https://www.taxtmi.com/highlights?id=82321 This notification amends the Income-tax Rules, 1962, introducing changes related to tax collection at source u/s 206C of the Income-tax Act, 1961. The key amendments are: (1) Requiring furnishing of particulars regarding amounts received or debited where tax was not collected or collected at a lower rate due to notifications u/s 206C(12). (2) Allowing credit for tax collected at source to be given to the person in whose hands the collectee's income is assessable, subject to the collectee filing a declaration. (3) Mandating the collector to issue TCS certificate in the name of the person to whom credit is given. (4) Introducing a new code in Form 27EQ for reporting cases of non-collection or lower collection due to notifications u/s 206C(12). en-us Thu, 17 Oct 2024 13:40:02 +0530 Thu, 17 Oct 2024 13:40:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=82321 This notification amends the Income-tax Rules, 1962, introducing changes related to tax collection at source u/s 206C of the Income-tax Act, 1961. The key amendments are: (1) Requiring furnishing of particulars regarding amounts received or debited where tax was not collected or collected at a lower rate due to notifications u/s 206C(12). (2) Allowing credit for tax collected at source to be given to the person in whose hands the collectee's income is assessable, subject to the collectee filing a declaration. (3) Mandating the collector to issue TCS certificate in the name of the person to whom credit is given. (4) Introducing a new code in Form 27EQ for reporting cases of non-collection or lower collection due to notifications u/s 206C(12). Highlights Income Tax Thu, 17 Oct 2024 13:40:02 +0530 https://www.taxtmi.com/highlights?id=82321