NOTIFICATION NO. 71/2006, DATED 17-3-2006
Income-tax (Second Amendment) Rules, 2006 – Substitution of rule 31AC and Form No. 26QA
In exercise of the powers conferred by 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. (1) These rules may be called the Income-tax (Second Amendment) Rules, 2006.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Income-tax Rules, 1962,—
(a) in Part VI, for rule 31AC, the following rules shall be substituted, namely:—
“31AC. Maintenance of particulars of time deposits by a banking company for furnishing quarterly return under section 206A.—(1) Every branch of a banking company, which is required to make a quarterly return under sub-section (1) of section 206A in respect of interest on time deposits without deduction of tax at source, shall keep and maintain the particulars of such time deposits in Form No. 26QA.
(2) Every branch referred to in sub-rule (1) which is maintaining its daily accounts on computer media, shall keep and maintain the particulars in Form No. 26QA on computer readable media.
31ACA. Quarterly return under section 206A.—(1) The quarterly return to be furnished by a banking company under sub-section (1) of section 206A in respect of time deposits shall be in Form No. 26QAA and shall be verified in the manner indicated therein.
(2) The quarterly return referred to in sub-rule (1) shall be furnished,—
(i) to the Director General of Income-tax (Investigation), New Delhi or the person authorised by the Director General of Income-tax (Investigation), New Delhi;
(ii) on or before the 31st July, the 31st October, the 31st January and the 30th June following the respective quarter of the financial year.
(3) The quarterly return comprising Part A and Part B of Form No. 26QAA, referred to in sub-rule (1), shall be furnished on computer readable media being a CD-ROM (650 MB or higher capacity) or Digital Video Disc (DVD), along with Part-A of such Form on paper.
(4) The person responsible for furnishing the return referred to in sub-rule (1) shall ensure that—
(i) where the data relating to the return is copied using data compression or backup software utility, the corresponding software utility or procedure for its decompression or restoration shall also be furnished along with the return made on computer readable media;
(ii) the return is accompanied with a certificate regarding clean and virus free data.
Explanation.—For the purposes of rule 31AC and rule 31ACA, “time deposits” means deposits (excluding recurring deposits) repayable on the expiry of fixed periods.”;
b. in Appendix II, for Form No. 26QA, the following Forms shall be substituted, namely:—
