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Income tax (7th Amendment) Rule, 2016


 Notice Date : 18 March 2016

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)]

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

DEPARTMENT OF REVENUE

[CENTRAL BOARD OF DIRECT TAXES]

Notification

New Delhi, the 18th March, 2016

S.O.1155 (E)- In exercise of the powers conferred by section 285BA, 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.This rule may be called the Income–tax (7thAmendment) Rule, 2016 and shall be deemed to have come into force from the 1st day of April, 2015.

2.In the Income-tax Rules, 1962 (hereinafter referred to as the Rules), in rule 114E,—

(i) in the marginal heading, after the words “Information Return”, the words “or Statement of Financial Transactions” shall be inserted;

(ii) in sub-rule (1), for the words “annual information return”, the words “annual information return or statement of financial transactions, as the case may be,” shall be substituted;

(iii) in sub-rule (4),—

(I) in clause (a),—

(A) for the word “return”, wherever it occurs, the words “return or statement” shall be substituted;

(B) in both the provisos, for the words and figure “Annual Information ReturnAdministrator”, wherever they occur, the words and figure “Annual Information Return or Statement of Financial Transaction- Administrator” shall be substituted;

(II) in clause (b),—

(A) in the long line, for the word “return” , the words “return or the statement” shall be substituted;

(B) in clause (ii), for the word “return”, the words “return or the statement” shall be substituted;

(iv) in sub-rule (7), for the words “Annual Information Return”, the words “Annual Information Return or Statement of Financial Transaction” shall be substituted;

(v) in this rule, except sub-rules (1), (4) and (7), for the word “return”, wherever it occurs, the words “return or statement” shall be substituted.

3. In the Appendix II to the Rules, in Form No.61A,— (a) for the words “Annual Information Return”, wherever they occur, the words “Annual Information Return or Statement of Financial Transactions” shall be substituted; (b) for the word “return”, wherever it occurs, the words “return or statement” shall be substituted.

4. Rule 114E of the Rules, as amended by this rule shall be applicable for the specified financial transactions carried out during the period from 1st April, 2015 to 31st March, 2016.

[Notification No.19/2016][F.No.142/28/2012-(SO)TPL]

(Ekta Jain)

Deputy Secretary to Government of India

Note:- The principal rules were published vide notification S.O. 969 (E), dated the 26th March, 1962 and last amended vide notification S.O.1146 (E), dated the 17th March 2016.

 

Guest
on 22 March 2016
Notification No : 19/2016
Published in Income Tax
Source : ,










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