Income tax update – Amended in Form 27Q

The Central Board of Direct Taxes (CBDT) has amended the Form 27Q by inserting the Note 7A under the head “Verification”.

The notification reads as follows:-

 MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 31st May, 2024
(INCOME-TAX)

G. S. R. 2153(E).— In exercise of the powers conferred by section 295 read with sub-section (3) of section
200 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:––

1. (1) These rules may be called the Income-tax (Sixth Amendment) Rules, 2024.
(2) They shall come into force on the 1st day of July, 2024.
2. In the Income-tax Rules, 1962, in Form No. 27Q, in the Annexure, under the heading “Verification”, in the Notes,
after Note No. 7, the following Note shall be inserted, namely:––
‘7A. Write “P” if lower deduction or no deduction is in view of notification issued under sub-section (1F) of section
197A.’.

[Notification No. 48/2024/ F. No 370142/11/2024-TPL]
KHUSHBOO LATHER, Under Secy.

Note: The Income-tax Rules, 1962 were published in the Gazette of India, Extraordinary, Part-II, section-3,
sub-section (ii) vide number S.O. 969 (E), dated the 26th March, 1962 and were last amended vide
notification number G.S.R. 233 (E), dated the 27th March , 2024.

To view and download the Notification, click here