Amendment of Rule 114E of the Income tax Rules, 1962

Last updated: 14 March 2021

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The Central Board of Direct Taxes has amended Rule 114E of the Income Tax Rules, 1962. These changes, effective from their publication date, introduce new provisions for pre-filling income tax returns. Specifically, a statement of financial transactions will now be required for information related to capital gains on listed securities and mutual funds, dividend income, and interest income.

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 12th March, 2021 G.S.R 175(E).In exercise of the powers conferred by section 285BA read with section 295 of the Incometax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby ma

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FAQ :

The amendment introduces new rules for pre-filling income tax returns by requiring a statement of financial transactions for certain types of income.

These rules come into effect from the date of their publication in the Official Gazette.

The statement covers information relating to capital gains on the transfer of listed securities or units of Mutual Funds, dividend income, and interest income.

The Principal Director General of Income Tax (Systems) or the Director General of Income Tax (Systems), with the Board's approval, will specify the form, frequency, and manner of furnishing the statement.

Sub-rule (2) has been amended regarding a specific item in the table, and a new sub-rule (5A) has been inserted.