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TMI BlogChanges in Rule 114B - Transactions in relation to which PAN is to be quoted in all documents for the purpose of section 139A(5)(C).X X X X Extracts X X X X X X X X Extracts X X X X ..... e called the Income-tax (Twenty-fourth Amendment) Rules, 2023. (2) They shall come into force from the date of their publication in the Official Gazette. 2. In the Income-tax Rules, 1962, (hereinafter referred to as the principal rules) in rule 114B,-- (a) in the second proviso, for the words "Provided further that any person", the words "Provided further that any person, not being a company or a firm," shall be substituted; (b) after second proviso, the following proviso shall be inserted, namely: -- "Provided also that a foreign company who,-- (i) does not have any income chargeable to tax in India; and (ii) does not have a permanent account number, and enters into any transaction referred to at Sl. No. 2 or 12 of the Table ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fter the proviso, the following shall be inserted, namely:-- "Provided further that the provisions of this sub-rule shall not apply in a case,-- (a) where the person, making the deposit or withdrawal of an amount otherwise than by way of cash as per Sl. No. 1 or Sl. No. 2 of column (2), or opening a current account not being an cash credit account as per Sl. No. 3 of column (2) of the Table, is a non-resident (not being a company) or a foreign company; (b) the transaction is entered into with an IFSC banking unit; and (c) such non-resident (not being a company) or the foreign company does not have any income chargeable to tax in India. Explanation.-- For the purposes of this sub-rule, "IFSC banking unit" shall have the same meanin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... D M M Y Y Y Y 23 If PAN not applied, fill estimated total income (including income of spouse, minor child etc. as per section 64 of Income-tax Act, 1961) for the financial year in which the above transaction is held a Agricultural income (Rs.) b Other than agricultural income (Rs.) c i Income chargeable to tax (for a foreign company) ii Income not chargeable to tax (for a foreign company) 24 Details of document being produced in support of identify in Column 1 (Refer note overleaf) Document code Document identification number Name and address of the authority issuing the document 25 Details of document being produced in support of address in Columns 4 to 13 (Refer note overleaf) Document code ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... secution 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 twenty‐five 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 two years and with fine. 2. The person accepting the declaration shall not accept the declaration where,- (i) the amount of income of the nature referred to in item 23b exceeds the maximum amount which is not chargeable to tax, unless PAN is applied for and column 22 is duly filled; (ii) there is income chargeable to tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 16 No Yes 17. Landline Telephone bill (Not more than 3 months old) 17 No Yes 18. Water bill (Not more than 3 months old) 18 No Yes 19. Consumer gas card/book or piped gas bill (Not more than 3 months old) 19 No Yes 20. Bank Account Statement (Not more than 3 months old) 20 No Yes 21. Credit Card statement (Not more than 3 months old) 21 No Yes 22. Depository Account Statement (Not more than 3 months old) 22 No Yes 23. Property registration document 23 No Yes 24. Allotment letter of accommodation from Government 24 No Yes 25. Passport of spouse bearing name of the person 25 No Yes 26. Property tax payment receipt (Not more than one year old) 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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