The Central Board of Direct Taxes (CBDT) has notified the new Form 29D for refund of tax deducted.The Board has notified the Income-tax (26th Amendment) Rules, 2022. The amendment added a new Rule 40G to the Income-tax Rules of 1962 relating to Refund Claim under Section 239A. In the Income-tax Act, a new section 239A was added by the Finance Act of 2022. Section 239A states that if...
The Central Board of Direct Taxes (CBDT) has notified the new Form 29D for refund of tax deducted.
The Board has notified the Income-tax (26th Amendment) Rules, 2022. The amendment added a new Rule 40G to the Income-tax Rules of 1962 relating to Refund Claim under Section 239A.
In the Income-tax Act, a new section 239A was added by the Finance Act of 2022. Section 239A states that if no tax deduction was required, a taxpayer may apply to the Assessing Officer for a refund of tax deducted under Section 195 on any income (except interest).
As per Rule 40G, a claim for refund under section 239A shall be made on Form No. 29D. The claim shall be accompanied by a copy of the agreement or other arrangement referred to in section 239A. The claim may be presented by the claimant himself or through a duly authorised agent.
Form No. 29D deals with the application by a person under section 239A of the Income-tax Act, 1961, for a refund of tax deducted.
Notification No. 98/2022
Dated: 17.08.2022