Income-tax 14th Amendment Rules 2015

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)

(INCOME-TAX)

New Delhi, the 29th September, 2015 NOTIFICATION

S.O. 2663 (E).— In exercise of the powers conferred by section 295 read with section 197A 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. (1) These rules may be called the Income-tax (14th Amendment) Rules, 2015. (2) They shall come into force on the 1st day of October, 2015.

2. In the Income-tax Rules, 1962 (hereafter referred to as the said rules), for rule 29C, the following rule shall be substituted, namely:-

“29C. Declaration by person claiming receipt of certain incomes without deduction of tax.— (1) A declaration under sub-section (1) or under sub-section (1A) of section 197A shall be in Form No. 15G and declaration under sub-section (1C) of section 197A shall be in Form No. 15H. (2) The declaration referred to in sub-rule (1) may be furnished in any of the following manners, namely:-

• (a) in paper form;
• (b) electronically after duly verifying through an electronic process in accordance with the procedures, formats and standards specified under sub-rule (7). (3) The person responsible for paying any income of the nature referred to in sub-section (1) or sub-section (1A) or sub-section (1C) of section 197A, shall allot a unique identification number to each declaration received by him in Form No.15G and Form No.15H respectively during every quarter of the financial year in accordance with the procedures, formats and standards specified by the Principal Director-General of Income-tax (Systems) under sub-rule (7). (4) The person referred to in sub-rule (3) shall furnish the particulars of declaration received by him during any quarter of the financial year along with the unique identification number allotted by him under sub-rule (3) in the statement of deduction of tax of the said quarter in accordance with the provisions of clause (vii) of sub-rule (4) of rule 31A. (5) The person referred to in sub-rule (3) shall furnish the statement of deduction of tax referred to in rule 31A containing the particulars of declaration received by him during each quarter of the financial year along with the unique identification number allotted by him under sub-rule (3) in accordance with the provisions of clause (vii) of the sub-rule (4) of rule 31A irrespective of the fact that no tax has been deducted in the said quarter. (6) Subject to the provisions of sub-rules (4) and (5), an income-tax authority may, before the end of seven years from the end of the financial year in which the declaration referred to in sub- rule (1) has been received, require the person referred in sub-rule (3) to furnish or make available the declaration for the purposes of verification or any proceeding under the Act in accordance with the procedures, formats and standards specified by Principal Director General of Income- tax (Systems) specified under sub-rule (7). (7) The Principal Director General of Income-tax (Systems) shall specify the procedures, formats and standards for the purposes of furnishing and verification of the declaration, allotment of unique identification number and furnishing or making available the declaration to the income- tax authority and shall be responsible for the day-to-day administration in relation to the furnishing of the particulars of declaration in accordance with the provisions of sub-rules (4) and (5). (8) The Principal Director General of Income-tax (Systems) shall make available the information of declaration furnished by the person referred to in sub-rule (3) to the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner to whom the Assessing Officer having jurisdiction to assess the person who has furnished the declaration under sub-section (1) or under sub-section (1A) or under sub-section (1C) of section 197A is subordinate.”.

3. In Appendix-II of the said rules, for Form No.15G and Form No.15H, the following Forms shall respectively be substituted, namely:—

"FORM NO. 15G [See section 197A(1), 197A(1A) and rule 29C]

Declaration under section 197A (1) and section 197A(1A) to be made by an individual or a person (not being a company or firm) claiming certain incomes without deduction of tax. PART I

1. Name of Assessee (Declarant)

2. PAN of the Assessee1

3. Status2

4. Previous year(P.Y.)3 (for which declaration is being made)

5. Residential Status4

6. Flat/Door/Block No.

7. Name of Premises

8. Road/Street/Lane

9. Area/Locality

10. Town/City/District

11. State

12. PIN

13. Email

14. Telephone No. (with STD Code) and Mobile No. 15 (a) Whether assessed to tax under the Yes No Income-tax Act, 19615: (b) If yes, latest assessment year for which assessed

15. Estimated income for which this declaration is made

16. Estimated total income of the P.Y. in which income mentioned in column 16 to be included6

17. Details of Form No. 15G other than this form filed during the previous year, if any7 Total No. of Form No. 15G filed Aggregate amount of income for which Form No.15G filed

