Rules 197–198 prescribe Form 119 with ₹1,000 fee for DRC applications and set clear conditions for penalty waiver or prosecution immunity under section 379.
Rule 215 prescribes Forms 130–133, fixed due dates, and digital authentication requirements to ensure uniform issuance of TDS/TCS certificates under section 395(4).
Draft Rule 146 prescribes fixed conversion formulas for slot and space charters, defines qualifying incidental shipping income, and imposes a 49% charter-in threshold—breach of which results in loss of tonnage tax scheme benefits.
Draft Rule 147 requires Board orders issued under section 239(3)(a) to be published through Gazette, official website, notice boards, and trade bodies to ensure transparency and public awareness.
Draft Rule 159 mandates quoting or applying for PAN in specified high-value banking, securities, property and cash transactions, with limited exemptions and Form 97 declarations to strengthen reporting and compliance.
Draft Rule 160 requires specified persons receiving Form 97 declarations to file electronic statements with the Income-tax Intelligence wing within prescribed deadlines and retain records for six years to enhance oversight and compliance.
Rule 161 mandates quoting and authentication of PAN for large cash deposits, withdrawals and opening of current or cash credit accounts to strengthen tax monitoring and prevent misuse of high-value cash transactions.
Draft Rule 162 states that non-intimation of Aadhaar will render PAN inoperative, leading to blocked refunds and higher TDS until compliance and fee payment restore validity. The rule enforces Aadhaar-PAN linkage through financial consequences.
Draft Rule 163 mandates income tax return filing for individuals (other than companies or firms) if they cross specified financial thresholds such as ₹1 crore current account deposits, high foreign travel expenses, or large turnover, ensuring wider tax reporting compliance.
Draft Rule 164 prescribes updated ITR forms, eligibility criteria and filing modes for Assessment Year 2026-27, restricting simplified forms like ITR-1 and ITR-4 based on income, assets and transaction thresholds.
