Rules/Amendment
Rules
I.T.
(Twenty-first Amdt.) Rule, 2005
Income-tax
(Twenty First) Amendment - Rules, 2005 - Substitution of rule 114E; omission of
Form No. 65 and insertion of Form No. 61A in Appendix II of Income-tax Rules,
1962
Notification
No. 182/2005 [F.No. 142/44/2003-TPL], Dated 11-7-2005
In
exercise of the powers conferred by section 295 read with section 285BA of
Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby
makes the following rules further to amend the Income-tax Rules, 1962,
namely:
1.
(1) These rules may be called the Income-tax (Twenty-first Amendment) Rules,
2005.
(2)
They shall be deemed to have come into force from the 1st day of December,
2004.
2.
In the Income-tax Rules, 1962,
(a) for rule 114E, the following shall be
substituted, namely :
114E.
Furnishing of Annual Information Return.(1) The annual information return
required to be furnished under sub-section (1) of section 285BA shall be
furnished in Form No. 61A and shall be verified in the manner indicated
therein.
(2)
The return referred to in sub-rule (1) shall be furnished by every person
mentioned in column (2) of the Table below in respect of all transactions of the
nature and value specified in the corresponding entry in column (3) of the said
Table, which are registered or recorded by him during a financial year beginning
on or after the 1st day of April, 2004:
Table
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Sl.
No. |
Class
of person |
Nature
and value of transaction |
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(1) |
(2) |
(3) |
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1 |
A
Banking company to which the Banking Regulation Act, 1949 (10 of 1949),
applies (including any bank or banking institution refer- red to in
section 51 of that Act). |
Cash
deposits aggregating to ten lakh rupees or more in a year in any savings
account of a person maintained in that bank. |
|
2. |
A
banking company to which the Banking Regulation Act, 1949 (10 of 1949),
applies (including any bank or banking institution referred to in section
51 of that Act) or any other company or institution issuing credit
card. |
Payments
made by any person against bills raised in respect of a credit card issued
to that person, aggregating to two lakh rupees or more in the
year. |
|
3. |
A
trustee of a Mutual Fund or such other person managing the affairs of the
Mutual Fund as may be duly authorised by the trustee in this
behalf. |
Receipt
from any person of an amount of two lakh rupees or more for acquiring
units of that Fund. |
|
4. |
A
company or institution issuing bonds or
debentures. |
Receipt
from any person of an amount of five lakh rupees or more for acquiring
bonds or debentures issued by the company or
institution. |
|
5. |
A
company issuing shares through a public or rights
issue. |
Receipt
from any person of an amount of one lakh rupees or more for acquiring
shares issued by the company. |
|
6. |
Registrar
or Sub-Registrar appointed under section 6 of the Registration Act,
1908. |
Purchase
or sale by any person of immovable property valued at thirty lakh rupees
or more. |
|
7. |
A
person being an officer of the Reserve Bank of India, constituted under
section 3 of the Reserve Bank of India Act, 1934, who is duly authorized
by the Reserve Bank of India in this behalf. |
Receipt
from any person of an amount or amounts aggregating to five lakh rupees or
more in a year for bonds issued by the Reserve Bank of
India. |
(3)
The return referred to in sub-rule (1) shall be furnished to the Commissioner of
Income-tax (Central Information Branch):
Provided
that where the Board has authorised an agency to receive such return on behalf
of the Commissioner of Income-tax (Central Information Branch), the return shall
be furnished to that agency.
(4)(a)
The return comprising Part A and Part B of Form No. 61A referred to in sub-rule
(1) shall be furnished on computer readable media being a floppy (3.5 inch and
1.44 MB capacity) or CD-ROM (650 MB or higher capacity) or Digital Video Disc
(DVD), along with Part-A thereof on paper.
Provided
that a person responsible for furnishing the return, may, at his option, furnish
the return through online transmission of electronic data to a server designated
by the Annual Information Return - Administrator referred to in sub-rule (7) for
this purpose under the digital signature of the person specified in sub-rule
6:
Provided
further
that the return shall be prepared in accordance with the data structure
specified by the Annual Information Return - Administrator referred to in
sub-rule (7) in this regard;
(b)
The person responsible for furnishing the return shall ensure
that
(i)
if the data relating to the return or statement is copied using data
compression or backup software utility, the corresponding software utility or
procedure for its decompression or restoration shall also be furnished along
with the computer media return or statement;
(ii)
the return is accompanied with a certificate regarding clean and virus
free data.
Explanation.For
the purposes of this sub-rule, digital signature means a digital signature
issued by any Certifying Authority authorised to issue such certificates by the
Controller of Certifying Authorities.
(5)
The return referred to in sub-rule (1) shall be furnished on or before 31st
August, immediately following the financial year in which the transaction is
registered or recorded.
(6)
The return referred to in sub-rule (1) shall be signed and verified
by-
(a)
in a case where the person furnishing the return is an assessee as
defined in clause (7) of section 2 of the Act, by a person specified in section
140 of the Act;
(b)
in any other case, by the person referred to in column (2) of the Table
below sub-rule (2).
(7)
The Board may appoint an officer designated as Annual Information
Return-Administrator, not below the rank of the Commissioner of Income-tax for
the purposes of day to day administration of furnishing of the Annual
Information Return including specification of the procedures, data structure,
formats and standards for ensuring secure capture and transmission of data,
evolving and implementing appropriate security, archival and retrieval
policies;
(b)
in Appendix-II,
(i)
Form No. 65 relating to Annual Information Return under section 285BA of
the Income-tax Act, 1961, inserted vide the Income-tax (17th Amendment
Rules), 2004 shall be omitted;
(ii)
after Form No. 61, the following Form shall be inserted,
namely:
FORM No.
61A
[See
rule 114E]
Annual Information Return under section 285BA of the Income-tax Act,
1961
(PART-A)
n
Please see the instructions and fill up relevant
columns
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1.
Name of the person (in block letters) |
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(Please leave one blank box between two
words.)
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2.
Permanent Account Number (PAN) of the person (see instructions)
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3.
Folio Number of the person (see instructions) |
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4. Address
(in block letters) (Please leave one blank box between two
words.)
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4.1 Flat No. |
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4.2
House/Premises No. |
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4.3
Floor No. |
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4.4
Building Name |
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4.5 Block/Sector |
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4.6
Road/Street |
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4.7
Locality/Colony |
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4.8 City |
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4.9
State Code (Refer to State Code in instructions) |
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4.10
Pin Code |
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5.
Status |
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(Individual-I, Company-C, Firm-F, Hindu
undivided family-H, Government Office-G, Banks-B,
Others-O) |
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6.
Financial Year (transactions relating to which are
reported) |
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