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[भाग II—खण् ड 3(i)]
भारत का रािपत्र : असाधारण
7
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:––
1.
Short title and commencement.–– (1) These rules may be called the Income-tax (Twenty-fourth
Amendment) Rules, 2023.
(2) They shall come into force from the date of their publication in the Official Gazette.
2.
In the Income-tax Rules, 1962, (hereinafter referred to as the principal rules) in rule 114B,––
(a) in the second proviso, for the words “Provided further that any person”, the words “Provided further that
any person, not being a company or a firm,” shall be substituted;
(b) after second proviso, the following proviso shall be inserted, namely: ––
“Provided also that a foreign company who,––
(i) does not have any income chargeable to tax in India; and
(ii) does not have a permanent account number,
and enters into any transaction referred to at Sl. No. 2 or 12 of the Table, in an IFSC banking unit, shall
make a declaration in Form No. 60:”;
(c) in the Explanation, clause (1) shall be re-numbered as (1A) and before the said clause as so re-numbered,
the following clause shall be inserted, namely: ––
“(1) “IFSC banking unit" means a financial institution defined under clause (c) of sub-section (1) of section 3
of the International Financial Services Centres Authority Act, 2019 (50 of 2019), that is licensed or permitted
by the International Financial Services Centres Authority to undertake permissible activities under the
International Financial Services Centres Authority (Banking) Regulations, 2020;”;
3.
In the principle rules, in rule 114BA, the following shall be inserted at the end, namely:––
“Provided that the provisions of this rule shall not apply in a case,––
(a)
where the person, making the deposit or withdrawal of an amount otherwise than by way of cash as
per clause (a) or (b), or opening a current account not being a cash credit account as per clause (c) of
this rule, is a non-resident (not being a company) or a foreign company;
(b)
the transaction is entered into with an IFSC banking unit; and
(c) such non-resident (not being a company) or the foreign company does not have any income chargeable
to tax in India.
Explanation.–– For the purposes of this rule, “IFSC banking unit” shall have the same meaning as assigned
to it in clause (1) of the Explanation to rule 114B.”;
4.
In the principle rules, in rule 114BB, after the proviso, the following shall be inserted, namely:––
“Provided further that the provisions of this sub-rule shall not apply in a case,––
(a)
where the person, making the deposit or withdrawal of an amount otherwise than by way of cash as
per Sl. No. 1 or Sl. No. 2 of column (2), or opening a current account not being an cash credit
account as per Sl. No. 3 of column (2) of the Table, is a non-resident (not being a company) or a
foreign company;
(b)
the transaction is entered into with an IFSC banking unit; and
(c) such non-resident (not being a company) or the foreign company does not have any income
chargeable to tax in India.
Explanation.–– For the purposes of this sub-rule, “IFSC banking unit” shall have the same meaning as
assigned to it in clause (1) of the Explanation to rule 114B.”;
8
THE GAZETTE OF INDIA : EXTRAORDINARY
[PART II—SEC. 3(i)]
5.
In the principal rules, in the Appendix II, for Form No. 60, the following Form shall be substituted,
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
2
Date of Birth/ Incorporation of
declarant
Middle
Name
D D M M Y Y Y
Y
Surname
3
Father’s Name (in case of
individual)
First
Name
Middle
Name
Surname
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.)
19
In case of transaction in
joint names, number of
persons involved in the
transaction
18
Date of transaction
D
D
M
M
Y
Y
Y
Y
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)
[भाग II—खण् ड 3(i)]
भारत का रािपत्र : असाधारण
9
24
Details of document being
produced in support of identify
in Column 1 (Refer note
overleaf)
Document
code
Document
identification
number
Name and address of the authority
issuing the document
25
Details of document being
produced in support of address
in Columns 4 to 13
(Refer note overleaf)
Document
code
Document
identification
number
Name and address of the authority
issuing the document
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.
2. 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.
3. 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:
1. Before signing the declaration, 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.
2. The person accepting the declaration shall not accept the declaration where,-
(i) the amount of income of the nature referred to in item 23b exceeds the maximum amount which is not chargeable
to tax, unless PAN is applied for and column 22 is duly filled;
(ii) there is income chargeable to tax shown in item 23c(i) in case of a foreign company.
