Income-tax (22nd Amendment) Rules, 2015

By | January 5, 2016

CBDT has issued notification dated 30/12/2015, amending Rules 114B, 114C, 114D, 114E.

W.E.F. 01/04/2016, all assessees (liable for tax audit u/s 44AB), will have to file Annual Information Return in Form 61A, in case of receipt of cash payment exceeding Rs. 2 Lakh for sale of goods/services.

Further, cash deposits or cash withdrawal of more than Rs. 50 Lakh in all current accounts in a bank will have to be reported in AIR.

S.O. 3545(E)- In exercise of the powers conferred by S. 139A, S. 271FAA and S. 285BA, r/w S. 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. (1) These rules may be called the Income–tax (22nd Amendment) Rules, 2015.

(2) Rules 114B, 114C and 114D shall come into force from the 1 st day of January, 2016 and rule 114E shall come into force from the 1 st day of April, 2016. 2. In the Income-tax Rules, 1962 (hereinafter referred to as the said rules).

For rules 114B, 114C, 114D and 114E, the following rules shall respectively be substituted:

114B. Transactions in relation to which permanent account number is to be quoted in all documents for the purpose of clause (c) of sub-section (5) of section 139A.- Every person shall quote his permanent account number in all documents pertaining to the transactions specified.

114C. Verification of Permanent Account Number in transactions specified in rule 114B.

114D. Time and manner in which persons referred to in rule 114C shall furnish a statement containing particulars of Form No. 60.

114E. Furnishing of statement of financial transaction.

Note:- The principal rules were published vide notification S.O. 969 (E), dated the 26th March, 1962 and last amended vide notification GSR 978E, dated the 16th December, 2015.

For all further detail, follow the given link:

Notification No. 95/2015 [F.No.142/28/2012-(SO)TPL] / SO 3545(E) : Income-tax (22nd Amendment) Rules, 2015 !New 30 December 2015.

http://www.incometaxindia.gov.in/communications/notification/notification95_2015.pdf

Leave a Reply