Rule 219 - Statement of deduction or collection of tax at source

TDS/TCS statement furnishing. 219. (1) Every person responsible for deduction or collection of tax at source under Chapter XIX-B shall, per section 397(3)(b), deliver quarterly statements to the Director General of Income-tax (Systems): in Form No. 138 for tax under section 392 (other than 392(7)) and section 393(1) [Table: Sl. No. 8(iii)]; in Form No. 144 for tax under sections 392(7), 393(2) and 393(3) where the deductee is a non-resident (not being a company or foreign company) or a resident but not ordinarily resident; in Form No. 140 for tax under sections 392(7), 393(1) (other than Sl. No. 8(iii)) and 393(3) for any other deductee; and in Form No. 143 for tax under section 394(1). (2) Where, under guidelines issued under section 400(2) read with section 393(1) [Table: Sl. No. 8(vi)], a virtual-digital-asset exchange agrees to pay tax on a transaction as an alternative to deduction by the buyer, the exchange shall deliver a quarterly statement of such transactions in Form No. 142. (3) The exchange shall, when preparing Form No. 142, furnish particulars of amounts paid or credited on which tax was not deducted per those guidelines. (4) The statements under sub-rules (1) and (2) are due: for the quarter ending 30 June, by 31 July; for the quarter ending 30 September, by 31 October; for the quarter ending 31 December, by 31 January; and for the quarter ending 31 March, by 31 May of the financial year immediately following the relevant tax year. (5) Notwithstanding sub-rules (1), (2) or (4), a challan-cum-statement in Form No. 141 shall be furnished within thirty days from the end of the month of deduction, for tax deducted under section 393(1) [Table: Sl. Nos. 2(i), 3(i), 6(ii) and 8(vi)]. (6) A claim for refund of a sum paid to the Central Government's credit under Chapter XIX-B shall be furnished by the deductor in Form No. 139. (7) Where trustees of an approved superannuation fund pay an employer's contributions (including interest) to an employee during his lifetime, they shall, within two months of the end of the financial year, send the Director General of Income-tax (Systems) a statement giving: the fund's name; the employee's name and address; the period of the employee's contribution; the amount of principal and interest repaid; the average tax-deduction rate over the preceding three years; and the tax deducted on repayment. (8) A signed verification, in the form "We/I, the trustee(s) of the above named fund, do declare that what is stated in the above statement is true to the best of our/my information and belief," shall be annexed to the statement in sub-rule (1). (9) For the purposes of sub-rule (2), "exchange" means a person operating an application or platform matching and executing buy/sell trades in virtual digital assets, and "virtual digital asset" has the meaning assigned in section 2(111).