3. Documents which can be produced in support of identity and address (not required if applied for PAN and item 21 is
filled):-
Sl.
No.
Nature of Document
Document
Code
Proof of
Identity
Proof of
Address
A. For Individuals and HUF
1.
AADHAR card
01
Yes
Yes
2.
Bank/Post office passbook bearing photograph of the person
02
Yes
Yes
3.
Elector’s photo identity card
03
Yes
Yes
4.
Ration/Public Distribution System card bearing photograph of
the person
04
Yes
Yes
5.
Driving License
05
Yes
Yes
6.
Passport
06
Yes
Yes
7.
Pensioner Photo card
07
Yes
Yes
8.
National Rural Employment Guarantee Scheme (NREGS) Job card
08
Yes
Yes
9.
Caste or Domicile certificate bearing photo of the person
09
Yes
Yes
10
THE GAZETTE OF INDIA : EXTRAORDINARY
[PART II—SEC. 3(i)]
10.
Certificate of identity/address signed by a Member of Parliament or Member of
Legislative Assembly or Municipal Councillor or a
Gazetted Officer as per annexure A prescribed in Form 49A
10
Yes
Yes
11.
Certificate from employer as per annexure B prescribed in Form
49A
11
Yes
Yes
12.
Kisan passbook bearing photo
12
Yes
No
13.
Arm’s license
13
Yes
No
14.
Central Government Health Scheme /Ex-servicemen
Contributory Health Scheme card
14
Yes
No
15.
Photo identity card issued by the government./ Public Sector
Undertaking
15
Yes
No
16.
Electricity bill (Not more than 3 months old)
16
No
Yes
17.
Landline Telephone bill (Not more than 3 months old)
17
No
Yes
18.
Water bill (Not more than 3 months old)
18
No
Yes
19.
Consumer gas card/book or piped gas bill (Not more than 3
months old)
19
No
Yes
20.
Bank Account Statement (Not more than 3 months old)
20
No
Yes
21.
Credit Card statement (Not more than 3 months old)
21
No
Yes
22.
Depository Account Statement (Not more than 3 months old)
22
No
Yes
23.
Property registration document
23
No
Yes
24.
Allotment letter of accommodation from Government
24
No
Yes
25.
Passport of spouse bearing name of the person
25
No
Yes
26.
Property tax payment receipt (Not more than one year old)
26
No
Yes
B. For Association of persons (Trusts)
Copy of trust deed or copy of certificate of registration issued by
Charity Commissioner.
27
Yes
Yes
C. For Association of persons (other than Trusts) or Body of Individuals or Local
authority or Artificial Juridical Person)
Copy of Agreement or copy of certificate of registration issued by Charity
commissioner or Registrar of Cooperative society or any other competent
authority or any other document originating from any Central or State
Government Department establishing identity and address of such person.
28
Yes
Yes
D. For a foreign company
1.
Copy of Certificate of Registration or incorporation issued in the country where
the applicant is located, duly attested by authorised officials of IFSC banking
unit
29
Yes
Yes
2.
Copy of tax identification number issued in the country where the applicant is
located, duly attested by authorised officials of IFSC banking unit
30
Yes
Yes
(if address
mentioned
in the same)
4. In case of a transaction in the name of a Minor, any of the above-mentioned documents as proof of Identity and
Address of any of parents/guardians of such minor shall be deemed to be the proof of identity and address for
the minor declarant, and the declaration should be signed by the parent/guardian.
5. For HUF any document in the name of Karta of HUF is required.
6. In case the transaction is in the name of more than one person the total number of persons should be mentioned in
Sl. No. 19 and the total amount of transaction is to be filled in Sl. No. 17.
In case the estimated total income in column 23b exceeds the maximum amount not chargeable to tax the person
should apply for PAN, fill out item 22 and furnish proof of submission of application.
[Notification No. 88/2023 F. No. 370142/33/2023-TPL]
SURBENDU THAKUR, Under Secy.
Note:- The principal rules were published vide notification S.O. 969(E), dated the 26th March, 1962 and last
amended vide notification G.S.R. 702 (E), dated the 29th September, 2023.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.
