode................. Assessment Year Period with the Employer From To Summary of amount paid/credited and tax deducted at source thereon in respect of the employee Quarter(s) Receipt Numbers of original quarterly statement of TDS under sub section (3) of Section 200 Amount paid/ credited Amount of tax deducted (Rs.) Amount of tax deposited/ remitted (Rs.) Total (Rs.) I. DETAILS OF TAX DEDUCTED AND DEPOSITED IN THE CENTRAL GOVERNMENT ACCOUNT THROUGH BOOK ADJUSTMENT (the deductor to provide payment wise details of tax deducted and deposited with respect to the deductee) Sl. No. Tax Deposited in respect of the deductee (Rs. ) Book Identification Number (BIN) Receipt numbers of Form No. 24G DDO serial number in Form No. 24G Date of transfer voucher dd/mm/yyyy Status of matching with Form No. 24G Total (Rs. ) II. DETAILS OF TAX DEDUCTED AND DEPOSITED IN THE CENTRAL GOVERNMENT ACCOUNT THROUGH CHALLAN (The deductor to provide payment wise details of tax deducted and deposited with respect to the deductee) Sl. No. Tax Deposited in respect of the deductee (Rs. ) Challan Identification Number (CIN) BSR Code of the Bank Branch Date on which tax deposited (dd/mm/yyyy) Challan Serial Number Status of matching with OLTAS Total Rs. Verification I, . ...... .,son/daughter of working in the capacity of ..(designation) do hereby certify that a sum of Rs .[Rs (in words)] has been deducted and deposited to the credit of the Central Government. I further certify that the information given above is true, complete and correct and is based on the books of account, documents, TDS statements, TDS deposited and other available records. (Signature of person responsible for deduction of tax) Place ... Date .... Designation: .. Full Name: ..................... PART B (Annexure-I) In relation to employees for tax deduction under section 192 Details of Salary Paid and any other income and tax deducted A Whether opting for taxation u/s 115BAC? [YES/NO] 1. Gross Salary (a) Salary as per provisions contained in section 17(1) Rs. ... (b) Value of perquisites under section 17(2) (as per Form No. 12BA, wherever applicable) Rs. ... (c) Profits in lieu of salary under section 17(3) (as per Form No. 12BA, wherever applicable) Rs. ... (d) Total Rs. ... (e) Reported total amount of salary received from other employer (s) Rs. ... 2. Less: Allowances to the extent exempt under section 10 (a) Travel concession or assistance under section 10(5) Rs. ... (b) Death-cum-retirement gratuity under section 10(10) Rs. ... (c) Commuted value of pension under section 10(10A) Rs. ... (d) Cash equivalent of leave salary encashment under section 10(10AA) Rs. ... (e) House rent allowance under section 10(13A) Rs. ... (f) Amount of any other exemption under section 10 clause Rs. ... clause Rs. ... clause Rs. ... clause Rs. ... clause Rs. ... Rs. ... (g) Total amount of any other exemption under section 10 Rs. ... (h) Total amount of exemption claimed under section 10 Rs. ... [2(a)+2(b)+2(c)+2(d)+2(e)+2(g)] 3. Total amount of salary received from current employer Rs. ... [1(d)-2(h)] 4. Less: Deductions under section 16 (a) Standard deduction under section 16(ia) Rs. ... (b) Entertainment allowance under section 16(ii) Rs. ... (c) Tax on employment under section 16(iii) Rs. ... 5. Total amount of deductions under section 16 Rs. ... [4(a)+4(b)+4(c)] 6. Income chargeable under the head Salaries [(3+1(e)-5] Rs. ... 7. Add: Any other income reported by the employee under as per section 192 (2B) (a) Income (or admissible loss) from house property reported Rs. ... by employee offered for TDS (b) Income under the head Other Sources offered for TDS Rs. ... 8. Total amount of other income reported by the employee[7(a)+7(b)] Rs. ... 9. Gross total income (6+8) Rs. ... 