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Incometax (Second Amendment) Rules, 2011 Substitution of rule 28AA and Form No. 13 in Appendix II and amendment in rule 31A

 

NOTIFICATION NO. 16/2011 [F.NO. 133/11/2011SO(TDL)/S.O. NO. 647(E)

DATED 2932011

S.O. 647 (E).: 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 Incometax Rules, 1962, namely:

1. (1) These rules may be called the Incometax (Second Amendment) Rules, 2011.

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

2. In the Incometax rules, 1962,  �

(a) for rule 28AA, the following rule shall be substituted, namely:

"Certificate for deduction at lower rates or no deduction of tax from income other than dividends.

28AA. (1) Where the Assessing Officer, on an application made by a person under subrule (1) of rule 28 is satisfied that existing and estimated tax liability of a person justifies the deduction of tax at lower rate or no deduction of tax, as the case may be, the Assessing Officer shall issue a certificate in accordance with the provisions of subsection (1) of section 197 for deduction of tax at such lower rate or no deduction of tax.

(2) The existing and estimated liability referred to in subrule (1) shall be determined by the Assessing Officer after taking into consideration the following:

(i)  tax payable on estimated income of the previous year relevant to the assessment year;

(ii)  tax payable on the assessed or returned income, as the case may be, of the last three previous years;

(iii)  existing liability under the Incometax Act,1961 and Wealthtax Act,1957;

(iv) advance tax payment for the assessment year relevant to the previous year till the date of making application under subrule (1) of rule 28;

(v) tax deducted at source for the assessment year relevant to the previous year till the date of making application under subrule (1) of rule 28; and

(vi) tax collected at source for the assessment year relevant to the previous year till the date of making application under subrule (1) of rule 28.

(3) The certificate shall be valid for such period of the previous year as may be specified in the certificate, unless it is cancelled by the Assessing Officer at any time before the expiry of the specified period.

(4) The certificate shall be valid only with regard to the person responsible for deducting the tax and named therein.

(5) The certificate shall be issued direct to the person responsible for deducting the tax under advice to the person who made an application for issue of such certificate.

(b) in rule 31A, in subrule (4), after clause (iv),the following clauses shall be inserted, namely:

"(v) furnish particulars of amount paid or credited on which tax was not deducted in view of the issue of certificate of no deduction of tax under section 197 by the Assessing Officer of the payee;

(vi) furnish particulars of amount paid or credited on which tax was not deducted in view of the compliance of provisions of subsection (6) of section 194C by the payee.

(c)  in AppendixII , for Form No.13, the following Form shall be substituted, namely:

"FORM NO. 13

[See rules 28 and 37G]

Application by a person for a certificate under sections 197

and/or 206C(9) of the Incometax Act, 1961, for no

*deduction/collection of tax or *deduction/

collection of tax at a lower rate

To

The Assessing Officer,

1. *I,________of_____do, hereby, request that a certificate may be issued to the person responsible for paying to me the incomes/sum by way of salary/interest on securities/interest other than "interest on securities/insurance commission/commission (not being insurance commission) or brokerage/commission, etc., on the sale of lottery tickets/fees for professional or technical services/any sum by way of payment to contractors and subcontractors/dividends/rent/income in respect of units/sum by way of payment of compensation on acquisition of immovable property (strike out whichever is not applicable) authorising him not to deduct incometax/to deduct incometax at the rate of____________per cent at the time of payment to me of such income/sum. The particulars of my income and other details are as per para 2.

and/or

*I,___________________of_____________________do, hereby, request that a certificate may be issued to the seller, being the person responsible for collecting the tax from me in respect of the amount payable by me as the buyer of_____________________________[specify the nature of goods referred to in the Table in subsection (1) of section 206C]/lessee or licensee of _______________________________________[specify the nature of contract or licence or lease referred to in the Table in subsection (1C) of section 206C] (Strike out whichever is not applicable) authorizing him to collect income tax at the rate of____________per cent at the time of debit of such amount to my account or receipt thereof from me, as the case may be. The particulars of my income and other details are as per para 2.

