The Central Board of Direct Taxes (CBDT) has released Notification No. 48/2024 dated May 31, 2024, which unveils the Income-tax (Sixth Amendment) Rules, 2024. These rules bring about a modification to Form No. 27Q of the Income-tax Rules, 1962. Particularly, a new note labeled as Note 7A has been added within the Annexure section under the “Verification” heading. Note 7A instructs taxpayers to indicate “P” if they are seeking lower deduction or no deduction based on a notification issued under sub-section (1F) of section 197A. This amendment takes effect from July 1, 2024.
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, as follows:––
- (1) These rules shall be known as the Income-tax (Sixth Amendment) Rules, 2024. (2) They shall come into force on the 1st day of July, 2024.
- 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.’.