Statement of deduction or collection of tax at source under section 397(3)(b)

Corresponding 1962 rules: rules 31A and 31AA (Forms 138, 140, 143, 144 and 141 replace Forms 24Q, 26Q, 27EQ, 27Q and 26QB and the like).

Quarterly statements (sub-rule 1). Delivered under section 397(3)(b) to the Director General of Income-tax (Systems) or authorised person:

• Form No. 138: section 392 (other than section 392(7)) and section 393(1) [Table: Sl. No. 8(iii)].
• Form No. 144: sections 392(7), 393(2) and 393(3), for a deductee who is a non-resident (not being a company), a foreign company or a resident but not ordinarily resident.
• Form No. 140: sections 392(7), 393(1) (other than [Table: Sl. No. 8(iii)]) and 393(3), for other deductees.
• Form No. 143: section 394(1).

Virtual digital asset exchanges (sub-rules 2, 3 and 9). Where, under guidelines issued under section 400(2) read with section 393(1) [Table: Sl. No. (8)(vi)], an exchange has agreed to pay tax on a transfer of a virtual digital asset it owns, instead of the buyer deducting, the exchange delivers a quarterly statement in Form No. 142, including particulars of amounts paid or credited without deduction under those guidelines. An "exchange" is a person operating an application or platform that matches buy and sell trades in virtual digital assets and executes them; "virtual digital asset" has the meaning in section 2(111).

Due dates (sub-rule 4). 31st July for the quarter ending 30th June; 31st October for 30th September; 31st January for 31st December; and 31st May of the financial year immediately following the tax year for the quarter ending 31st March.

Challan-cum-statement (sub-rule 5). Irrespective of sub-rules (1), (2) and (4), a challan-cum-statement in Form No. 141 is furnished within thirty days from the end of the month of deduction by a person deducting under section 393(1) [Table Sl. Nos. (2)(i), (3)(i), (6)(ii) and (8)(vi)].

Refund (sub-rule 6). A deductor's claim for refund of a sum paid under Chapter XIX-B is made in Form No. 139.

Superannuation funds (sub-rules 7 and 8). Trustees of an approved superannuation fund who pay an employee, during his lifetime, contributions made by the employer with interest, send within two months from the end of the financial year a statement giving the fund's name; the employee's name and address; the period of contribution; the principal and interest repaid; the average rate of deduction in the preceding three years; and the tax deducted. Sub-rule (8) then requires a duly signed verification by the trustees, in the form set out in the rule, to be annexed to "the statement referred to in sub-rule (1)" (so printed, although the verification is a trustees' declaration and follows the superannuation provision).