2. The particulars of my income and other details are as under :

(i)Status

(State whether individual, Hindu undivided family,

firm, body of individuals, Company, etc.)

(ii)   Residential status

(Whether resident / resident but not ordinarily resident / non resident)

(iii) Permanent Account No. (PAN)

(iv) Tax Deduction and Collection Account No. (TAN)

(v)  Details of returns/statements which have become due but have not been filed :

Section under which return/statement has become due

Assessment year/ quarter

Due date for  filing

Reason for not filing

(1)

(2)

(3)

(4)

Section  139

     

Section 200

     

Section 206C

     

(vi)  Details of returned income/ assessed income for the last three assessment years:

(enclose copies of returns of income filed along with their enclosures and copies of assessment orders, if assessed, for the last three assessment years.)

Assessment year

Total income as per return of income

Total income as per latest assessment

Total tax including interest payable   on returned income

Total tax including interest payable  on assessed income

(1)

(2)

(3)

(4)

(5)

         
         
         

(vii)Details of tax payment for the last three assessment years:

Assessment year

Total payment of tax including interest

Tax paid by way of Advance tax

Credit claimed for tax deduction at source.

Credit claimed for tax collection at source.

Tax paid by way of self assessment tax

Tax paid in response to notice of demand under section 156

(1)

(2)

(3)

(4)

(5)

(6)

(7)

             
             
             

(viii)  Details of sales, profit, etc. for the last three previous years in the case of assessee whose income include income under the head

"Profits and gains of business or profession: (enclose copies of profit and loss account and balance sheet along with audit report, if audited, for the last three previous years)

Previous year

Gross sales, turnover receipt of business or profession

Gross profit

Net profit

In rupees

In percentage to amount stated in column (1)

In rupees

In percentage to amount stated in column (1)

(1)

(2)

(3)

(4)

(5)

(6)

           
           
           

(ix)  Details of existing liability under Incometax Act, 1961 and Wealthtax Act, 1957:

Assessment Year/ period

Liability under the Incometax Act, 1961

Amount payable under the Wealthtax Act, 1957

Amount payable in respect of advancetax

Amount payable  for self assessment tax

Amount for which notice of demand under section 156 has been served but not paid.

Amount payable as deductor or collector which had become due but not paid.

(1)

(2)

(3)

(4)

(5)

(6)

           

(x)   Assessment year to which the payments relate

(xi)  Estimated total income of the previous year relevant to the assessment year referred to in

(x) above (give detailed computation and basis thereof)

(xii)Total tax including interest payable on the income at (xi)

(xiii)  How the liability mentioned in col. (ix) and col. (xii) is proposed to be discharged?

(xiv)   Details of payment of advance tax and tax already deducted/collected for the assessment year relevant to the current previous year till date.

Nature of prepaid tax  

Date of payment/deduction/collection

Advance tax

 

TDS

 

TCS

 

(xv) Details of income claimed to be exempt and not included in the total income in col. (xi) (Please append a note giving reason for claiming such exemption).

(xvi)   Please furnish the particulars in Annexure I in respect of no deduction of tax or deduction of tax at a lower rate under section 197 and/or in Annexure II for collection of tax at lower rate under section 206C(9) of the Incometax Act, as the case may be.

*I,__________________________the trustee/cotrustee of_______________________do hereby declare that the securities/sums/shares, particulars of which are given in the Annexure, are properly held under trust wholly for charitable or religious purposes and that the income there from qualifies for exemption under sections 11 and 13 of the Incometax Act, 1961.

*I declare that the securities/sums/shares, particulars of which are given in the Schedules above, stand in my name and are beneficially owned by me, and the income therefrom is not includible in the total income of any other person under sections 60 to 64 of the Income tax Act, 1961.

I further declare that what is stated in this application is correct.

Date________________  _____________________

Signature

Place________________   _____________________

 Address

*Strike out whichever is not applicable.

ANNEXURE I

[For the purpose of tax deduction at source]

Please furnish the particulars with the Schedules below in respect of the payments for which the certificate is sought.

SCHEDULE I

Description of

securities

Number of

securities

Date of securities

Amount of securities

Estimated amount of

interest to be received

(1)

(2)

(3)

(4)

(5)

         

SCHEDULE II

Sl.

