Draft Income Tax Rule 145 – Statements under sections 221(4), 222(2), 223(5) and 224(9) of Income Tax Act, 2025
Draft Rule 145 of the Income-tax Rules, 2026 prescribes the procedure for furnishing statements under sections 221(4), 222(2), 223(5) and 224(9) of the Act in respect of income credited, paid or distributed by specified entities. The person responsible for crediting, paying or distributing such income must furnish a statement electronically, duly verified by an accountant, to the Principal Commissioner or Commissioner of Income-tax within whose jurisdiction the principal office of the entity is situated. The prescribed forms vary by entity type: Venture Capital Company or Venture Capital Fund (Form 74 to tax authority and Form 75 to recipient), Business Trust (Form 76 to authority and Form 77 to unit holder), Investment Fund (Form 79 to authority and Form 78 to recipient), and Securitisation Trust (Form 72 to authority and Form 73 to recipient). The statement to the tax authority must be filed by 15 June of the financial year succeeding the tax year in which income is paid, credited or distributed, while the statement to the recipient must be furnished by 30 June of that financial year. The recipient statement must be generated and downloaded from the designated web portal specified by the Director General of Income-tax (Systems) and verified in the prescribed manner. The rule standardizes electronic compliance, verification and reporting timelines for these entities to ensure timely disclosure of income distribution details to both tax authorities and beneficiaries.
Extract of Rule No. 145 of Draft Income-tax Rules, 2026
Rule 145
Statements under sections 221(4), 222(2), 223(5) and 224(9) of the Act.
(1) The statement of income credited or paid or distributed by an entity as referred to in the column B of the table below shall be furnished by the person responsible for crediting or paying or distributing such income on behalf of such entity to the Principal Commissioner or the Commissioner of Income-tax, within whose jurisdiction the principal office of such entity is situated, electronically in the Form No. mentioned in the column C duly verified by an accountant in the manner indicated therein; and to the recipient of such income mentioned in column D in the Form No. mentioned in the column E of the said table –
TABLE
| Sr. No. | Type of Entity | Form for furnishing statement to the PCIT/CIT | Person to whom the statement is to be furnished | Form for furnishing statement to the recipient of income |
| A | B | C | D | E |
| 1 | Venture Capital Company or the Venture Capital Fund |
74 | the person who is liable to tax in respect of such income |
75 |
| 2 | Business trust | 76 | unit holder | 77 |
| 3 | Investment fund | 79 | the person who is liable to tax in respect of such income |
78 |
| 4 | Securitisation trust | 72 | the person who is liable to tax in respect of such income |
73 |
(2) The statement to the Principal Commissioner or the Commissioner of Income-tax shall be furnished by the 15th day of June of the financial year succeeding the tax year during which the income is paid or credited or distributed and the statement to the recipient of income shall be furnished by the 30th day of June of the financial year succeeding the tax year during which the income is paid or credited or distributed,
(3) The statement to the recipient of income shall be furnished after generating and downloading the same from the web portal specified by the Director General of Income-tax (Systems) or the person authorised by him and duly verified by the person paying or crediting or distributing the income in the manner indicated therein.
