03 Jun CBDT Notifies Income-tax (Sixth Amendment) Rules, 2024 Regarding Form No. 27Q Verification
The Central Board of Direct Taxes (CBDT) has issued Notification No. 48/2024 dated May 31, 2024, announcing the Income-tax (Sixth Amendment) Rules, 2024. These rules amend Form No. 27Q of the Income-tax Rules, 1962. Specifically, in the Annexure section under the “Verification” heading, a new note, designated as Note 7A, has been added. This note instructs taxpayers to write “P” if they are applying for a lower deduction or no deduction based on a notification issued under sub-section (1F) of section 197A. This amendment is effective 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, namely:––
- (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.
- 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.’”
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