Income-tax Amendment (Twenty-fifth Amendment), Rules, 2023

16-Oct-2023 | G.S.R. 740(E)

Ministry of Finance has issued Income-tax Amendment (Twenty-fifth Amendment), Rules, 2023, effective from 1st January 2024

By virtue of the amendment, following substitutions and Insertions has been made in Rule 37BB:

1. Sub-rule (8) is being substituted. The Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems) will specify the procedures, formats, and standards for furnishing and verification of Form No. 15CA, Form No. 15CB, Form No. 15CC, and Form No. 15CD. They will also be responsible for the day-to-day administration related to the furnishing and verification of information, certificate, and quarterly statement in accordance with the provisions of sub-rules (4), (6), and sub-rule (7).

2. In Appendix-II of the principal rules, after Form No. 15CC, a new Form No. 15CD will be inserted. This form pertains to the quarterly statement to be furnished by a unit of an International Financial Services Centre, as referred to in sub-section (1A) of section 80LA, in respect of remittances made for the specified quarter of the financial year.

3. Sub-rule (7) is being substituted. A quarterly statement, for each quarter of the financial year, will be furnished in respect of all remittances referred to in sub-rules (1), (2), and sub-rule (3) by:
a. The authorized dealer in Form No. 15CC.
b. A Unit of an International Financial Services Centre referred to in sub-section (1A) of section 80LA, responsible for paying to a non-resident, not being a company, or to a foreign company, in Form No. 15CD.
These statements are to be submitted electronically under digital signature within fifteen days from the end of the quarter of the financial year to which such statement relates.

4. Additionally, in rule 37BB, a new clause (ia) is being inserted in sub-rule (3) which specifies that the remittance is made by a Unit of an International Financial Services Centre referred to in sub-section (1A) of section 80LA.

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