A brief summary of amendments made in the provision of Income Tax Rules, 1962 relating to TDS and TCS

Sr. No.

Rule

(As amended)

Remarks

1.

Rule 30 - Time and mode of payment to Government account of tax deducted at source or tax paid under Chapter XVII-B - TDS

Provisions Simplified

Now, TDS to be deposited within one week from the end of the relevant month.

Within 2 months if the amount is credited on the last date of accounting year.

In case of (i) interest, other than interest on securities, (ii) insurance commission (iii) commission on brokerage (iv) salaries - AO may permit quarterly payment.

Payment to be made electronically in Form 17

2.

Rule 31 - Certificate of tax deducted at source or tax paid under sub-section (1A) of section 192 - TDS

Procedure of issuance of TDS certificates.

In case of loss of TDS certificate, AO can give credit subject to Indemnity Bond

3.

Rule 31A - Quarterly statement of deduction of tax or collection of tax (TDS + TCS)

Prescribes revised procedure for filing of quarterly and annual TDS / TCS return

4.

Rule 31AA - TCS return

(Rule 31AA merged with Rule 31A)

5.

Rule 37A - Return in case of payment to non-residents

(Rule 37A deleted since merged with Rule 31A)

6.

Rule 37CA - Quarterly statement of deduction of tax or collection of tax (TCS)

Weekly deposit the amount in electronic form

7.

Rule 37D - Certificate of tax collected at source - TCS

Procedure of issuance of TCS certificates.

In case of loss of TCS certificate, AO can give credit subject to Indemnity Bond