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of <h1>Income-tax Amendment: New Rules for Quarterly Returns on Time Deposits, Rule 31AC & Form 26QA Revised</h1> The Income-tax (Second Amendment) Rules, 2006 introduces changes to the Income-tax Rules, 1962, specifically substituting rule 31AC and Form No. 26QA. Under the new rule 31AC, banking branches must maintain particulars of time deposits for quarterly returns under section 206A, using Form No. 26QA, with provisions for computer-readable media. Rule 31ACA mandates quarterly returns in Form No. 26QAA, submitted to the Director General of Income-tax (Investigation) or an authorized person by specified dates. Returns must include both digital and paper components, ensuring data integrity and virus-free certification. The amendment clarifies that time deposits exclude recurring deposits.
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