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The Central Board of Direct Taxes issues the Income-tax (Twenty-fourth Amendment) Rules, 2023 to amend the Income-tax Rules, 1962. The rules set new provisions for foreign companies and non-residents transacting with International Financial Services Centres Authority banking units. A foreign company without taxable income in India and without a permanent account number must submit Form No. 60 when entering specific transactions. The rules update permanent account number quoting exemptions under rules 114B, 114BA, and 114BB, and revise Form No. 60 details.
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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 10th October, 2023
G.S.R. 728(E).— In exercise of the powers conferred by clause (vii) of sub-section (1), clause (c) sub- section (5) and sub-section (6A) of section 139A 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:––
“FORM NO. 60 [See second proviso to rule 114B] Form for declaration to be filed by any person (other than a company or firm) or a foreign company covered by the third proviso to rule 114B, who does not have a permanent account number and who enters into any transaction specified in rule 114B
| 1 | First Name | Middle Name | Surname |
|---|---|---|---|
| 2 | Date of Birth/ Incorporation of declarant | D D M M Y Y Y Y | |
| 3 | Father’s Name (in case of individual) | First Name | Middle Name |
| 4 | Flat/ Room No. | ||
| 5 | Floor No. | ||
| 6 | Name of premises | ||
| 7 | Block Name/No. | ||
| 8 | Road/ Street/ Lane | ||
| 9 | Area/ Locality | ||
| 10 | Town/ City | ||
| 11 | District | ||
| 12 | State | ||
| 13 | Pin code | ||
| 14 | Telephone Number (with STD code) | ||
| 15 | Mobile Number | ||
| 16 | Taxpayer identification Number in the country of residence (if covered by third proviso) | ||
| 17 | Amount of transaction (Rs.) | 18 | |
| 19 | In case of transaction in joint names, number of persons involved in the transaction | 20 | |
| 21 | Aadhaar Number issued by UIDAI (if available) | ||
| 22 | If applied for PAN and it is not yet generated enter date of application and acknowledgement number | D D M M Y Y Y Y | |
| 23 | If PAN not applied, fill estimated total income (including income of spouse, minor child etc. as per section 64 of Income-tax Act, 1961) for the financial year in which the above transaction is held | ||
| a | Agricultural income (Rs.) | ||
| b | Other than agricultural income (Rs.) | ||
| c | i Income chargeable to tax (for a foreign company) | ii Income not chargeable to tax (for a foreign company) | |
| 24 | Details of document being produced in support of identify in Column 1 (Refer note overleaf) | Document code | Document identification number |
| 25 | Details of document being produced in support of address in Columns 4 to 13 (Refer note overleaf) | Document code | Document identification number |
Verification
I, __________________________, son/ daughter/ wife** of Shri ______________________, solemnly declare that to the best of my knowledge and belief, the information given in this application and documents, if any, accompanying it are correct and complete and particulars shown therein are truly stated.
I further declare that I /applicant does not have a Permanent Account Number and (i) my/our/applicant’s estimated total income (including income of spouse, minor child etc. as per section 64 of Income-tax Act, 1961) computed in accordance with the provisions of Income-tax Act, 1961 for the financial year in which the above transaction is held will be less than maximum amount not chargeable to tax, or (ii) the applicant is a foreign company covered by the third proviso to Rule 114B and does not have any income chargeable to tax in India.
I also declare that I am making this application for _____________________ in my capacity as __________ (designation) and I am competent to make this application and verify it. [if applicable]
Verified today, the ______day of 20.
Place: ___________
(Signature of declarant)
Notes:
