RULES/AMENDMENT RULES

I.T. (TWENTY-FIRST AMDT.) RULE, 2005

Income-tax (Twenty First) Amendment – Rules, 2005 – Substitution of rule 114E; omission of Form No. 65 and insertion of Form No. 61A in Appendix II of Income-tax Rules, 1962

NOTIFICATION NO. 182/2005 [F.NO. 142/44/2003-TPL], DATED 11-7-2005

In exercise of the powers conferred by section 295 read with section 285BA of 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 (Twenty-first Amendment) Rules, 2005.

(2) They shall be deemed to have come into force from the 1st day of December, 2004.

  1. In the Income-tax Rules, 1962,—

(a)  for rule 114E, the following shall be substituted, namely :—

‘114E. Furnishing of Annual Information Return.—(1) The annual information return required to be furnished under sub-section (1) of section 285BA shall be furnished in Form No. 61A and shall be verified in the manner indicated therein.

(2) The return referred to in sub-rule (1) shall be furnished by every person mentioned in column (2) of the Table below in respect of all transactions of the nature and value specified in the corresponding entry in column (3) of the said Table, which are registered or recorded by him during a financial year beginning on or after the 1st day of April, 2004:—

TABLE

Sl. No. Class of person Nature and value of transaction
(1) (2) (3)
1 A Banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution refer- red to in section 51 of that Act). Cash deposits aggregating to ten lakh rupees or more in a year in any savings account of a person maintained in that bank.
2. A banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act) or any other company or institution issuing credit card. Payments made by any person against bills raised in respect of a credit card issued to that person, aggregating to two lakh rupees or more in the year.
3. A trustee of a Mutual Fund or such other person managing the affairs of the Mutual Fund as may be duly authorised by the trustee in this behalf. Receipt from any person of an amount of two lakh rupees or more for acquiring units of that Fund.
4. A company or institution issuing bonds or debentures. Receipt from any person of an amount of five lakh rupees or more for acquiring bonds or debentures issued by the company or institution.
5. A company issuing shares through a public or rights issue. Receipt from any person of an amount of one lakh rupees or more for acquiring shares issued by the company.
6. Registrar or Sub-Registrar appointed under section 6 of the Registration Act, 1908. Purchase or sale by any person of immovable property valued at thirty lakh rupees or more.
7. A person being an officer of the Reserve Bank of India, constituted under section 3 of the Reserve Bank of India Act, 1934, who is duly authorized by the Reserve Bank of India in this behalf. Receipt from any person of an amount or amounts aggregating to five lakh rupees or more in a year for bonds issued by the Reserve Bank of India.

(3) The return referred to in sub-rule (1) shall be furnished to the Commissioner of Income-tax (Central Information Branch):

Provided that where the Board has authorised an agency to receive such return on behalf of the Commissioner of Income-tax (Central Information Branch), the return shall be furnished to that agency.

(4)(a) The return comprising Part A and Part B of Form No. 61A referred to in sub-rule (1) shall be furnished on computer readable media being a floppy (3.5 inch and 1.44 MB capacity) or CD-ROM (650 MB or higher capacity) or Digital Video Disc (DVD), along with Part-A thereof on paper.

Provided that a person responsible for furnishing the return, may, at his option, furnish the return through online transmission of electronic data to a server designated by the “Annual Information Return – Administrator” referred to in sub-rule (7) for this purpose under the digital signature of the person specified in sub-rule 6:

Provided further that the return shall be prepared in accordance with the data structure specified by the “Annual Information Return – Administrator” referred to in sub-rule (7) in this regard;

(b) The person responsible for furnishing the return shall ensure that—

(i)  if the data relating to the return or statement 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 computer media return or statement;

(ii)  the return is accompanied with a certificate regarding clean and virus free data.

Explanation.—For the purposes of this sub-rule, “digital signature” means a digital signature issued by any Certifying Authority authorised to issue such certificates by the Controller of Certifying Authorities.

(5) The return referred to in sub-rule (1) shall be furnished on or before 31st August, immediately following the financial year in which the transaction is registered or recorded.

