Rule – 37B, Returns regarding tax deducted at source on computer media under sub-section (2) of section 206
March 21, 2018Rule – 37BB, Furnishing of information for payment to a non-resident, not being a company, or to a foreign company
March 21, 2018
37BA. (1) Credit for tax deducted at source and paid to the Central Government in accordance with the provisions of Chapter XVII, shall be given to the person to whom payment has been made or credit has been given (hereinafter referred to as deductee) on the basis of information relating to deduction of tax furnished by the deductor to the income-tax authority or the person authorised by such authority.
(2) 27[(i) Where under any provisions of the Act, the whole or any part of the income on which tax has been deducted at source is assessable in the hands of a person other than the deductee, credit for the whole or any part of the tax deducted at source, as the case may be, shall be given to the other person and not to the deductee :
Provided that the deductee files a declaration with the deductor and the deductor reports the tax deduction in the name of the other person in the information relating to deduction of tax referred to in sub-rule (1).]
(ii) The declaration filed by the deductee under clause (i) shall contain the name, address, permanent account number of the person to whom credit is to be given, payment or credit in relation to which credit is to be given and reasons for giving credit to such person.
(iii) The deductor shall issue the certificate for deduction of tax at source in the name of the person in whose name credit is shown in the information relating to deduction of tax referred to in sub-rule (1) and shall keep the declaration in his safe custody.
(3) (i) Credit for tax deducted at source and paid to the Central Government, shall be given for the assessment year for which such income is assessable.
(ii) Where tax has been deducted at source and paid to the Central Government and the income is assessable over a number of years, credit for tax deducted at source shall be allowed across those years in the same proportion in which the income is assessable to tax.
(4) Credit for tax deducted at source and paid to the account of the Central Government shall be granted on the basis of—
| (i) | the information relating to deduction of tax furnished by the deductor to the income-tax authority or the person authorised by such authority; and | |
| (ii) | the information in the return of income in respect of the claim for the credit, |
subject to verification in accordance with the risk management strategy formulated by the Board from time to time.]
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2 Comments
Dear Sir
In a case where the Deductee (HUF) has to give a declaration to us ( Deductor) to give credit of Rent and deduction of TDS to the HUF, Kartha of HUF & one member of HUF equally through a Declaration under Rule 37BA of the IT Rules. Is there any format of declaration in this case.
There is no specific format given in Income tax law for the declaration under rule 37BA. Deductee can submit such declaration to deductor in a customized format which contain the details i.e. Name, Address and PAN of the person to whom such credit is to be given, payment or credit in relation to which such credit is to be given and reasons for giving credit to such person.