INCOME-TAX (EIGHTH AMENDMENT) RULES, 2013 - INSERTION OF RULE
21AC AND FORM NO. 10FC
NOTIFICATION NO. 47/2013 [F.NO. 142/12/2013-TPL]/SO 1856(E), DATED 26-6-2013
In exercise of the powers conferred by sub-section (3) of section 94A 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. (1) These rules may be called the Income-tax (8th Amendment) Rules, 2013.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Income-tax Rules, 1962 (hereafter referred to as the principal rules), -
(a) after rule 21AB, the following rule shall be inserted, namely:-
"Furnishing of authorisation and maintenance of documents etc. for the
purposes of section 94A.
21AC. (1) For the purposes of clause (a) of sub-section (3) of section 94A, the
authorisation to be submitted by the assessee, shall be in Form No. 10FC.
(2) The assessee shall cause the first copy of the duly filled Form No. 10FC to
be deposited with or transmitted to the financial institution referred to in clause
(a) of sub-section (3) of section 94A.
(3) The second copy of the Form No. 10FC along with the evidence of the first
copy of said Form having been deposited or transmitted to the financial
institution shall be submitted by the assessee to the Assessing Officer having
jurisdiction over him.
For the purpose of ensuring that the authorisation in Form No. 10FC is legally
enforceable, the assessee shall take all necessary steps as are required under
any law for the time being in force in India or outside India.
(5) For the purposes of clause (b) of sub-section (3) of section 94A, the
assessee who has entered into a transaction with a person located in a notified
jurisdictional area (hereinafter referred to as the specified person) shall, in
addition to information and documents referred to in sub-rule (1) of rule 10D,
keep and maintain the following infformation and documents, namely:—
(a) a descripttion of the ownership structure of the specified person, including
name and address of individuals or other entities, whether located in the
notified jurisdictional area or outside, having directly or indirectly more
than ten per cent, shareholding or ownership interests;
(b) a profile of the multinational group of which the specified person is a part
along with the name, address, legal status and country of tax residence of
each of the enterprises comprised in the group with whom the assessee
has entered into a transaction, and ownership linkage among them;
(c) a broad descripttion of the business of the specified person and the
industry it operates in;
(d) any other information, data or document, which may be relevant for the
transaction with the specified person.
(6) The information and documents specified in sub-rule (5) shall be for the
period upto the due date of filing of return of income under sub-section (1) of
section 139.
(7) The information and documents specified in sub-rule (5) shall be kept and
maintained for a period of eight years from the end of the relevant assessment year
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