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Rule 31AC of Income Tax Rules 1962: Form No. 26QA - Section 206A

Rule 31AC : Maintenance of particulars of time deposits by a banking company for furnishing quarterly return under section 206A
(Chapter: VI - Deduction of Tax at Source)

(1) Every branch of a banking company, which is required to make a quarterly return under sub-section (1) of section 206A in respect of interest on time deposits without deduction of tax at source, shall keep and maintain the particulars of such time deposits in Form No. 26QA.

(2) Every branch referred to in sub-rule (1) which is maintaining its daily accounts on computer media, shall keep and maintain the particulars in Form No. 26QA on computer readable media.




Extra Notes for Readers:

- Rule 31AC was introduced by the Income Tax (17th Amendment) Rules 2005, w.e.f. 28th June 2005
- Rule 31AC was substituted by the Income Tax (2nd Amendment) Rules 2006, w.e.f. 17th March 2006



Check at Income Tax Dept. official site for latest version of the Rule.

This page was created/last updated on 17th October 2016.

2 comments:

  1. Basically it is for 15g and 15h form??

    ReplyDelete
    Replies
    1. With ref to Rule 29C - Form 15G and 15H are declarations (under section 197A) made by individuals claiming certain incomes without TDS.

      Under Rule 31AC, every branch of a banking company is required to maintain the particulars of time deposits in Form No. 26QA. Here, the interest on time deposits are paid by the banking company without TDS.

      Important to note here is that the individuals, who are getting interest on time deposits without TDS, do not have to furnish to the banking company Form 15G or 15H in order to claim no deduction of tax on the interest of time deposits because they are already exempted from TDS under sub-section (3) of section 194A.

      This is my understanding of the matter.

      Delete

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