Income-tax (Twenty-Second Amendment) Rules, 2003 - 239/2003 - Income Tax

Income-tax (Twenty-Second Amendment) Rules, 2003. NOTIFICATION N0. 239/2003 Dated 30 th September, 2003 Inexercise 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 (Twenty-Second Amendment) Rules, 2003. (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 VIA,- (A) for rules 37C and 37D, the following rules shall be substituted, namely:- "Declaration by a buyer for no collection of tax at source under section 206C (1A). 37C. (1) A declaration undersub-section (1A) of section 206C to the effect that any of the goods referred to in the Table in sub-section (1) of that section are to be utilised for the purposes of manufacturing, processing or producing articles or things and not for trading purposes shall be in Form No. 27C and shall be verified in the manner indicated therein. (2)The declaration referred to in sub-rule (1) shall be furnished in duplicate to the person responsible for collecting tax. (3) The person referred to in sub-rule (2) shall deliver or cause to be delivered to the Chief Commissioner or Commissioner, one copy of the declaration referred to in sub-rule (1) on or before the seventh day of the month next following the month in which the declaration is furnished to him. Explanation.- For the purposes of sub-rule (3), the Chief Commissioner or Commissioner means the Chief Commissioner or Commissioner to whom the Assessing Officer, having jurisdiction to assess the person referred to in sub-rule (2), is subordinate . Time and mode of payment to Government account of tax collected at source under section 206C. 37CA. (1) All sums collected in accordance with the provisions of sub-section (1) of section 206C shall be paid to the credit of the Central Government within one week from the last day of the month in which the collection is made. (2) The person responsible for making collection under sub-section (1) of section 206C shall pay the amount of tax so collected to the credit of the Central Government by remitting it within the time prescribed in sub-rule (1) into any branch of the Reserve Bank of India or of the State Bank of India or of any authorised bank accompanied by an income-tax challan: Provided that where the collection is made by or on behalf of the Government, the amount shall be credited within the time and in the manner aforesaid without the production of a challan. Certificate for collection of tax at source under section 206C (5). 37D. (11 The certificate of collection of tax at source under sub-section (5) of section 206C to be furnished by any person collecting tax at source under sub-section (1) of that section shall be in Form No. 27D. (2) The certificate referred to in sub-rule (I) shall be furnished within a period of one month from the end of the month during which the amount is debited to the account of the buyer or payment is received from the buyer, as the case may be: Provided that where more than one certificate is required to be furnished to a buyer for tax collected at source in respect of the period ending on the 30 th September and the 31 st March in each financial year, the person collecting the tax, may on request from such buyer, issue within one month from the end of such period, a consolidated certificate in Form No. 27D for tax collected during whole of such period. (3) Where in a case, the certificate for tax collected at source issued under this rule is lost the person collecting tax at source may issue a duplicate certificate of collection of tax at source on a plain, paper giving necessary details as contained in Form No. 27D. (4) The Assessing Officer before giving credit for the tax collected at source on the basis of duplicate certificate referred to in sub-rule (3), shall get the payment certified from the Assessing Officer designated in this behalf by the Chief Commissioner or Commissioner and shall also obtain an Indemnity Bond from the assessee."; (B) in rule 37E, after the expression "Form No,27E", the words "within one month from the end of the period for which the return is required to be filed" shall be inserted; (bl in Appendix II, for Form No- 27C and Form No. 27D, the following Forms shall be substituted, namely:- "FORM N0.27C [See rule 37C] Declaration under sub-section (1A) of section 206C of the Income tax Act, 1961 to be made by a buyer for obtaining goods without collection of tax PART I I/We*.................., *son/daughter/wife of.................. resident of............... @, do hereby declare 1. that *my/our present occupation is...................; 2. that......................................................... is to be utilised for (nature of the goods referred to in the Table in sub-section (1) of section 206C] the purpose of *manufacturing/processing/producing articles or things and not for trading purposes; 3. that *1 am/we are assessed to income-tax by the Assessing Officer............ Circle/Ward and the permanent account number allotted to me is....; OR that *1 was/we were last assessed to income-tax for the assessment year.... by the Assessing Officer........... Circle/Ward and the permanent account number allotted to me is....; OR that *I/we have not been assessed to income-tax at any time in the past but I fall within the jurisdiction of the Chief Commissioner of Commissioner of Income-tax..........; ................................... Signature of the declarant Verification *l/We...............do hereby declare that to the best of *my/our knowledge and belief what is stated above is correct, complete and is truly stated. Verified today, the.........day of............... Place......... .................................. Signature of the declarant Note: 1. @ Give complete postal address, 2. The declaration should be furnished in duplicate. 3. *Delete whichever is not applicable. 4. ** Indicate the capacity in which the declaration is furnished on behalf of a Hindu undivided family, association of persons, firm etc. 5. Before signing the verification, the declarant should satisfy himself that the information furnished in the declaration is true, correct and complete in all respects. Any person making a false statement in the declaration shall be liable to prosecution under section 277 of the Income-tax Act, 1961, and on conviction be punishable -- (i) in a case where tax sought to be evaded exceeds one lakh rupees, with rigorous imprisonment which shall not be less than six months but which may extend to seven years and with fine; (ii) in any other case, with rigorous imprisonment which shall not be less than three months but which may extend to three years and with fine. PART II (FOR USE BY THE PERSON TO WHOM THE DECLARATION IS FURNISHED] 1. Name and address of the person responsible for collecting tax at the time of the sale of the goods referred to in paragraph 2. 2. Date on which the declaration was furnished by the declarant. 3. Date of debiting of the amount payable by the buyer to the account of the buyer or receipt of the amount payable from the buyer in cash or by issue of a cheque or draft or by any other mode. Forwarded to the Chief Commissioner or Commissioner of Income-tax.............. Place........... Date............ ........................................................ Signature of the person responsible for collecting tax at the time of the sale of the goods referred to in paragraph 2. FORM N0.27D [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 or tendu leaves; scrap) 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 TAX COLLECTION A/C NO. OF THE COLLECTOR Nature of Goods referred to in the Table in section 206C(1) PAN/GIR NO. OF THE BUYER PAN/GIRNO. OF THE COLLECTOR: FOR THE PERIOD.............. To...... DETAILS OF PAYMENT, TAX COLLECTION AND DEPOSIT OF TAX INTO CENTRAL GOVERNMENT ACCOUNT Date on which amount received/ debited to the account of buyer Amount received/ debited to the account of buyer (Rs.) Rate at Which collected (%) Amount tax of income-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 of Rs.......... (Rupees............... in words) has been collected at source and paid to the credit of the Central Government as per details given above. Place..................................................... Signature of the person responsible for collection of tax Date Full Name..................... Designation...................... Sd/- (D.P. Semwal) Director to the Government of India F.No. 142/40/2003-TPL Note.- The principal rules were published vide Notification No.S.0.969(E), dated the 26 th March, 1962 and last amended by Income-tax (Twenty-First Amendment) Rules, 2003 vide Notification No.226/2003 dated the 25.9.2003.