Legislation UpdatesRules & Regulations

G.S.R. 666(E). – In exercise of the powers conferred by Section 44AB read with Section 295 of the Income Tax Act, 1961 (43 of 1961) (hereinafter referred to as the Income Tax Act), 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 (8th Amendment) Rules, 2018.

(2) They shall come into force from the 20th day of August, 2018.

2. In the Income-tax Rules, 1962, in Appendix II, in Form No. 3CD,-

(i) in serial number 4,-

(a) after the words “sales tax,”, the words “goods and services tax,” shall be inserted;

(b) after the words “registration number or”, the words “GST number or” shall be inserted;

(ii) in serial number 19, in the table, after the row with entry “32AC”, the row with entry “32AD” shall be inserted;

(iii) in serial number 24, after the words “32AC or”, the words “32AD or” shall be inserted;

(iv) in serial number 26, for the words “or (f)”, the words “, (f) or (g)” shall be substituted;

(v) after serial number 29 and the entries relating thereto, the following shall be inserted, namely:

“29A. (a) Whether any amount is to be included as income chargeable  under the head ‘income from other sources’ as referred to in clause (ix) of sub-section (2) of Section 56? (Yes/No)

(b) If yes, please furnish the following details:

(i) Nature of income:

(ii) Amount thereof:

29B. (a) Whether  any amount  is to be included  as income  chargeable  under the head ‘income  from other sources’ as referred to in clause (x) of sub-section (2) of section 56? (Yes/No)

(b) If yes, please furnish the following details:

(i) Nature of income:

(ii) Amount (in Rs.) thereof:”;

(vi) after serial number 30 and the entries relating thereto, the following shall be inserted, namely:

“30A. (a) Whether primary adjustment to transfer price, as referred to in sub-section (1) of Section 92CE, has been made during the previous year? (Yes/No)

(b) If yes, please furnish the following details:

(i) Under which clause of sub-section (1) of Section 92CE primary adjustment is made?

(ii) Amount (in Rs.) of primary adjustment:

(iii) Whether the excess money available with the associated enterprise is required to be repatriated to India as per the provisions of sub-section (2) of Section 92CE?  (Yes/No)

(iv) If yes, whether the excess money has been repatriated within the prescribed time (Yes/No)

(v)  If  no,  the  amount  (in  Rs.)  of  imputed  interest  income  on  such  excess  money  which  has  not  been repatriated within the prescribed time:

30B. (a) Whether  the assessee  has incurred  expenditure  during the previous  year by way of interest  or of similar nature exceeding one crore rupees as referred to in sub-section (1) of Section 94B? (Yes/No)

(b) If yes, please furnish the following details:

(i) Amount (in Rs.) of expenditure by way of interest or of similar nature incurred:

(ii) Earnings before interest, tax, depreciation and amortization (EBITDA) during the previous year (in Rs.):

(iii) Amount (in Rs.) of expenditure  by way of interest or of similar nature as per (i) above which exceeds 30% of EBITDA as per (ii) above:

(iv) Details of interest expenditure brought forward as per sub-section (4) of Section 94B:

A.Y. Amount (in Rs.)

(v) Details of interest expenditure carried forward as per sub-section (4) of Section 94B:

A.Y. Amount (in Rs.)

30C. (a) Whether  the assessee  has entered  into an impermissible  avoidance  arrangement,  as referred to in Section 96, during the previous year? (Yes/No)

(b) If yes, please specify:

(i) Nature of the impermissible avoidance arrangement:

(ii)  Amount  (in  Rs.)  of  tax  benefit  in  the  previous  year  arising,  in  aggregate,  to  all  the  parties  to  the arrangement:”;

(vii) in serial number 31,-

(A) after clause (b), the following clauses and entries relating thereto shall be inserted, namely:

“(ba) Particulars of each receipt in an amount exceeding the limit specified in Section 269ST, in aggregate from a person  in a day or in respect  of a single  transaction  or in respect  of transactions  relating  to one event  or occasion from a person, during the previous year, where such receipt is otherwise than by a cheque or bank draft or use of electronic clearing system through a bank account:

(i) Name, address and Permanent Account Number (if available with the assessee) of the payer;

(ii) Nature of transaction;

(iii) Amount of receipt (in Rs.);

(iv) Date of receipt;

