Income-tax (Twenty-Fourth Amendment) Rules, 2003 - 244/2003 - Income Tax

Income-tax (Twenty-Fourth Amendment) Rules, 2003. NOTIFICATION N0. 244/2003 Dated 1 st October, 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. (1) These rules may be called the Income-tax (Twenty-Fourth 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 VI, (a) for rule 26B, the following rule shall be substituted, namely: - 'Statement of particulars of income under heads of income other than "Salaries" for deduction of tax at source. 26B. (1) The assessee may send to the person responsible for making payment under sub-section (1) of section 192, a statement of any income chargeable under any head of income other than "Salaries" (not being a loss under any such head other than the loss under the head "Income from house property"), received by the assessee for the same financial year, and of any tax deducted on such income. (2) A verification in the following form shall be annexed to the statement referred to in sub-rule (1):- FORM OF VERIFICATION I,......................... (name of the assessee), do declare that what is stated above is true to the best of my information and belief.'; (b) in rule 28, sub-rules (2), (4) and (5) shall be omitted; (c) in rule 28AA, sub-rule (5) shall be omitted; (d) in rule 29, sub-rule (5) shall be omitted; (e) in rule 29B, sub-rule (6) shall be omitted; (f) rule 30A shall be omitted; (g) for rule 33, the following rule shall be substituted, namely:- "Statement of deduction of tax from contributions paid by the trustees of an approved superannuation fund. 33. (1) In cases where the trustees of an approved superannuation fund pay any contributions made by an employer, including interest on such contributions, to an employee during his life time, they shall send within two months from the end of the financial year to the Assessing Officer referred to in rule 36A, a statement giving the following particulars, namely: (i) Name of the superannuation fund; (ii) Name and address of the employee; (iii) The period for which the employee has contributed to the superannuation fund; (iv) The amount of contribution repaid on account of principal and interest; (v) The average rate of deduction of tax during the preceding three years; and (vi) The amount of tax deducted on repayment. (2) A verification in the following form shall be annexed to the statement referred to in sub-rule (I): FORM OF VERIFICATION We/I, the trustee(s) of the above named fund, do declare that what is stated in the above statement is true to the best of our/my information and belief."; (B) in part VIA,- (a) in rule 37G, for the expression "Form No.27F', the expression "Form No. 13" shall be substituted; (b) in rule 37H, in sub-rule (1), the words, figures and letter "in Form No.27G" shall be omitted; (C) in Appendix II, (a) Form No. 12C shall be omitted; (b) for Form No. 13, the following Form shall be substituted, namely: - 'FORM NO. 13 [See rules 28 and 37G] Application by a person for a certificate under sections 197 and or 206C (9) of the Income-tax Act, 1961, for no *deduction/collection of tax or *deduction/collection of tax at a lover rate To, The Assessing Officer, ................................ ................................. ................................ 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 units (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........................................................................ (specify the nature of goods referred to In the Table in subsection (1) of section 206C) authorizing him to collect income-tax at the rate of...........percent 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. 2. The particulars of my income/other relevant details are as under i. Status (State whether individual, Hindu undivided family, firm, body of individuals, etc.) ii. Residential status (Whether resident/resident but not ordinarily resident/non-resident.) iii. Permanent Account No. iv. Assessment year to which the payments relate. iv. Estimated total income of the previous year relevant to the assessment year referred to in (iv) above (give the computation and basis thereof). v. Total tax payable on the income at (v). vii. Average rate of tax. [Col.