18. Details of income for which the declaration is filed Sl. No. Identification number of relevant investment/account, etc.8 Nature of income Section under which tax is deductible Amount of income

………………………………………. Signature of the Declarant9 Declaration/Verification10 *I/We………………………………do hereby declare that to the best of *my/our knowledge and belief what is stated above is correct, complete and is truly stated. *I/We declare that the incomes referred to in this form are not includible in the total income of any other person under sections 60 to 64 of the Income-tax Act, 1961. *I/We further declare that the tax *on my/our estimated total income including *income/incomes referred to in column 16 *and aggregate amount of *income/incomes referred to in column 18 computed in accordance with the provisions of the Income-tax Act, 1961, for the previous year ending on .................... relevant to the assessment year ..................will be nil. *I/We also declare that *my/our *income/incomes referred to in column 16 *and the aggregate amount of *income/incomes referred to in column 18 for the previous year ending on .................... relevant to the assessment year .................. will not exceed the maximum amount which is not chargeable to income-tax.

Place: …………………………………………….. …………………………………………………………….

Signature of the Declarant9 Date: ………………………………………………..

PART II [To be filled by the person responsible for paying the income referred to in column 16 of Part I]

1. Name of the person responsible for paying

2. Unique Identification No.11

3. PAN of the person responsible for paying

4. Complete Address

5. TAN of the person responsible for paying

6. Email

7. Telephone No. (with STD Code) and Mobile No.

8. Amount of income paid12

9. Date on which Declaration is received (DD/MM/YYYY)

10. Date on which the income has been paid/credited (DD/MM/YYYY)

Place: ……………………………………………….. ………………………………………………

Signature of the person responsible for paying Date: ………………………………………………. the income referred to in column 16 of Part I

*Delete whichever is not applicable. 1As per provisions of section 206AA(2), the declaration under section 197A(1) or 197A(1A) shall be invalid if the declarant fails to furnish his valid Permanent Account Number (PAN). 2Declaration can be furnished by an individual under section 197A(1) and a person (other than a company or a firm) under section 197A(1A). 3The financial year to which the income pertains. 4Please mention the residential status as per the provisions of section 6 of the Income-tax Act, 1961. 5 Please mention “Yes” if assessed to tax under the provisions of Income-tax Act, 1961 for any of the assessment year out of six assessment years preceding the year in which the declaration is filed. 6Please mention the amount of estimated total income of the previous year for which the declaration is filed including the amount of income for which this declaration is made. 7In case any declaration(s) in Form No. 15G is filed before filing this declaration during the previous year, mention the total number of such Form No. 15G filed along with the aggregate amount of income for which said declaration(s) have been filed. 8Mention the distinctive number of shares, account number of term deposit, recurring deposit, National Savings Schemes, life insurance policy number, employee code, etc. 9Indicate the capacity in which the declaration is furnished on behalf of a HUF, AOP, etc. 10Before signing the declaration/verification, the declarant should satisfy himself that the information furnished in this form is true, correct and complete in all respects. Any person making a false statement in the declaration shall be liable to prosecution under section 277 of the Income-tax Act, 1961 and on conviction be punishable-

• (i) in a case where tax sought to be evaded exceeds twenty-five lakh rupees, with rigorous imprisonment which shall not be less than six months but which may extend to seven years and with fine;
• (ii) in any other case, with rigorous imprisonment which shall not be less than three months but which may extend to two years and with fine. 11The person responsible for paying the income referred to in column 16 of Part I shall allot a unique identification number to all the Form No. 15G received by him during a quarter of the financial year and report this reference number along with the particulars prescribed in rule 31A(4)(vii) of the Income-tax Rules, 1962 in the TDS statement furnished for the same quarter. In case the person has also received Form No.15H during the same quarter, please allot separate series of serial number for Form No.15G and Form No.15H. 12The person responsible for paying the income referred to in column 16 of Part I shall not accept the declaration where the amount of income of the nature referred to in sub-section (1) or sub-section (1A) of section 197A or the aggregate of the amounts of such income credited or paid or likely to be credited or paid during the previous year in which such income is to be included exceeds the maximum amount which is not chargeable to tax. For deciding the eligibility, he is required to verify income or the aggregate amount of incomes, as the case may be, reported by the declarant in columns 16 and 18.;