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The Central Board of Direct Taxes amends the Income-tax Rules, 1962 to update Form No. 3CD in Appendix II. The amendments add reporting requirements for goods and services tax details, transfer pricing adjustments, specific incomes, loans, advances, tax deduction statements, and expenditure break-ups for registered and unregistered entities under the Goods and Services Tax. The rules come into force on the 20th day of August, 2018.
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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 20th July, 2018
G.S.R. 666(E). – In exercise of the powers conferred by section 44AB read with section 295 of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the Income-tax Act), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:—
(v) Details of interest expenditure carried forward as per sub-section (4) of section 94B: A.Y. Amount (in Rs.)
30C. (a) Whether the assessee has entered into an impermissible avoidance arrangement, as referred to in section 96, during the previous year? (Yes/No) (b) If yes, please specify:- (i) Nature of the impermissible avoidance arrangement: (ii) Amount (in Rs.) of tax benefit in the previous year arising, in aggregate, to all the parties to the arrangement:”; (vii) in serial number 31,- (A) after clause (b), the following clauses and entries relating thereto shall be inserted, namely:- “(ba) Particulars of each receipt in an amount exceeding the limit specified in section 269ST, in aggregate from a person in a day or in respect of a single transaction or in respect of transactions relating to one event or occasion from a person, during the previous year, where such receipt is otherwise than by a cheque or bank draft or use of electronic clearing system through a bank account:- (i) Name, address and Permanent Account Number (if available with the assessee) of the payer; (ii) Nature of transaction; (iii) Amount of receipt (in Rs.); (iv) Date of receipt; (bb) Particulars of each receipt in an amount exceeding the limit specified in section 269ST, in aggregate from a person in a day or in respect of a single transaction or in respect of transactions relating to one event or occasion from a person, received by a cheque or bank draft, not being an account payee cheque or an account payee bank draft, during the previous year:— (i) Name, address and Permanent Account Number (if available with the assessee) of the payer; (ii) Amount of receipt (in Rs.); (bc) Particulars of each payment made in an amount exceeding the limit specified in section 269ST, in aggregate to a person in a day or in respect of a single transaction or in respect of transactions relating to one event or occasion to a person, otherwise than by a cheque or bank draft or use of electronic clearing system through a bank account during the previous year:- (i) Name, address and Permanent Account Number (if available with the assessee) of the payee; (ii) Nature of transaction; (iii) Amount of payment (in Rs.); (iv) Date of payment; (bd) Particulars of each payment in an amount exceeding the limit specified in section 269ST, in aggregate to a person in a day or in respect of a single transaction or in respect of transactions relating to one event or occasion to a person, made by a cheque or bank draft, not being an account payee cheque or an account payee bank draft, during the previous year:— (i) Name, address and Permanent Account Number (if available with the assessee) of the payee; (ii) Amount of payment (in Rs.); (Particulars at (ba), (bb), (bc) and (bd) need not be given in the case of receipt by or payment to a Government company, a banking Company, a post office savings bank, a cooperative bank or in the case of transactions referred to in section 269SS or in the case of persons referred to in Notification No. S.O. 2065(E) dated 3rd July, 2017)”; (B) in item (c), in sub-item (v), for the words “taken or accepted”, the word “repaid” shall be substituted; (C) in item (d), in sub-item (ii), after the words “amount of”, the words “repayment of” shall be inserted; (D) in item (e), in sub-item (ii), after the words, “amount of”, the words “repayment of” shall be inserted; (viii) in serial number 34, for item (b), the following item shall be substituted, namely:- “(b) whether the assessee is required to furnish the statement of tax deducted or tax collected. If yes, please furnish the details: Tax deduction and collection Account Number (TAN) Type of Form Due date for furnishing Date of furnishing, if furnished Whether the statement of tax deducted or collected contains information about all details/transactions which are required to be reported. If not, please furnish list of details/transactions which are not reported.”; (ix) after serial number 36 and the entries relating thereto, the following shall be inserted, namely:- “36A. (a) Whether the assessee has received any amount in the nature of dividend as referred to in sub-clause (e) of clause (22) of section 2? (Yes/No) (b) If yes, please furnish the following details:- (i) Amount received (in Rs.): (ii) Date of receipt:”; (x) after serial number 41 and the entries relating thereto, the following shall be inserted, namely:- “42. (a) Whether the assessee is required to furnish statement in Form No.61 or Form No. 61A or Form No. 61B? (Yes/No) (b) If yes, please furnish: Income-tax Department Reporting Entity Identification Number Type of Form Due date for furnishing Date of furnishing, if furnished Whether the Form contains information about all details/ transactions which are required to be reported. If not, please furnish list of the details/transactions which are not reported.
(b) if yes, please furnish the following details: (i) Whether report has been furnished by the assessee or its parent entity or an alternate reporting entity (ii) Name of parent entity
(iii) Name of alternate reporting entity (if applicable)
(iv) Date of furnishing of report 44. Break-up of total expenditure of entities registered or not registered under the GST:
