In compliance with Section 139A(5)(c) of the Income Tax act

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This discussion clarifies that Section 139A(5)(c) of the Income Tax Act, 1961, which mandates quoting a specific number in certain transactions, is applicable to companies as well as other entities defined under Section 2(31). While direct links to notifications are not provided, the conversation points to Section 2(31) for the definition of 'person' and refers to Rules 114B to 114D and Forms 60 & 61 for further details on prescribed documentation.

Chandrasekhar Reddy J

Chandrasekhar Reddy J (Querist)
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01 October 2021 Dear sir
Its applicable for companies also .
And please share notification

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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01 October 2021 Yes....
In terms of Section 2 (31) of the Income Tax Act, 1961, a person has been defined to include (i) an individual,
(ii) a Hindu undivided family,
(iii) a company,
(iv) a firm,
(v) an association of person or a body of individuals, whether incorporated or not,
(vi) a local authority, and
(vii) every artificial juridical

Chandrasekhar Reddy J

Chandrasekhar Reddy J (Querist)
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01 October 2021 Dear sir,
can you please share the circular or notification link

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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01 October 2021 My dear, read section 2, subsection 31 of IT act. There is no provision to send you link here.

Chandrasekhar Reddy J

Chandrasekhar Reddy J (Querist)
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01 October 2021 link regarding the : Section 139A(5)(c) and Rule 114B

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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01 October 2021 Read:: Sec 139(5) ::: Every person shall— .... (c) quote such number in all documents pertaining to such transactions as may be prescribed (56) by the Board in the interests of the revenue, and entered into by him:
Foot note on 56.:: See rules 114B to 114D and Form Nos. 60 & 61.

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