(bb) Particulars of each receipt in an amount exceeding the limit specified in Section 269ST, in aggregate from a person  in a day or in respect  of a single  transaction  or in respect  of transactions  relating  to one event  or occasion from a person, received by a cheque or bank draft, not being an account payee cheque or an account payee bank draft, during the previous year:

(i) Name, address and Permanent Account Number (if available with the assessee) of the payer;

(ii) Amount of receipt (in Rs.);

(bc) Particulars of each payment made in an amount exceeding the limit specified in Section 269ST, in aggregate to a person in a day or in respect  of a single transaction  or in respect  of transactions  relating to one event or occasion to a person, otherwise than by a cheque or bank draft or use of electronic clearing system through a bank account during the previous year:

(i) Name, address and Permanent Account Number (if available with the assessee) of the payee;

(ii) Nature of transaction;

(iii) Amount of payment (in Rs.);

(iv) Date of payment;

(bd) Particulars  of each payment  in an amount exceeding  the limit specified  in Section  269ST, in aggregate  to a person  in a day or in respect  of a single  transaction  or in respect  of transactions  relating  to one event  or occasion to a person, made by a cheque or bank draft, not being an account payee cheque or an account payee bank draft, during the previous year:

(i) Name, address and Permanent Account Number (if available with the assessee) of the payee;

(ii) Amount of payment (in Rs.);

(Particulars  at  (ba),  (bb),  (bc)  and  (bd)  need  not  be  given  in  the  case  of  receipt  by  or  payment  to  a Government company, a banking Company, a post office savings bank, a cooperative bank or in the case of transactions  referred  to in Section 269SS  or in the  case  of  persons  referred  to in Notification  No.  S.O. 2065(E) dated 3rd July, 2017)”;

(B) in item (c), in sub-item (v), for the words “taken or accepted”, the word “repaid” shall be substituted;

(C) in item (d), in sub-item (ii), after the words “amount of”, the words “repayment of” shall be inserted;

(D) in item (e), in sub-item (ii), after the words, “amount of”, the words “repayment of” shall be inserted; (viii) in serial number 34, for item (b), the following item shall be substituted, namely:

“(b) whether the assessee is required to furnish the statement of tax deducted or tax collected. If yes, please furnish the details:

Tax deduction and collection Account Number (TAN)

Type of Form

Due date for furnishing Date of furnishing, if furnished Whether the statement of tax deducted or collected contains information about all details/transactions  which are required  to be reported.  If not, please  furnish  list of details/transactions  which  are  not reported.”;

(ix) after serial number 36 and the entries relating thereto, the following shall be inserted, namely:

“36A. (a) Whether  the assessee  has received  any amount in the nature of dividend as referred to in sub-clause  (e) of clause (22) of Section 2? (Yes/No)

(b) If yes, please furnish the following details:

(i) Amount received (in Rs.):

(ii) Date of receipt:”;

(x) after serial number 41 and the entries relating thereto, the following shall be inserted, namely:

“42. (a) Whether  the assessee  is required  to furnish  statement  in Form No.61  or Form No. 61A  or Form No. 61B? (Yes/No)

(b) If yes, please furnish:

Income-tax Department Reporting      Entity Identification Number

Type of Form

Due date     for furnishing

Date of furnishing,         if furnished

Whether the Form  contains information about all details/ transactions which are required to be reported. If not, please furnish list of the details/transactions which are not reported.

  1. (a) Whether the assessee or its parent entity or alternate reporting entity is liable to furnish the report as referred to in sub-section (2) of Section 286 (Yes/No)

(b) if yes, please furnish the following details:

(i) Whether report has been furnished by the assessee or its parent entity or an alternate reporting entity

(ii) Name of parent entity

(iii) Name of alternate reporting entity (if applicable)

(iv) Date of furnishing of report

  1. Break-up of total expenditure of entities registered or not registered under the GST:
Sl. No. Total amount  of Expenditure incurred during the year Expenditure in respect  of entities registered under GST Expenditure   relating to entities not registered under GST
Relating  to goods      or services exempt from GST Relating   to entities falling under composition scheme Relating to other registered entities Total payment to registered entities
(1) (2) (3) (4) (5) (6) (7)”

[Notification No.  33/2018/F.No. 370142/9/2018-TPL]

Note: The Principal Rules were published in the Gazette of India, Extraordinary, Part II, Section 3, sub-section (ii) vide notification  number S.O. 969(E) dated the 26th of March, 1962 and were last amended vide notification  number G.S.R 647 (E) dated 13.07.2018.