TDS RULE 31A AND ANNEXURES TO FORMS 26Q, 27EQ, AND 27Q ARE AMENDED BY THE CBDT
The Central Board of Direct Taxes hereby establishes the following regulations to alter the Income-tax Rules, 1962, in accordance with the authorities provided by sections 194, 194A, 194Q, 196D, 206AB, and 206CCA of the Income-tax Act, 1961, (43 of 1961).
- In rule 31A, sub-rule (4) of the Income-tax Rules, 1962 –
(a) in place of clause (x), the following clause should be substituted: –
‘(x) gives details of any sum paid or credited on which tax was not deducted or was deducted at a reduced rate as a result of the notification made under section 194A’s sub-section (5) or the exemption given under clause (x) of section 194A’s sub-section (3).’
(b) the following provisions are to be added after clause (xiii), namely: –
(xiv) disclose particulars of any sum paid or credited on which tax was not deducted in accordance with clause (d) of section 194’s second proviso or the notification given under clause (e) of section 194’s second proviso;
(xv) specify the amount paid or credited on which tax was not deducted due to the proviso to subsection (1A) or section 196D’s sub-section (2).
(xvi) specify the amount paid or credited on which tax was not deducted in accordance with sub-section, Section 194Q, subsection (5), takes effect from July 1, 2021.”
- The words “, who is a resident,” in clause (ii) of the principal regulations, Appendix II, form 26A, Annexure A, shall be removed.
- Form 26Q is included in Appendix II to the main regulations.
NEW STANDARDS REQUIRE SOCIAL MEDIA INFLUENCERS TO INCORPORATE LABELS FOR PAID CONTENT
The Advertising Standards Council of India (ASCI), which regulates the advertising sector, will require online influencers to conspicuously mark promotional content and conduct proper due diligence on the items or services they endorse. All commercial interactions or advertisements published on or after June 14 will be subject to the final criteria for influencer advertising on digital media platforms.
According to ASCI, branded content disclosures must be clearly visible and remain on the material for a certain amount of time, depending on the length of the video. These principles apply to material on a variety of platforms, including blogs, applications, websites, social networking platforms, video streaming platforms, and digital terrestrial television.\
If the advertiser receives a complaint, the influencer might be asked to delete or alter advertising or the disclosure label in order to comply with the ASCI code and rules. Consumers have the right to understand the distinction between paid and organic content in order to make an educated decision.
ASCI has teamed with Reech, a French technology firm, to actively monitor social media sites for defaulters. Reech will employ artificial intelligence (AI) to examine digital information. Along with the rules, ASCI is creating the ASCI. Social portal, which will serve as a one-stop source for all guidelines-related material. The interactive web platform will include dos and don’ts, FAQs, and information on the standards, among other things. Social aspires to build a network of social media influencers, consumers, marketers, and talent management firms over time.