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Income tax update – Amended in Form 27Q

Amendment 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:-

(Department of Revenue)
New Delhi, the 31st May, 2024

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

[Notification No. 48/2024/ F. No 370142/11/2024-TPL]

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

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