Executive Summary:
This is a corrigendum issued by the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, Government of India, published in the Gazette of India on July 6, 2017. It addresses an error in Notification No. 582017, dated July 3, 2017, specifically regarding the name, address, and Permanent Account Number details related to financial transactions. The correction replaces "lender, or depositor or person from whom specified advance is received" with "payer."
Key Points / Main Content:
* **Correction to Notification No. 582017:**
* The corrigendum addresses an error in the aforementioned notification, which was initially published under G.S.R. 821E, dated July 3, 2017.
* The correction is located in Part II, Section 3, Sub-section i, at page 4.
* **Specific Amendment:**
* In clause (d) and (e), sub-clause (i), the phrase "name, address and Permanent Account Number if available with the assessee of the lender, or depositor or person from whom specified advance is received" is replaced with "name, address and Permanent Account Number if available with the assessee of the payer."
Impact Analysis:
**Assessees:**
* *Impact:* The correction clarifies the reporting requirements related to financial transactions. Assessees must now provide information about the "payer" rather than the "lender, depositor, or person from whom specified advance is received."
* *Action Required:* Ensure that when reporting financial transactions, the name, address, and Permanent Account Number (if available) of the payer are accurately recorded and submitted, rather than that of the lender, depositor, or person from whom an advance was received.
**Tax Authorities/Department of Revenue:**
* *Impact:* This correction ensures accurate data collection and reporting of financial transactions, which aids in tax administration and compliance.
* *Action Required:* Update internal guidelines and systems to reflect the change from reporting details of the "lender, depositor, or person from whom specified advance is received" to the "payer" in relevant financial transactions.
Key Entities Referenced
Ministry of Finance: A department of the Government of India responsible for financial matters.
Department of Revenue: A department under the Ministry of Finance, Government of India, responsible for tax collection and administration.
Central Board of Direct Taxes: A body under the Department of Revenue, Ministry of Finance, Government of India, responsible for direct tax policies and administration.
New Delhi: The capital city of India where the notification corrigendum was issued.
Income-tax: Relates to the income tax related notification.
G.S.R. 841E: An identification number assigned to the notification related to Income tax.
Permanent Account Number: A unique identification number for taxpayers in India.
Salil Mishra: Director of Tax Policy and Legislation.
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PART II—Section 3—Sub-section (i)
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No. 605] NEW DELHI, THURSDAY, JULY 6, 2017/ASADHA 15, 1939
ििििवववव(cid:7275)(cid:7275)(cid:7275)(cid:7275) मममम(cid:7074)(cid:7074)ंं(cid:7074)(cid:7074)ंं ााााललललयययय
((((ररररााााजजजज(cid:7021)(cid:7021)(cid:7021)(cid:7021)वववव ििििववववभभभभाााागगगग))))
((((ककककेेेे(cid:7008)(cid:7008)(cid:7008)(cid:7008)(cid:7076)(cid:7076)(cid:7076)(cid:7076)ीीीीयययय (cid:7079)(cid:7079)(cid:7079)(cid:7079)(cid:7004)(cid:7004)(cid:7004)(cid:7004)यययय(cid:6979)(cid:6979)(cid:6979)(cid:6979) ककककरररर बबबबोोोोडडडड))(cid:6981)(cid:6981))(cid:6981))(cid:6981)
शशशशििुुििुु (cid:7373)(cid:7373)(cid:7373)(cid:7373)पपपप(cid:7074)(cid:7074)(cid:7074)(cid:7074)
नई (cid:7408)द(cid:7016)ली, 6 जुलाई, 2017
आआआआययययककककरररर
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सं(cid:6990)या 58/2017, (cid:7408)दनांक 03 जुलाई, 2017, िजसे सा.का.िन. 821(अ) (cid:7408)दनांक 03 जुलाई, 2017 के तहत भारत के
राजप(cid:7074), असाधारण, के भाग II ख(cid:7003)ड 3 उपख(cid:7003)ड (i) म (cid:7286) (cid:7079)कािशत (cid:7408)कया गया था के,—
पृ(cid:7399) 2 पर
(i)(cid:32) ख(cid:7003)ड (घ) म,(cid:7286) उपख(cid:7003)ड (i) म,(cid:7286) —
“उधार देने वाले या िन(cid:6979)ेपकता(cid:6981) या वह (cid:7390)ि(cid:7334) िजससे िविन(cid:7416)द(cid:7397) अि(cid:7061)म (cid:7079)ा(cid:7385) (cid:7408)कया गया ह,ै उसका नाम, पता और (cid:7021)थायी
खाता सं(cid:6990)या (य(cid:7408)द िनधा(cid:6981)(cid:7407)रती के पास उपल(cid:7011)ध हो);” के (cid:7021)थान पर, “भुगतानकता(cid:6981) का नाम, पता और (cid:7021)थायी खाता सं(cid:6990)या
(य(cid:7408)द िनधा(cid:6981)(cid:7407)रती के पास उपल(cid:7011)ध हो);” पढ़(cid:7286);
पृ(cid:7399) 3 पर
(ii)(cid:32) ख(cid:7003)ड (ड.) म,(cid:7286) उपख(cid:7003)ड (i) म,(cid:7286) —
“उधार देने वाले या िन(cid:6979)ेपकता(cid:6981) या वह (cid:7390)ि(cid:7334) िजससे िविन(cid:7416)द(cid:7397) अि(cid:7061)म (cid:7079)ा(cid:7385) (cid:7408)कया गया ह,ै उसका नाम, पता और (cid:7021)थायी
खाता सं(cid:6990)या (य(cid:7408)द िनधा(cid:6981)(cid:7407)रती के पास उपल(cid:7011)ध हो);” के (cid:7021)थान पर, “भुगतानकता(cid:6981) का नाम, पता और (cid:7021)थायी खाता सं(cid:6990)या
(य(cid:7408)द िनधा(cid:6981)(cid:7407)रती के पास उपल(cid:7011)ध हो);” पढ़(cid:7286);
[अिधसूचना सं. 60/2017/फा.सं. 370142/10/2017-टीपीएल]
सिलल िम(cid:7088)ा, िनदेशक (कर नीित और िवधान)
4179 GI/2017 (1)(cid:32)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
CORRIGENDUM
New Delhi, the 6th July, 2017
INCOME-TAX
G.S.R. 841(E).—In the notification of the Government of India, Ministry of Finance, Department of
Revenue (Central Board of Direct Taxes), number 58/2017, dated the 3rd July, 2017, published (cid:101)(cid:118)(cid:105)(cid:100) number
G.S.R. 821(E) dated the 3rd July, 2017, in the Gazette of India, Extraordinary, Part II, Section 3, Sub-
section (i), at page 4,—
(i) in clause (d), in sub-clause (i),—
for “name, address and Permanent Account Number (if available with the assessee) of the lender, or
depositor or person from whom specified advance is received;” read as “name, address and Permanent
Account Number (if available with the assessee) of the payer;”
(ii) in clause (e), in sub-clause (i),–
for “name, address and Permanent Account Number (if available with the assessee) of the lender, or
depositor or person from whom specified advance is received;” read as “name, address and Permanent
Account Number (if available with the assessee) of the payer;”
[Notification No. 60/2017/F. No. 370142/10/2017–TPL]
SALIL MISHRA, Director (Tax Policy & Legislation)
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