CBDT amends Rule 12CB, in the exercise of the powers conferred under Section 115 UB, sub-section (7), read with section 295 of the Income Tax Act, 1961 stating that the statement is giving details of the nature of an income paid or credited during the previous year. And other relevant details by an investment fund to its unit-holder and Principal Commissioner or the Commissioner of Income-tax as required.
CBDT amends Rule 12CB related to Investment fund
- The statement of an income paid or credited by the investment fund to its unit-holder must be furnished by a person responsible for crediting or making payment of the income on behalf of the investment fund to the:
- The income paid or credited in Form No-64C to the unit-holder by 30 June of the financial year following the previous year after generating and downloading the same from the web portal. It must be specified by a Principal Director General of Income-tax or the Director-General of Income-tax or by the person authorized and duly verified by the person paying and crediting an income on behalf of an investment fund as in manner indicated therein.
- The income paid or credited in Form No- 64D electronically under digital signature must be duly verified by an accountant as in manner indicated therein. It must be specified by the Principal Commissioner or the Commissioner of Income-tax within whose jurisdiction the Principal office of an investment fund is situated by 15 June of the financial year following the previous year.
- A Principal Director General of the Income-tax or the Director-General of Income-tax must specify the:
- Procedure for filing Form No. 64D, and he must be responsible for evolving and implementing appropriate security, archival, and retrieval policies related to the statements of income paid or credited so furnished under the rule.
- Procedure formats, standards for the generation, and also downloads the statement in Form No. 64C from the web portal. It is specified by him or by the person authorized by him. He must also be responsible for the day-to-day administration in regards to the generation and download of certificates from the web portal.
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In Appendix-II- Details in Form No. 64C and 64D shall be furnished
Form No. 64C– Statement of income distributed by an investment fund to be provided to the unit-holder under section 115UB of the Income-tax Act
- Name of a unit-holder
- Address of a unit-holder
- (PAN) Permanent Account Number
- AADHAAR of a unit-holder
- Name and address of an Investment Fund
- Permanent Account Number of an Investment Fund
- Details of an income or loss [after excluding the loss under clause (ii) of sub-section (2) of section 115UB paid or credited by an Investment Fund to the unit-holder during the previous year
- Details of a deemed loss as on 31 March 2019 in terms of the sub-section (2A) of section 115UB
Form No. 64D-Statement of income paid or credited by an investment fund to be furnished under section 115UB of the Income-tax Act
- Name of the Investment Fund
- Address of the registered office
- The legal status of Company/Limited liability partnership/Trust/Body corporate
- (PAN) Permanent Account Number
- Name & address of the Trustees/Directors/Partners of an Investment fund
- If registered as Alternative Investment Fund with SEBI under the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012, If yes, then furnish following details-
- Whether registered as Category I/II
- Registration number
- Date of registration
- Total income of an Investment Fund during the previous year and break-up of total income
- Details of losses of a previous year, if any
- Details of losses under the head “Profit and gains of business or profession,” if any
- An aggregate of positive income of an Investment Fund under various heads after setting off of losses
- Details of loss other than a loss under the head “Profits and gains of business or profession accumulated at an investment fund level as on 31 March 2019
- An aggregate of loss under various heads after ignoring the loss
- Details of a person being a unit-holder referred to in sub-section (1) of the section 115UB by whom the income is received or in whose name it has been credited.
CBDT notifies Authority under Section 138 to furnish information to CCI
In pursuance of the sub-clause (ii) of clause (a) of sub-section (1) of section 138 of the Income-tax Act, 1961[1], the Central Government specified that the Income Tax Department has to share information with the Director-General/Secretary, of Competition Commission of India. It is further clarified that income-tax authority, must-
- To furnish only relevant and precise information after forming an opinion that such information is necessary to enable an authority to perform its functions under the law being administered.
- To convey to the authority being specified vide this notification to maintain absolute confidentiality in respect of information being furnished.
Conclusion
CBDT has notified two important notifications as one regarding substitution of Rule 12CB under section 115UB sub-section 7 with respect to an investment fund. It is regarding the statement of how income is distributed or paid or credited by an investment fund under the Income Tax Act. The same details must be furnished in Form 64(C) and Form 64(D).
The second CBDT amendment is about the information required to be furnished under sub-section (1) of section-138 to the Competition Commission of India. The information has to relevant and precise and must be confidential as conveyed by the authority.
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