10. Deductions under Chapter VI-A Gross Amount Deductible Amount (a) Deduction in respect of life insurance premia, contributions to provident fund etc. under section 80C Rs. ... Rs. ... (b) Deduction in respect of contribution to certain pension funds under section 80CCC Rs. ... Rs. ... (c) Deduction in respect of contribution by taxpayer to pension scheme under section 80CCD (1) Rs. ... Rs. ... (d) Total deduction under section 80C, 80CCC and 80CCD(1) Rs. ... Rs. ... (e) Deductions in respect of amount paid/deposited to notified pension scheme under section 80CCD (1B) Rs. ... Rs. ... (f) Deduction in respect of contribution by Employer to pension scheme under section 80CCCD (2) Rs. ... Rs. ... (g) Deduction in respect of health insurance premia under section 80D Rs. ... Rs. ... (h) Deduction in respect of interest on loan taken for higher education under section 80E Rs. ... Rs. ... Gross Amount Qualifying Amount Deductible Amount (i) Total Deduction in respect of donations to certain funds, charitable institutions, etc. under section 80G Rs. ... Rs. ... Rs. ... (j) Deduction in respect of interest on deposits in savings account under section 80TTA Rs. ... Rs. ... Rs. ... (k) Amount deductible under any other provision(s) of Chapter VI‐A section Rs. ... Rs. ... Rs. ... section Rs. ... Rs. ... Rs. ... section Rs. ... Rs. ... Rs. ... section Rs. ... Rs. ... Rs. ... section Rs. ... Rs. ... Rs. ... section Rs. ... Rs. ... Rs. ... Rs. ... Rs. ... Rs. ... (l) Total of amount deductible under any other provision(s) of Chaper VI-A Rs. ... Rs. ... Rs. ... 11. Aggregate of deductible amount under Chapter VI-A [10(a) +10(b) +10(c)+ 10(d)+ 10(e)+ 10(f)+ 10(g)+ 10(h)+ 10(i) + 10(j)+10(l)] Rs. ... 12. Total taxable income (9-11) Rs. ... 13. Tax on total income Rs. ... 14. Rebate under section 87A, if applicable Rs. ... 15. Surcharge, wherever applicable Rs. ... 16. Health and education cess @ 4% Rs. ... 17. Tax payable (13+15+16-14) Rs. ... 18. Less: Relief under section 89 (attach details) Rs. ... 19. Net tax payable (17-18) Rs. ... Verification I, .., son/daughter of .working in the capacity of . ......... (designation) do hereby certify that the information given above is true, complete and correct and is based on the books of account, documents, TDS statements, and other available records. (Signature of person responsible for deduction of tax) Full Name : Place ...... Date ....... Annexure II In relation to specified senior citizen for tax deduction under section 194P A Whether opting for taxation u/s 115BAC? [YES/NO] 1. Gross Salary (a) Pension as per provisions contained in clause (ii) of section 17(1) Rs. ... 2. Total amount of salary received Rs. ... 3. Less: Deductions under section 16 (a) Standard deduction undersection 16(ia) (b) Tax on employment undersection 16(iii) Rs. ... 4. Total amount of deductions under section 16 [3(a)+3(b)] Rs. ... 5. Income chargeable under the head Salaries [(2-4] Rs. ... 6. Interest Income under the head Other Sources paid by the specified bank Rs. ... 7. Gross total income (5+6) Rs. ... 8. Deductions under Chapter VI-A Gross Amount Deductible Amount (a) Deduction in respect of life insurance premia, contributions to provident fund etc. under section 80C Rs. ... Rs. ... (b) Deduction in respect of contribution to certain pension funds under section 80CCC Rs. ... Rs. ... (c) Deduction in respect of contribution by taxpayer to pension scheme under section 80CCD(1) Rs. ... Rs. ... (d) Total deduction under section 80C, 80CCC and 80CCD (1) Rs. ... Rs. ... (e) Deductions in respect of amount paid/deposited to notified pension scheme under section 80CCD (1B) Rs. ... Rs. ... (b) Deduction in respect of health insurance premia under section 80D Rs. ... Rs. ... (e) Deduction in respect of interest on loan taken for higher education under section 80E Rs. ... Rs. ... Gross Amount Qualifying Amount Deductible Amount (f) Total Deduction in respect of donations to certain funds, charitable institutions, etc. under section 80G Rs. ... Rs. ... Rs. ... (g) Deduction in respect of interest on deposits in savings account under section 80TTB Rs. ... Rs. ... Rs. ... (h) Amount deductible under any other provision(s) of Chapter VI‐A section Rs. ... Rs. ... Rs. ... section Rs. ... Rs. ... Rs. ... section Rs. ... Rs. ... Rs. ... section Rs. ... Rs. ... Rs. ... section Rs. ... Rs. ... Rs. ... section Rs. ... Rs. ... Rs. ... (i) Total of amount deductible under any other provision(s) of Chapter VI‐A Rs. ... Rs. ... Rs. ... 9. Aggregate of deductible amount under Chapter VI-A [8(a)+8(b)+8(c)+8(d)+8(e)+8(f)+8(g)+8(h)+8(i)] Rs. ... 10. Total taxable income (7-9) Rs. ... 11. Tax on total income Rs. ... 12. Rebate under section 87A, if applicable Rs. ... 13. Surcharge, wherever applicable Rs. ... 14. Health and education cess Rs. ... 