Section 133(4) of the Income-tax Act, 1961-Returns of income-Requirement of furnishing statements of payments-Raising of limits to Rs. 1,000 regarding. - Income Tax - 223

Circular Number: 223 File Number: 220/13/77-ITA.I Dated 15/07/1977 To All Commissioners of Income-tax. (by name) Sir, Subject: Section 133(4) of the Income-tax Act, 1961-Returns of income-Requirement of furnishing statements of payments-Raising of limits to Rs. 1,000 regarding. Under section 133(4) of the Income-tax Act, 1961, the Income-tax Officer, the Appellate Assistant Commissioner, or the Inspecting Assistant Commissioner may, for the purposes of this Act, require any assessee to furnish a statement of the names and addresses of all persons to whom he has paid in any previous year rent, interest, commission, royalty or broker-age, or any annuity, not being annuity taxable under the head "Salaries" amounting to more than four hundred rupees, together with particulars of all such payments made. 2. To give effect to the above provision, the Return of income Form Nos. 1, 2 and 3A require, vide items Nos. 3, 6 and 3 of Annexures H, I and K, respectively, the attachment of separate statements showing payments of the type mentioned above and exceeding Rs.400. 3. Representations have been received by the Board pointing out the hardships being caused by the mandatory requirement of furnishing statements of the above mentioned types of payments in excess of Rs. 400. It is proposed to amend the relevant Forms of the returns of income so as to raise the limit of Rs. 400 to Rs. 1,000. 4. Pending amendment of the said forms, the Board have decided that it will be sufficient compliance of the requirements of the above referred Annexures to the Forms prescribed under rule 12 of the Income-tax Rules, 1962, read with section 133(4) of the Income-tax Act, 1961, if the assessees furnish statements of payments exceeding Rs.1,000. A press note (copy enclosed) to this effect has already been issued. 5. These instructions may be brought to the notice of all the officers working in your charge. Yours faithfully, (Sd.) J.P. Sharma, Secretary, Central Board of Direct Taxes.