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The Central Board of Direct Taxes issues the Income-tax (8th Amendment) Rules, 2013 to amend the Income-tax Rules, 1962. The rules insert rule 21AC and Form No. 10FC regarding the furnishing of authorisation and maintenance of documents for section 94A. An assessee submits the authorisation in Form No. 10FC to the financial institution and the Assessing Officer. The assessee maintains specific information and documents for transactions with a person located in a notified jurisdictional area. The assessee keeps the records for a period of eight years from the end of the relevant assessment year.
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[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 26th day of June, 2013
INCOME-TAX
S.O. 1856(E) In exercise of the powers conferred by sub-section (3) of section 94A 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:-
“Furnishing of authorisation and maintenance of documents etc. for the purposes of section 94A.
21AC (1) For the purposes of clause (a) of sub-section (3) of section 94A, the authorisation to be submitted by the assessee, shall be in Form No. 10 FC.
(2) The assessee shall cause the first copy of the duly filled Form No.10FC to be deposited with or transmitted to the financial institution referred to in clause (a) of sub-section (3) of section 94A.
(3) The second copy of the Form No. 10FC along with the evidence of the first copy of said Form having been deposited or transmitted to the financial institution shall be submitted by the assessee to the Assessing Officer having jurisdiction over him.
(4) For the purpose of ensuring that the authorisation in Form No.10FC is legally enforceable, the assessee shall take all necessary steps as are required under any law for the time being in force in India or outside India.
(5) For the purposes of clause (b) of sub-section (3) of section 94A, the assessee who has entered into a transaction with a person located in a notified jurisdictional area (hereinafter referred to as the specified person) shall, in addition to information and documents referred to in sub-rule (1) of rule 10D, keep and maintain the following information and documents, namely:—
(6) The information and documents specified in sub-rule (5) shall be for the period upto the due date of filing of return of income under sub-section (1) of section 139.
(7) The information and documents specified in sub-rule (5) shall be kept and maintained for a period of eight years from the end of the relevant assessment year.”;
(b) In the principal rules, in Appendix-II, after Form No.10FB, the following Form shall be inserted, namely:-
“Form No. 10FC [See rule 21AC]
Authorisation for claiming deduction in respect of any payment made to any financial institution located in a notified jurisdictional area
Sir, I, ------------------------------ (*son/wife/principal officer of) -----------------------------------------, hereby authorise the Central Board of Direct Taxes in the Ministry of Finance, Government of India or the Joint Secretary (Foreign Tax & Tax Research)–I or Joint Secretary (Foreign Tax & Tax Research)–II, Central Board of Direct Taxes, as the case may be, acting on behalf of Central Board of Direct Taxes to obtain the information and records relating to my/ our account maintained with ---------------------------------------- (name and address of the financial institution) for the period as may be specified in the notice in writing which may be issued by the Central Board of Direct taxes or the above mentioned Income–tax authority acting on behalf of the Central Board of Direct Taxes With this authorisation, I hereby waive all protections provided under any law, by whatever name called, for the time being in force including but not limited to the law relating to data protection, privacy or banking secrecy. I understand that “records” encompasses all documents that as an account holder or as a customer I am entitled to obtain on *my own behalf /on behalf of # ---------------------, including:
Place --------------
Signature Date --------------
Permanent Account Number Copy to: [Name and designation of the Assessing officer] Notes:
financial institution.”.
[Notification No. 47/2013/ F.No.142/12/2013-TPL]
(Amit Katoch) Under Secretary (Tax Policy and Legislation)
Note. - The principal rules were published in the Gazette of India Extraordinary Part II, section 3, sub-section (ii) vide number S.O.969 (E), dated the 26th March, 1962 and was last amended vide number S.O. 1513 (E) dated 11-6-2013.