15. Tax payable (11+13+14-12) Rs. ... 16. Less: Relief under section 89 (attach details) Rs. ... 17. Net tax payable (16-17) Rs. ... Verification I, .., son/daughter of .working in the capacity of . .. (designation) do hereby certify that the information given above is true, complete and correct and is based on the books of account, documents, TDS statements, and other available records. Place (Signature of person responsible for deduction of tax) Date.................. Full Name : Notes: 1. Government deductors to fill information in item I of Part A if tax is paid without production of an income-tax challan and in item II of Part A if tax is paid accompanied by an income-tax challan. 2. Non-Government deductors to fill information in item II of Part A. 3. The deductor shall furnish the address of the Commissioner of Income-tax (TDS) having jurisdiction as regards TDS statements of the assessee. 4. If an assessee is employed under one employer only during the year, certificate in Form No. 16 issued for the quarter ending on 31st March 2021 of the financial year shall contain the details of tax deducted and deposited for all the quarters of the financial year. 5. (i) If an assessee is employed under more than one employer during the year, each of the employers shall issue Part A of the certificate in Form No. 16 pertaining to the period for which such assessee was employed with each of the employers. (ii) Part B (Annexure-I) of the certificate in Form No.16 may be issued by each of the employers or the last employer at the option of the assessee. (iii) Part B (Annexure-II) of the certificate in Form 16 may be issued by the specified bank to a specified senior citizen. 6. In Part A, in items I and II, in the column for tax deposited in respect of deductee, furnish total amount of tax, surcharge and health and education cess. 7. Deductor shall duly fill details, where available, in item numbers 2(f) and 10(k) before furnishing of Part B (Annexure) to the employee. ; (iii) for Form No. 24Q , the following Form shall be substituted, namely:- (iv) for Form No. 26QB , the following Form shall be substituted, namely:- (v) for Form No. 26QC , the following shall be substituted, namely:- vi) for Form No. 26QD , the following Form shall be substituted, namely: Form No.26QD [See section 194M, rule 30(2C), rule 30(6C) and rule 31A (4C)] Challan cum statement of deduction of tax under section 194M Financial Year - Major Head Code* Minor Head Code* Permanent Account Number (PAN) Or Aadhaar No. of Deductor Full Name of Deductor* Complete Address of Deductor PIN Mobile No. Email ID Permanent Account Number (PAN) Or Aadhaar Number of Deductee Category of PAN* Status of PAN* Full Name of Deductee Complete Address of Deductee PIN Mobile No. Email ID Nature of payment (work in pursuance of a contract/commission/brokerage or fees for professional services) Date of Contract/Agreement** Aggregate of payments/credit during the period from 1st April to the end of the month in which the payment has been made/credited. Is it a case of non-deduction/Lower deduction on account of certificate under section 197? (Please Tick Yes/No) Yes No Number of the certificate under section 197 issued by the Assessing Officer for non-deduction or lower deduction. Whether TDS is deducted at Higher rate as per section 206AB (Yes/No) Amount Paid/Credited (in Rs.) Date of payment/credit** Rate at which deducted (see note 1) Amount of tax deducted at source Date of Deduction** Date of Deposit** Mode of payment Simultaneous e-tax payment e-tax payment on subsequent date Details of Payment of Tax Deducted at Source (Amount in Rs.) TDS (Income Tax)(Credit of tax to the deductee shall be given for this amount) Interest Fee Total payment Total payment in Words (in Rs.) Crores Lakhs Thousands Hundreds Tens Units * To be updated automatically * ** In dd/mm/yyyy format. Notes 1. Tax to be deducted at higher rates in case provisions of section 206AB is applicable. . [F. No. 370142/11/2021-TPL] ANKIT JAIN, Under Secy. (Tax Policy and Legislation Division) Note: The principal rules were published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (ii) vide notification number S.O. 969 (E), dated the 26 th March,1962 and last amended vide notification number G.S.R. 604 (E) dated 31.08.2021