Executive Summary:
This notification from the Central Board of Direct Taxes amends the Income-tax Rules, 1962, regarding information returns and financial transactions. It introduces the term "Statement of Financial Transactions" and modifies rule 114E and Form No. 61A accordingly. The amended rule 114E is applicable to specified financial transactions carried out from April 1, 2015, to March 31, 2016.
Key Points / Main Content:
Amendments to Income-tax Rules, 1962:
* The rules are further amended under section 285BA, read with section 295 of the Income-tax Act, 1961.
* This rule is called the Income-tax 7th Amendment Rule, 2016 and is effective from April 1, 2015.
Changes to Rule 114E:
* The heading of rule 114E is amended to include "or Statement of Financial Transactions" after "Information Return".
* Sub-rule 1 is modified to include "or statement of financial transactions" after "annual information return."
* Sub-rule 4 is amended, replacing "return" with "return or statement" and "Annual Information Return Administrator" with "Annual Information Return or Statement of Financial Transaction Administrator" where applicable.
* Sub-rule 7 is amended to include "or Statement of Financial Transaction" after "Annual Information Return."
* Except for sub-rules 1, 4, and 7, the word "return" is replaced with "return or statement" throughout the rule.
Changes to Form No. 61A:
* The words "Annual Information Return" are replaced with "Annual Information Return or Statement of Financial Transactions."
* The word "return" is replaced with "return or statement."
Applicability:
* Amended Rule 114E is applicable for specified financial transactions from April 1, 2015, to March 31, 2016.
Impact Analysis:
Tax Payers/Entities involved in Financial Transactions:
* Impact: Entities responsible for reporting financial transactions now need to be aware of the inclusion of "Statement of Financial Transactions" and comply with the updated rules. They must understand the changes to rule 114E and Form No. 61A.
* Action Required: Update reporting processes and forms to reflect the changes, ensuring that both annual information returns and statements of financial transactions are accurately prepared and submitted.
Income Tax Department/Central Board of Direct Taxes:
* Impact: The department needs to implement and administer the amended rules, including processing both annual information returns and statements of financial transactions.
* Action Required: Update internal systems and guidelines to accommodate the changes and ensure staff are trained on the new requirements.
Annual Information Return/Statement of Financial Transaction Administrators:
* Impact: Responsible for administering both Annual Information Returns and Statements of Financial Transactions.
* Action Required: Update administration processes and ensure compliance with the new requirements.
Key Entities Referenced
Income-tax Act, 1961: A legal act which is being amended.
Central Board of Direct Taxes: The organization issuing the notification and making amendments to the rules.
Income-tax Rules, 1962: The set of rules being amended by this notification.
Income-tax 7th Amendment Rule, 2016: The title of the amendment being introduced.
Section 285BA: Section of the Income-tax Act, 1961 that confers powers.
Section 295: Section of the Income-tax Act, 1961 that confers powers.
Form No. 61A: The form being amended by substituting words
New Delhi: Place of publication of notification
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(iii) उपिनयम 4 म(cid:19), -
(I) खंड क म(cid:19), -
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1373 GI/2016 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
(II) खंड ख म,(cid:19) -
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[अिधसूचना सं.19/2016/फा. सं. 142/28/2012-(एसओ) टीपीएल]
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MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 18th March, 2016
S.O. 1155(E).—In exercise of the powers conferred by section 285BA, read with section 295 of the
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. This rule may be called the Income–tax (7thAmendment) Rule, 2016 and shall be deemed to have
come into force from the 1st day of April, 2015.
2. In the Income-tax Rules, 1962 (hereinafter referred to as the Rules), in rule 114E,—
(i) in the marginal heading, after the words “Information Return”, the words “or Statement of
Financial Transactions” shall be inserted;
(ii) in sub-rule (1), for the words “annual information return”, the words “annual information
return or statement of financial transactions, as the case may be,” shall be substituted;
(iii) in sub-rule (4),—
(I) in clause (a),—
(A) for the word “return”, wherever it occurs, the words “return or statement” shall be substituted;¹Hkkx IIµ[k.M 3(ii)º Hkkjr dk jkti=k % vlk/kj.k 3
(B) in both the provisos, for the words and figure “Annual Information Return- Administrator”,
wherever they occur, the words and figure “Annual Information Return or Statement of
Financial Transaction- Administrator” shall be substituted;
(II) in clause (b),—
(A) in the long line, for the word “return” , the words “return or the statement” shall be substituted;
(B) in clause (ii), for the word “return”, the words “return or the statement” shall be substituted;
(iv) in sub-rule (7), for the words “Annual Information Return”, the words “Annual Information
Return or Statement of Financial Transaction” shall be substituted;
(v) in this rule, except sub-rules (1), (4) and (7), for the word “return”, wherever it occurs, the
words “return or statement” shall be substituted.
3. In the Appendix II to the Rules, in Form No.61A,—
(a) for the words “Annual Information Return”, wherever they occur, the words “Annual Information
Return or Statement of Financial Transactions” shall be substituted;
(b) for the word “return”, wherever it occurs, the words “return or statement” shall be substituted.
4. Rule 114E of the Rules, as amended by this rule shall be applicable for the specified financial transactions
carried out during the period from 1st April,2015 to 31st March, 2016.
[Notification No. 19/2016/F. No. 142/28/2012-(SO) TPL]
EKTA JAIN, Dy. Secy.
Note : The principal rules were published vide notification S.O. 969(E), dated the 26th March, 1962 and last
amended vide notification S.O.1146(E), dated the 17th March 2016.
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and Published by the Controller of Publications, Delhi-110054.