Income-tax (Eighth Amendment) Rules, 2003 - 143/2003 - Income Tax

Income-tax (Eighth Amendment) Rules, 2003 NOTIFICATION No. 143/2003 Dated 9th June, 2003 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. ( I) These rules may be called the Income-tax (Eighth 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 Vl, for rule 29C, the following rule shall be substituted, namely:- 'Declaration by person claiming receipt of certain incomes without deduction of tax 29C. (1) A declaration under sub-section (1) by an individual or under sub-section (1A) of section 197A by a person (not being a company or firm) shall be in Form No. 15G 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 paying the interest on securiffes or dividend or interest other than interest on securities or, income in respect of units or, as the case may be, any amount referred to in clause (a) of sub-section (2) of section 80CCA. (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 Comrnissioner or the 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.'; (b) in Appendix 11,- (i) for Form No. 15G, the following Form shall be substituted, namely: 'FORM NO. 15G[See rule 29C Declaration under sub-sections (1) and (1A) of section 197A of the Income-tax Act, 1961, to be made by an individual or a person (not being a company or a firm) claiming certain receipts without deduction of tax I/We*........................................*son/ daughtcr /wife of........................................ resident of....................... @ do hereby declare - 1. *that I am a sharellolder in................................... (name and address of the company) and the shares in the said company, particulars of which are given in Schedule I below, stand in my name and are beneficially owned by me. and the dividends therefrom are not includible in the total income of any other person under sections 60 to 64 of the Income-tax Act, 1961; OR *that the secufities or sums, particulars of which are given in Schedule II or Schedule lll or Schedule IV below, stand in *my/our name and beneficially belong to *me/us, and the *interest in respect of such securities or sums and/ or income in respect of units is/ are not includible in the total income of any other person under sections 60 to 64 of the Income-tax Act, 1961; OR *that the particulars of my account under the National Savings Scheme and the amount of withdrawal are as per the Schedule V below; 2. that *my/ our present occupation is.......................................... 3. that the tax on *my/our estimated total income, including- *the dividends from shares referred to in Schedule I below; and/or *#interest on secufities, interest other than interest on secufities and / or respect of units, referred to in Schedule II, Schedule III and/or Schedule IV below; and/or *the amount referred to in clause (a) of sub-section (2) of section 80CCA, mentioned in Schedule V below, computed in accordance with the provisions of the Income-tax Act, 1961, for the previous year ending on...................... relevant to the assessment year.............. will be nil; 4. that *my/our income from dividend/interest on secufities/interest other than interest on securities /units/amounts referred to in clause (a) of sub-section (2) of section 80CCA or the aggregate of such incomes, computed in accordance with the provisions of the Income-tax Act, 1961, for the previous year ending on............... relevant to the assessment year 20................ - 20....... will not exceed the maximum amount which si not chargeable to income-tax; 5. that #I/we have not been assessed to income-tax at any time in the past but I fall withi the jurisdiction of the Chief Commissioner of Commissioner of Income-tax...........; OR that * I was/we were last assessed to income-tax for the assessment year......... By the Assessing Officer........ Circle/Ward/District and the permanent account number allotted to me is......; 6. That I *am/am not resident in India within the meaning of section 6 of the Income-tax Act, 1961; 7. Particulars of the *shares of tile Company/securities/sums/account under the National Saving Scheme and the amount of withdrawal referred to in paragraph 1 above, in respect of which the declaration is being made, are as under: SCHEDULE I No of shares Class of shares and face value of each share Total face value of shares Distinctive numbers of the shares Date(s) on which the shares were acquired by the declarant SCHEDULE II Description of securities Number of securities Date(s) of securities Amount of Securities Date(s) on which the securities were acquired by the declarent SCHEDULE III Name and address of the person to whom the sums are given on interest Amount of such sums Date on which sums were given on interest Period for which such sums were given on interest Rate of interest SCHEDULE IV Name and address of the Mutual Fund Number of units Class of units and face value of each unit Distinctive number of units Income in respect of units SCHEDULE V Particulars of the Post Office where the account under the National Savings Scheme is maintained and the account number Date on which the account was opened The amount of withdrawal from the account ......................................... *Signature of the declarant Verification *I/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. #Declaration in respect of these payments can be furnished by a person (not being a company or a firm). 5. ** Indicate the capacity in which the declaration is furnished on behalf of a Hindu undivided family, association of persons, etc. 6. 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 paying the income, mentioned in paragraph 1 of the declaration. 2. Date on which the declaration was furnished by the declarant. 3. Date of *declaration, distribution or payment of dividend/ withdrawal from account number.......... under the National Savings Scheme. 4. Period in respect of which *dividend has been declared/ interest is being credited or paid/income in respect of units is being credited or paid 5. Amount of *dividend/interest or income in respect of units/ withdrawal from National Saving Scheme Account. 6. *Rate at which interest or income in respect of units, as the case may be, is credited/paid. Forwarded to the Chief Commissioner or Commissioner of Income-tax................ Place................. Date.................. .................................................... Signature of the person responsible for paying the income referred to in Paragraph 1 ; (ii) Form Nos. 15H and 15-1 shall be omitted. Sd/ (Deepika Mittal) Under Secretary to the Government of India F.No. 29/FB/2003-TPL Note.- The principal rules were published vide Notification No.S.O.969(E), dated the 26th March, 1962 and last amended by Income-tax (Seventh Amendment) Rules, 2003 vide Notification S.O. No. 634(E) dated the 29th May, 2003.