Income-tax (18th Amendment) Rules, 2020

Last updated: 31 July 2020

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The Central Board of Direct Taxes has introduced the Income-tax (18th Amendment) Rules, 2020. These rules update the Income-tax Rules, 1962, specifically concerning statements related to sub-section (7) of section 115UB. Investment funds must now furnish statements of income paid or credited to unit holders by 30th June of the following financial year using Form No. 64C. Additionally, a verified statement must be electronically submitted to the Principal Commissioner or Commissioner of Income-tax by 15th June using Form No. 64D.

MINISTRY OF FINANCE

(Department of Revenue)

[CENTRAL BOARD OF DIRECT TAXES]

NOTIFICATION

New Delhi, the 28th July, 2020

INCOME-TAX

G.S.R. 469(E).—In exercise of the powers conferred by sub-section (7) of section 115UB 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. Short title and commencement.—(1) These rules may be called the Income-tax (18th Amendment) Rules, 2020.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Income-tax Rules, 1962,-

(a) for rule 12CB, the following rule shall be substituted, namely:- “12CB. Statement under sub-section (7) of section 115UB.—(1) The statement of income paid or credited by an investment fund to its unit holder shall be furnished by the person responsible for crediting or making payment of the income on behalf of an investment fund and the investment fund to the-

(i) unit holder by 30th day of June of the financial year following the previous year during which the income is paid or credited in Form No. 64C after generating and downloading the same from the web portal specified by the Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems) or the person authorised by him and duly verified by the person paying or crediting the income on behalf of the investment fund in the manner indicated therein; and

(ii) Principal Commissioner or the Commissioner of Income-tax, as the case may be, within whose jurisdiction the Principal office of the investment fund is situated by 15th day of June of the financial year following the previous year during which the income is paid or credited, electronically under digital signature, in Form No. 64D duly verified by an accountant in the manner indicated therein.

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FAQ :

These are new rules made by the Central Board of Direct Taxes to further amend the Income-tax Rules, 1962, and they came into force on their publication in the Official Gazette.

The rules substitute rule 12CB of the Income-tax Rules, 1962, which deals with the statement of income paid or credited by an investment fund to its unit holders under sub-section (7) of section 115UB.

The statement of income paid or credited to unit holders must be furnished by 30th June of the financial year following the previous year during which the income was paid or credited.

Statements to unit holders must be furnished in Form No. 64C, which is generated and downloaded from a specified web portal.

A statement must be electronically submitted to the Principal Commissioner or Commissioner of Income-tax by 15th June of the financial year following the previous year, using Form No. 64D and a digital signature.

The person responsible for crediting or making payment of income on behalf of an investment fund, as well as the investment fund itself, are responsible for furnishing these statements.