(vi)X100 ] [ COL (v) ] viii. How the liability determined in col. (vi) is proposed to be discharged? (Specify the amount to be paid by way of advance tax, TDS and TCS) ix. Total income assessed in the last three assessment years and the total tax paid for each such year Assessment Year Total income Total tax (i) (ii) (iii) (x) Date and amount of advance tax, tax deducted at source and tax collected at source, if any, already paid so far. xi. Details of income claimed to be exempt and not included in the total income (Please append a note giving reason for claiming such exemption). xii. Please furnish the particulars in Annexure-I in respect of no deduction of tax or deduction of tax at a lower rate under section 197 and/or in Annexure-II for collection of tax at lower rate under section 206C(9) of the Income-tax Act a in the case may be. *I,........................the trustee/co- trustee of .................................... do hereby declare that the securities/sums/shares, particulars of which are given in the Annexure, are property held under trust wholly for charitable or religious purposes and that the income therefrom qualifies for exemption under sections 11 and 13 of the income-tax Act, 1961. *1 declare that the securities/sums/shares, particulars of which are given in the Schedules above, stand in my name and are beneficially owned by me , and the income therefrom is not includible in the total income of any other person under sections 60 to 64 of the Income-tax Act, 1961. I further declare that what is stated in this application is correct. Date Date................... .................................................................... Signature Place................... ....................................................... ...................................................... Address *Strike out whichever is not applicable. Annexure-I [For the purpose of tax deduction at source]. Please furnish the particulars with the Schedules below in respect of the payments for which the certificate is sought. SCHEDULE I Description of securities Number of securities Date of securities Amount of securities Estimated amount of interest to be received (1) (2) (3) (4) (5) SCHEDULE II SL No. Name and address of the person to whom the sums are given on interest Amount of such sums The date on which such sums were given on interest Period for which such sums were given on Interest Rate of interest Estimated amount of interest to be received (1) (2) (3) (4) (5) (6) (7) SCHEDULE III SL No. Name and address of person responsible for paying insurance commission Estimated amount of insurance commission (1) (2) (3) SCHEDULE IV Sl No. Name and address of the company No. of shares Class of shares and face value of each share Total face value of shares Distinctive numbers of shares Estimated amount of dividend to be received (1) (2) (3) (4) (5) (6) (7) SCHEDULE V Sl.No.. Name and address of the employer Period of employment Amount of salary received Income from house property Income from sources other than salary and income from house property Estimated Total income (1) (2) (3) (4) (5) (6) (7) SCHEDULE VI Sl. No. Name and address of person responsible for paying rent Estimated amount of rent to be received (1) (2) (3) SCHEDULE VH Sl. No. Name and address of the mutual fund No. of units Classes of units and face value of each unit Total face value of units Distinctive numbers of units Estimated amount of income to be received (1) (2) (3) (4) (5) (6) (7) SCHEDULE VIII Sl. No. Name and address of person responsible for paying commission (not being insurance commission referred to in section 194D or brokerage. Estimated amount of commission (not being insurance commission referred to in section 194D or brokerage to be received (1) (2) (3) SCHEDULE IX Sl.No. Full name and address of the authority/ person with whom the contract was made Date of The contract Nature of The contract Date by which work on the contract would be completed Sums expected to be credited/paid in pursuance of the contract during the current previous year and each of the three immediately succeeding years (1) (2) (3) (4) (5) (6) SCHEDULE X SI.No. Name and address of person(s) responsible for paying commission, remuneration or prize (by whatever name called) on the sale of lottery tickets Estimated amount of commission remuneration/prize to be received (strike out whichever is not applicable) (1) (2) (3) SCHEDULE XI Sl.No. Name and address of person(s) responsible for paying fees for professional/technical services Estimated amount of fees for Professional/ technical services to be received (strike out whichever is not applicable) (1) (2) (3) Date. .................. Place. ................. .......................... (Signature) .......................... ............................ (Address) Annexure-II [For the purpose of tax collection at source] Particulars of the amounts payable in respect of which the certificate is sought 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 excepted 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) Date........................ ............................ Signature of the buyer Full Name.................. Designation................ c) Form No. 13C, Form No, 13D, Form No, 13E, Form No.15, Form NNo.lSAA, Form No.lSB, Form, Form No. 15E, Form No.27F and Form No.27G shall De omitted. Sd/- (D.P.Semwal) Director F.No.l42/29/2003-TPL Note.- The principal rules were published vide Notification No.S.0.969(E), dated the 26th March, 1962 and last amended by Income-tax (Twenty-Second Amendment) Rules, 2003 vide Notification S.O. No. 1145 (E) dated the 30.9.2003.