CBDT amends rules relating to TDS

The Central Board of Direct Taxes (CBDT) has amended the rules relating to provisions, time and mode of payment of tax deducted at source, TDS certificate and filing of 'statement' (TDS return).

The amended rules will apply in respect of tax deducted on or after 1 April 2010.

Forms for TDS certificate have been revised to include the receipt number of the TDS return filed by the deductor.

For allowing tax credit claimed by the taxpayer in his income-tax return, the tax-deduction account number (TAN) of the deductor, permanent account number (PAN) of the deductee, and receipt number of TDS return filed by the deductor will form the unique identification, an official release said.

Government authorities (pay and accounts officer or treasury officer or cheque drawing and disbursing officer) responsible for crediting tax deducted at source to the credit of the central government by book-entry are now required to electronically file a monthly statement in a new Form No 24G containing details of credit of TDS to the agency authorised by the director general of income-tax (systems). 

Due date for furnishing TDS return for the last quarter of the financial year has been modified to 15 May (from earlier 15 June).