Income-Tax
(Eighth Amendment) Rules, 2013 - Insertion of Rule 21AC and Form No. 10FC
Notification No.
47/2013, [F.NO. 142/12/2013-TPL]/SO
1856(E), Dated 26.06.2013
In exercise of
the powers conferred by sub-section (3) of section 94A read with 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 (8th Amendment) Rules, 2013.
(2) They shall come into force on the date
of their publication in the Official Gazette.
2. In the
Income-tax Rules, 1962 (hereafter referred to as the principal rules), -
(a) after rule 21AB, the following rule
shall be inserted, namely:-
"Furnishing
of Authorisation and Maintenance of Documents etc. for the purposes of Section
94A.
21AC.
(1)
For the purposes of clause (a) of sub-section (3) of section 94A, the
authorisation to be submitted by the assessee, shall be in Form No. 10FC.
(2) The assessee shall cause the first
copy of the duly filled Form No. 10FC to be deposited with or transmitted to
the financial institution referred to in clause (a) of sub-section (3)
of section 94A.
(3) The second copy of the Form No. 10FC
along with the evidence of the first copy of said Form having been deposited or
transmitted to the financial institution shall be submitted by the assessee to
the Assessing Officer having jurisdiction over him.
For the purpose of ensuring that the
authorisation in Form No. 10FC is legally enforceable, the assessee shall take
all necessary steps as are required under any law for the time being in force
in India or outside India.
(5) For the purposes of clause (b)
of sub-section (3) of section 94A, the assessee who has entered into a
transaction with a person located in a notified jurisdictional area
(hereinafter referred to as the specified person) shall, in addition to information
and documents referred to in sub-rule (1) of rule 10D, keep and maintain the
following information and documents,
namely:—
(a) a description of the
ownership structure of the specified person, including name and address of
individuals or other entities, whether located in the notified jurisdictional
area or outside, having directly or indirectly more than ten per cent, shareholding
or ownership interests;
(b) a profile of the
multinational group of which the specified person is a part along with the
name, address, legal status and country of tax residence of each of the enterprises
comprised in the group with whom the assessee has entered into a transaction,
and ownership linkage among them;
(c) a broad description of the
business of the specified person and the industry it operates in;
(d) any other information, data
or document, which may be relevant for the transaction with the specified
person.
(6) The information and documents
specified in sub-rule (5) shall be for the period upto the due date of filing
of return of income under sub-section (1) of section 139.
(7) The information and documents
specified in sub-rule (5) shall be kept and maintained for a period of eight
years from the end of the relevant assessment year.";
(b) In the
principal rules, in Appendix-II, after Form No. 10FB, the following Form shall
be inserted, namely:-
.
.
.
.
.
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