Income-tax (Sixteenth Amendment) Rules, 2004 - 286/2004 - Income Tax

Income-tax (Sixteenth Amendment) Rules, 2004 Notification No-286 dt.1-12-04 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 (Sixteenth Amendment) Rules, 2004. (2) They shall come into force from the date of publication in the Official Gazette. 2. In the Income-tax Rules, 1962, - (a) in Part VI,- (A) in rule 30, in sub-rule (1), in the opening portion, after the word, figures and letter "section 194K,", the word, figures and letters "section 194LA," shall be inserted; (B) in rule 31, in sub-rule (1), in clause (b), after the word, figures and letter "section 194K,", the word, figures and letters "section 194LA," shall be inserted; (b) in Part VIA,- (A) in rule 37CA,- (i) in sub-rule (1) after the word, brackets and figure "sub-section (1)", the words, brackets, figure and letter "or sub-section (IC)" shall be inserted; (ii) in sub-rule (2), after the word, brackets and figure "sub-section (1)", the words, brackets, figure and letter "or sub-section (1C)" shall be inserted; (B) in rule 37D,- (i) in sub-rule (1) after the word, brackets and figure "sub-section (1)", the words, brackets, figure and letter "or sub-section (IC)" shall be inserted; (ii) in sub-rule (2), after the word, brackets and figure "sub-section (1)", the words, brackets, figure and letter "or sub-section (1C)" shall be substituted; (C) for rule 37G, the following rule shall be substituted, namely- "Application for certificate for collection of tax at lower rates under sub-section (9) of section 206C. 37G. An application by the buyer or licensee or lessee for a certificate under sub-section (9) of section 206C shall be made in Form No.13.", (D) in rule 37H, in sub-rule (1)- (i) for the word "buyer", at both the places where it occurs, the words "buyer or licensee or lessee" shall be substituted; (ii) for the words, brackets and figure "sub-section (1)", at both the places where they occur, the words, brackets, figure and letter "or sub-section (IC)" shall be substituted; (c) in Appendix-II- (A) in Form No.13,- (i) for paragraph 1, the following paragraph shall be substituted, namely:- "1. "I,............................ of............................... do, hereby, request that a certificate may be issued to the person responsible for paying to me the incomes/sum by way of salary/interest on securities/interest other than "interest on securities/insurance commission/commission (not being insurance commission) or brokerage/commission, etc., on the sale of lottery tickets/fees for professional or technical services/any sum by way of payment to contractors and sub-contractors/dividends/rent/income in respect of nits/sum by way of payment of compensation on acquisition of immovable property (strike out whichever is not applicable) authorising him not to deduct income-tax/to deduct income-tax at the rate of per cent at the time of payment to me of such income/sum. The particulars of my income are as per para 2. and / or I,......................................... of.................................. do, hereby, request that a certificate may be issued to the seller, being the person responsible for collecting the tax from me in respect of the amount payable by me as the buyer of lessee or licensee of (strike out whichever is not applicable) authorising him to collect income-tax at the rate of per cent at the time of debit of such amount to my account or receipt thereof from me, as the case may be. The particulars of my income are as per para 2."; (ii) in Annexure-I, after Schedule XI, the following Schedule shall be inserted, namely:- "SCHEDULE XII Sl. No. Name and address of the person responsible for paying compensation or enhanced compensation or the consideration or enhanced consideration on account of compulsory acquisition of immovable property Estimated amount of compensation or the enhanced compensation or consideration or the enhanced consideration (1) (2) (3) (iii) for Annexure-II, the following Annexure shall be substituted, namely: "ANNEXURE-II (For the purpose of tax collection at source) Please furnish particulars of the amounts payable in respect of which the certificate is sought in the Schedules below. SCHEDULE 1 Sl. No. Full name and address of the seller Date of sale with reference number of such sale Nature and description of the goods sold and details of sale Amounts expected to be debited/paid in pursuance of the sale during the current financial year and each of the three immediately succeeding years. (1) (2) (3) (4) (5) SCHEDULE II Sl. No. Full name and address of the person granting lease or licence Date of grant of lease of licence or contract or transfer of right with reference number Nature and contract or licence or lease and description and details of the contract Amounts expected to be debited/paid in pursuance of the contract during the current financial year and each of the three immediately succeeding years. (1) (2) (3) (4) (5) Date Signature of the buyer or licensee or lessee Full Name Designation (B) in Form No. 16A in the opening portion, after the words "Income in respect of units;", the words "Payment of compensation on acquisition of certain immovable property;" shall be inserted; (C) for Form No. 27D, the following form shall be substituted, namely: "Form No. 27D (See Rule 37D) Certificate of collection of tax at source under sub-section (5) of section 206C of the Income-tax Act, 1961 [For collection of tax at source from alcoholic liquor for human consumption; tendu leaves; timber obtained under a forest lease;timber obtained by any mode other than under a forest lease;any other forest produce not being timber of tendu leaves; scrap; or from contract or licence or lease in respect of parking lot; toll plaza; mining and quarrying] Name and address of the person collecting tax: -------------------------------------------------------------------- Circle where return under section 206C(5A) is to be delivered -------------------------------------------------------------------------------------------- Name and address of the buyer or licensee or lessee ------------------------------------------------------------ TAX DEDUCTION AND TAX COLLECTION A/C. NO. OF THE COLLECTOR PAN/GIR NO. OF THE COLLECTOR: Nature of Goods referred to in the Table in section 206C(1) or nature of contract or license or lease referred to in the Table in section 206C(1C) PAN/GIR NO. OF THEBUYEROR LICENSEE OR LESSEE: FOR THE PERIOD: To: Details of Payment, Tax Collection and Deposit of Tax into Central Government Account Date of which amount received/debited to the account of buyer or licensee or lessee Amount received/debited to the account of buyer or licensee or lessee (Rs.) Rate at which collected (%) Amount of income-tax collected Date and Challan No. of deposit of tax into Central Government Account Name of the bank and branch where tax deposited Tax (Rs.) Surcharge (Rs.) Certified that a sum Rs....... (Rupees...................... in words) has been collected at source and paid to the credit of the Central Government as per details given above. Place Date Signature of the person responsible for collection of tax Full Name Designation Sd/- D.P. Semwal Director (TPL-III)