(6) The return referred to in sub-rule (1) shall be signed and verified by-

(a)  in a case where the person furnishing the return is an assessee as defined in clause (7) of section 2 of the Act, by a person specified in section 140 of the Act;

(b)  in any other case, by the person referred to in column (2) of the Table below sub-rule (2).

(7) The Board may appoint an officer designated as Annual Information Return-Administrator, not below the rank of the Commissioner of Income-tax for the purposes of day to day administration of furnishing of the Annual Information Return including specification of the procedures, data structure, formats and standards for ensuring secure capture and transmission of data, evolving and implementing appropriate security, archival and retrieval policies’;

(b)  in Appendix-II,

(i)  Form No. 65 relating to Annual Information Return under section 285BA of the Income-tax Act, 1961, inserted vide the Income-tax (17th Amendment Rules), 2004 shall be omitted;

(ii)  after Form No. 61, the following Form shall be inserted, namely:—

“FORM No. 61A

[See rule 114E]

Annual Information Return under section 285BA of the Income-tax Act, 1961

(PART-A)

n Please see the instructions and fill up relevant columns

1. Name of the person (in block letters)

(Please leave one blank box between two words.)

2. Permanent Account Number (PAN) of the person (see instructions)

3. Folio Number of the person (see instructions)
  1. Address (in block letters) (Please leave one blank box between two words.)
4.1  Flat No. 4.2 House/Premises No. 4.3 Floor No. 4.4 Building Name

4.5  Block/Sector 4.6 Road/Street 4.7 Locality/Colony

4.8  City 4.9 State Code (Refer to State Code in instructions) 4.10 Pin Code

5. Status  (Individual-I, Company-C, Firm-F, Hindu undivided family-H, Government Office-G, Banks-B, Others-O)

6. Financial Year (transactions relating to which are reported)

7. Address of Jurisdictional Commissioner of Income-tax (Central Information Branch)

8. Total number of transactions reported in Annual Information Return (Part B)

9. Total value of all transactions reported in Annual Information Return (Part B) Rs.
  1. Medium of Annual Information Return (Please strike off inapplicable)-CD/Floppy/DVD/ONLINE

Verification

I,………….(full name in block letters), son/daughter of……solemnly declare that to the best of my knowledge and belief, the information given in Part A and Part B of this return is correct and complete. I further declare that I am making this return in my capacity as………..and I am also competent to make this return and verify it. I further certify that the floppy/CD-ROM/Digital Video Disk/online data through which Part-B is submitted is clean and virus free.

Date………………… Signature……………………………………..
Place………………. Name…………………………………………..

(FOR OFFICE USE)
Receipt No. : _________________________________________
Date : _________________________________________
Name & Signature of person receiving : _________________________________________
Annual Information Return (with Stamp) :
(PART- B)

1. Name of the person (in block letters)

(Please leave one blank box between two words.)

2. Permanent Account Number (PAN) of the person (see instructions)

3. Folio Number of the person (see instructions)
  1. Address (in block letters) (Please leave one blank box between two words.)
4.1  Flat No. 4.2 House/Premises No. 4.3 Floor No. 4.4 Building Name

4.5  Block/Sector 4.6 Road/Street 4.7 Locality/Colony

4.8  City 4.9 State Code (Refer to State Code in instructions) 4.10 Pin Code

5. Status  (Individual-I, Company-C, Firm-F, Hindu undivided family-H, Government Office-G, Banks-B, Others-O)

6. Financial Year (transactions relating to which are reported)

7. Total number of transactions reported in Annual Information Return

8. Total value of all transactions reported in Annual Information Return (in Rupees)
  1. Details of transactions :
Sl. No. Date of Transaction (DD-MM-YY) Name of Transacting Party(in block letters)

1. First Name

2. Middle Name

3. Surname

(In case of non-individuals full name be written. Leave one blank box between two words.

PAN of Transacting Party (Refer to Instruction No. 5) Full Address(in block letters. Leave one blank box between two words)

1. Flat No.; 2. House/Premises No.; 3. Floor No.; 4. Building Names; 5. Block/Sector; 6.Road/Street; 7. Locality/colony; 8. City; 9. district; 10. State Code; 11. Pin

(Refer to State Code in Instructions)

Mode of transaction (Cash-C, Cheque-Q, Card-R, Demand Draft-, Others-O) Amount in Rs. (Rounded off to nearest Rupee) Transaction Code Address of Office/Branch of person (responsible for furnishing the Annual Information Return) where transaction took place
1. 1. 2. 3.
2. 4.
3. 5. 6.
7.
8.
9.
10. 11.

