Important changes to Income Tax Rules

Central Board of Direct Taxes have recently amended the Income Tax Rules which were declared through notifications.

 The important amendments via this notification of amendments are as follows :
1. Declaration changes relating to compliance and reporting for In-House Research projects amending Rule 6 and Form 3CL, 3CLA for the same. (Notification No.29 of 28.04.2016). Effective from 01.07.2016

2. Notification No. 30 of 29.04.2016 effective from 01.06.2016:
Inserted new Rule 26C for 'Furnishing of evidence of claims by employee for claiming deductions under section 192' i.e. submitting proofs to avail Salary deduction benefits.
Its details are as follows:
The employee shall submit details of Investments, expenses etc. in Form 12BB along with proofs
for the following tax deduction benefits :

Sr. No.	Claim made	Evidence/Particulars
1.	House Rent Allowance	Name, address and permanent account number of the landlord/landlords where the aggregate rent paid during the previous year exceeds rupees one lakh
2.	Leave travel concession or assistance.	Evidence of Expenditure
3.	Deduction of interest under the head “Income from house property”.	Name, address and permanent account number of the lender.
4.	Deduction under Chapter VI-A.  i.e. (80C, 80CCD, 80D, 80G etc.)	Evidence of Expenditure or Investment

Rule 30(2A) shall be substituted by '30 days' instead of '7 days'. i.e. For TDS under section 194IA (TDS at 1% on Immovable property Sale above Rs. 50 lacs) instead of depositing TDS within 7 days of next month during which TDS is done, it can now be deposited within 30 days of next month along with Form 26QB

Changes in TDS Returns due date. Extra 15 days time period has now been granted. The new due dates from FY 2016-17 for filing of TDS Returns are as follows:

Sr. No.	Quarter Ending	New Due date
1.	June i.e. Q1	31st July
2.	September i.e. Q2	31st October
3.	December i.e. Q3	31st January
4.	March i.e. Q4	31st May

 Format of Form 12BB

“FORM NO.12BB

(See rule 26C)

Statement showing particulars of claims by an employee for deduction of tax under section 192

1. Name and address of the employee:

2. Permanent Account:

Sr. No.	Nature of claim	Amount Rs.	Evidence/Particulars
1.	House Rent Allowance: (i) Rent paid to the landlord (ii) Name of the landlord (iii) Address of the landlord (iv) Permanent Account Number of the landlord Note: Permanent Account Number shall be furnished if the aggregate rent paid during the previous year exceeds one lakh rupees
2.	Leave travel concessions or assistance
3.	Deduction of interest on borrowing: (i) Interest payable/paid to the lender (ii)Name of the lender (iii) Address of the lender (iv) Permanent Account Number of the lender (a) Financial Institutions(if available) (b) Employer(if available) (c) Others
4.	Deduction under Chapter VI-A (A) Section 80C,80CCC and 80CCD (i) Section 80C (a) …………….. (b) …………….. (c) …………….. (d) …………….. (e) …………….. (f) …………….. (g) …………….. (ii) Section 80CCC (iii) Section 80CCD (B) Other sections (e.g. 80E, 80G, 80TTA, etc.) under Chapter VI-A. (i) section………………. (ii) section………………. (iii) section……………… (iv) section………………. (v) section……………….
	Verification
	I,…………………..,son/daughter of……………………….. do hereby certify that the information given above is complete and correct.
	Place ..........................
	Date.................	Signature of Employee .............
	Designation...................	Full Name.............