Income-tax (First Amendment) Rules, 2011 - Amendment in rules 6DDA, 6DDB and Appendix-II

Income-tax (First Amendment) Rules, 2011 - Amendment in rules 6DDA, 6DDB and Appendix-II

NOTIFICATION NO. 14/2011 [F. NO. 142/25/2008-SO(TPL)]

DATED 9-3-2011

In exercise of the powers conferred by 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 (First Amendment) Rules, 2011.

(2) They shall come into force on the 1st day of April, 2011.

2. In rule 6DDA of the Income-tax Rules, 1962,–

(a)  for clause (iv), the following clause shall be substituted, namely: –

“(iv) the stock exchange shall ensure that transactions (in respect of cash and derivative market)

once registered in the system are not erased”;

(b)  after clause (iv), the following clause shall be inserted, namely: –

“(v) the stock exchange shall ensure that the transactions (in respect of cash and derivative market) once registered in the system are modified only in cases of genuine error and maintain data regarding all transactions (in respect of cash and derivative market) registered in the system which have been modified and submit a monthly statement in Form No. 3BB to the Director General of Income-tax (Intelligence), New Delhi within fifteen days from the last day of each month to which such statement relates.”

3. In rule 6DDB of the Income-tax Rules, 1962, in clause (iii) of sub-rule (2), for the word, brackets and letters “clause (iv)”, the word, brackets and letter “clause (v)” shall be substituted.

4. In Appendix-II of the Income-tax Rules,1962, after Form No.3BA, the following Form shall be inserted, namely:-

FORM NO. 3BB

[See rule 6DDA]

Monthly statement to be furnished by a stock exchange in respect of transactions in which client codes been modified after registering in the system for the month of…………………

1.  Name and address of the Stock Exchange: ……………………………….

2.  Permanent Account Number: ……………………………….

3.  Details of transaction in which client codes have been modified after registering in system are enclosed in soft copy as annexure.

Verification

ANNEXURE TO FORM NO. 3BB

(Soft Copy)