INSTRUCTIONS FOR FILING ANNUAL INFORMATION RETURN

  1. (i)  This return (Part A and Part B) be furnished on computer-readable media being a floppy (3.5 inch and 1.44 MB) or CD-ROM (650MB or higher capacity) or Digital Video Disc, along with Part-A thereof on paper.

(ii)  In case the return filed is in a compressed format, it should be compressed using winzip 8.1 or ZipltFast 3.0 compression utility only.

(iii) The return be filed in one CD/floppy/DVD and should not span across multiple floppies/CDs/DVDs.

  1. Please do not use any abbreviation like Pvt. Ltd., etc.
  2. PAN is not required to be given in item No. 2 (Part A) and item No. 2 (Part B) by—

(i)  Registrar or Sub-Registrar appointed under section 6 of the Registration Act, 1908;

(ii)  A person being an officer of the Reserve Bank of India, constituted under section 3 of the Reserve Bank of India Act, 1934, who is authorised by the Reserve Bank of India for issue of bonds;

  1. A Random Computer Generated Number (Folio Number) shall be allotted after filing of Annual Information Return for the first time. This number shall be quoted in item No. 3 Part A and item No. 3 (Part B) of the return for subsequent years.
  2. Where the transacting party does not have PAN please mention 60 (in case Form no. 60 under rule 114B is received) or 61 (in case Form No. 61 under rule 114C is received) or NR (for Non-Resident) or G (for Central or State Government department or consular office) as the case may be.
  3. State Code
Codes Name of the State Codes Name of the State
01. ANDMAN AND NICOBAR ISLANDS 19. MAHARASHTRA
02. ANDHRA PRADESH 20. MANIPUR
03. ARUNACHAL PRADESH 21. MEGHALAYA
04. ASSAM 22. MIZORAM
05. BIHAR 23. NAGALAND
06. CHANDIGARH 24. ORISSA
07. DADRA AND NAGAR HAVELI 25. PONDICHERRY
08. DAMAN AND DIU 26. PUNJAB
09. DELHI 27. RAJASTHAN
10. GOA 28. SIKKIM
11. GUJARAT 29. TAMIL NADU
12. HARYANA 30. TRIPURA
13. HIMACHAL PRADESH 31. UTTAR PRADESH
14. JAMMU AND KASHMIR 32. WEST BENGAL
15. KARNATAKA 33. CHHATISGARH
16. KERALA 34. UTTARANCHAL
17. LAKSHWADEEP 35. JHARKHAND
18. MADHYA PRADESH
  1. Codes in respect of transactions to be reported
Sl. No. Transaction Transaction Code
1. Cash deposits aggregating to ten lakh rupees or more in a year in any savings account of a person maintained in a banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act). 001
2. Payment made by any person against bills raised in respect of a credit card aggregating to two lakh rupees or more in a year. 002
3. Receipt from any person of an amount of two lakh rupees or more for purchase of units of a Mutual Fund. 003
4. Receipt from any person of an amount of five lakh rupees or more for acquiring bonds or debentures issued by a company or institution. 004
5. Receipt from any person of an amount of one lakh rupees or more for acquiring shares issued by a company. 005
6. Purchase by any person of immovable property valued at thirty lakh rupees or more. 006
7. Sale by any person of immovable property valued at thirty lakh rupees or more. 007
8. Receipt from any person of an amount of five lakh rupees or more in a year for investment in bonds issued by Reserve Bank of India. 008

EXPLANATORY MEMORANDUM

It has been decided to give retrospective effect to the proposed amendment i.e., from the first day of December, 2004, the date from which rule 114E and the Form 65 were published in the Official Gazette vide S.O. No. 1316(E). It is certified that this will not prejudicially affect the interest of any assessee.

Note : The principal rules were published under notification No. S.O. 969 dated the 26th March, 1962 which has been amended from time to time, and last such amendment was made vide notification S.O. No. 932(E), dated 01-7-2005.

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