The Central Board of Direct Taxes on 18th November 2019 has issued the Income-Tax (14th Amendment) Rules, 2019, introducing new obligations for tax payers deducting tax at source as per Section 194M of the Income tax Act, for commission, brokerage or professional fees paid for work done in pursuance to contract.
The individual or Hindu Undivided Family deducting tax at source under Section 194M shall:
a) Furnish the certificate of deduction of tax at source in Form No. 16D to the payee within fifteen days from the due date for furnishing the challan-cum-statement in Form No.26QD
b) Furnish to the Principal Director General of Income-tax (Systems) or Director General of Income-tax (System) or the person authorized by the Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems) a challan-cum statement in Form No.26QD electronically within thirty days.
The Amendment also provide for Form No. 16C.
The Rules shall come into source on 18th November 2019.
Click here to read the Amendment
