Furnishing of statement - Section 167, Finance Act, 2016 - International Taxation - Income Tax

Furnishing of statement - Section 167 , Finance Act, 2016 1. Furnishing Original Statement in the prescribed form Every assessee or e-commerce operator shall, within the prescribed time after the end of each financial year, prepare and deliver or cause to be delivered to the Assessing Officer or to any other authority or agency authorised by the Board in this behalf, a statement in such form, verified in such manner and setting forth such particulars as may be prescribed, in respect of all specified services or e-commerce supply or services, as the case may be, during such financial year. Statement of specified services or e-commerce supply or services. [Rule 5 of Equalisation Rules, 2016] - The statement required to be furnished in respect of all specified services or e-commerce supply shall be in Form No. 1, duly verified in the manner indicated therein, and may be furnished by the assessee or e-commerce operator, as the case may be, in the following manner, namely:- electronically under digital signature; or electronically through electronic verification code. The statement in Form No. 1 required to be furnished under section 167(1) of the Act shall be furnished on or before the 30th day of June immediately following that financial year. [ Section 167(1) ] 2. Time limit for Furnish a revised statement An assessee or e-commerce operator who has not furnished the statement on or before 30 th June immediately following the financial year or having furnished a statement under within that time, notices any omission or wrong particular therein, may furnish a statement or a revised statement, as the case may be. Such statement or revised statement has to be filled at any time before the expiry of two years from the end of the financial year in which the specified services was provided or e-commerce supply or services was made or provided or facilitated. [ Section 167(2) ] 3. Time limit for furnish a statement in response to notice issued by the AO Where any assessee or e-commerce operator fails to furnish the statement within the prescribed time, the Assessing Officer may serve a notice upon such assessee or e-commerce operator requiring him to furnish the statement in the prescribed form, verified in the prescribed manner and setting forth such particulars, within such time, as may be prescribed. Where an assessee or e-commerce operator, as the case may be, fails to furnish the statement within the time specified in rule 5(2) , the Assessing Officer may issue a notice to such person requiring him to furnish, within 30 days from the date of service of the notice. [ Section 167(3) read with Rule 6 of Equalisation levy Rules, 2016]