No.

Name and address of

the person to whom the

sums are given on

Interest

Amount of

such sums

The date on

which such

sums were

given on

interest

Period for

which such

sums were

given on

Interest

Rate of

interest

Estimated

amount of

interest to be

received

(1)

(2)

(3)

(4)

(5)

(6)

(7)

             

SCHEDULE III

Sl.

No

Name and address of person responsible for paying insurance commission

Estimated amount of insurance commission

(1)

(2)

(3)

     

SCHEDULE IV

Sl.

No.

Name and address

of the company

No. of

shares

Class of shares and

face value of each

share

Total face

value of

shares

Distinctive

numbers of shares

Estimated amount

of dividend to be

received

(1)

(2)

(3)

(4)

(5)

(6)

(7)

             

SCHEDULE V

Sl

No.

Name and

address of the

employer

Period of

employment

Amount of salary

received

Income from

house

property

Income from

sources other

than salary and

income from

house property

Estimated total

income

(1)

(2)

(3)

(4)

(5)

(6)

(7)

             

SCHEDULE VI

Sl. No.

Name and address of person responsible for paying rent

Estimated amount of rent to be

received

(1)

(2)

(3)

     

SCHEDULE VII

Sl.

No.

Name and

address of the

mutual fund

No. of

units

Classes of units

and face value of

each unit

Total face

value of units

Distinctive

numbers of units

Estimated amount

of income to be

received

(1)

(2)

(3)

(4)

(5)

(6)

(7)

             

SCHEDULE VIII

Sl.

No.

Name and address of person responsible for paying commission (not being insurance commission referred to in section194D) or brokerage.

Estimated amount of commission (not being insurance commission referred to in section194D) or brokerage to be received

(1)

(2)

(3)

     

SCHEDULE IX

Sl.

No.

Full name and address

of the authority/person

with whom the contract

was made

Date of the

contract

Nature of the

contract

Date by which

work on the

contract would

be completed

Sums expected to be

credited / paid in

pursuance of the contract

during the current

previous year and each of

the three immediately

succeeding years

(1)

(2)

(3)

(4)

(5)

(6)

           

SCHEDULE X

Sl.

No.

Name and address of person(s) responsible for paying

commission, remuneration or prize (by whatever name called)

on the sale of lottery tickets

Estimated amount of commission/remuneration/prize to be

received(strike out whichever is not

applicable)

(1)

(2)

(3)

     

SCHEDULE XI

Sl.

No.

Name and address of person(s) responsible for

paying fees for professional/technical services

Estimated amount of fees for professional/technical

services to be received (strike out whichever is not

applicable)

(1)

(2)

(3)

     

SCHEDULE XII

Sl.

No.

Name and address of person responsible for

paying compensation or enhanced compensation

or the consideration or enhanced consideration

on account of compulsory acquisition of

immovable property

Estimated amount of compensation or the enhanced

compensation or consideration or the enhanced

consideration

(1)

(2)

(3)

     

Date _________________________________

(Signature)

Place___________________  _________________

(Address)

ANNEXURE II

[For the purpose of tax collection at source]

Please furnish particulars of the amounts payable in respect of which the certificate is sought in the schedules below:

SCHEDULE I

Sl.

No.

Full name and

address of the seller

Date of sale with

reference number of

such sale

Nature and description of

the goods sold and details

of sale

Amounts expected to be

debited/ paid in pursuance

of the sale during the

current financial year and

each of the three

immediately succeeding

years.

(1)

(2)

(3)

(4)

(5)

         

SCHEDULE II

Sl.

No.

Full name and

address of the person

granting lease or

licence

Date of grant of lease

or licence or contract

or transfer of right

with reference

number

Nature of contract or

licence or lease and

description and details of

the contract

Amounts expected to be

debited/ paid in pursuance

of the contract during the

current financial year and

each of the three

immediately succeeding

years.

(1)

(2)

(3)

(4)

(5)

         

Date  _____________________ ______________________

Signature of the buyer

Full Name______________

Designation_____________



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