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Income-tax (12th Amendment) Rules, 2013 – Furnishing of information by the person responsible for making payment to a non-resident, not being a company, or to a foreign company

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY PART II,

SECTION 3, SUB-SECTION (ii)]

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

DEPARTMENT OF REVENUE

CENTRAL BOARD OF DIRECT TAXES

NOTIFICATION NO. 58/2013

DATED 5-8-2013

SO 2363(E) – In exercise of the powers conferred by sub-section (6) of section 195 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 (12th Amendment) Rules, 2013.

(2) They shall come into force on the 1st day of October, 2013.

2. In the Income-tax Rules, 1962 (hereafter referred to as the said rules), for rule 37BB, the following rule shall be substituted, namely:”

“37BB. Furnishing of information by the person responsible for making payment to a non-resident, not being a company, or to a foreign company”(1) The person responsible for making any payment to a non-resident, not being a company, or to a foreign company shall furnish the following, namely:”

(i) the information in Part A of Form No.15CA, if the amount of payment does not exceed fifty thousand rupees and the aggregate of such payments made during the financial year does not exceed two lakh fifty thousand rupees;

(ii) the information in Part B of Form No.15CA , if the payment is not chargeable to tax and is of the nature specified in column (3) of the specified list ;

(iii) the information in Part C of Form No.15CA for payments other than the payments referred in clause (i) and clause (ii) after obtaining”

(a) a certificate in Form No. 15CB from an accountant as defined in the Explanation belowsub-section (2) of section 288; or

(b) a certificate from the Assessing Officer under section 197; or

(c) an order from the Assessing Officer under sub-section (2) or sub-section (3) of section 195.

(2) The information in Form No. 15CA shall be furnished by the person electronically to the website designated by the Income-tax Department and thereafter signed printout of the said form shall be submitted to the authorised dealer, prior to remitting the payment.

(3) An income-tax authority may require the authorised dealer to furnish the signed printout referred to in sub-rule (2) for the purposes of any proceedings under the Act.

(4) The Director General of Income-tax (Systems) shall specify the procedures, formats and standards for ensuring secure capture, transmission of data and shall also be responsible for the day-to-day administration in relation to furnishing the information in the manner specified.

Explanation. – For the purposes of this rule,”

(a) ‘authorised dealer’ means a person authorised as an authorised dealer under sub-section (1) of section 10 of the Foreign Exchange Management Act, 1999 (42 of 1999);

(b) the specified list refers to the payments of the nature as indicated below:

SPECIFIED LIST

Sl.No.

Purpose code as per RBI

Nature of payment

(1)

(2)

(3)

1

S0001

Indian investment abroad -in equity capital (shares)

2

S0002

Indian investment abroad -in debt securities

3

S0003

Indian investment abroad -in branches and wholly owned subsidiaries

4

S0004

Indian investment abroad -in subsidiaries and associates

5

S0005

Indian investment abroad -in real estate

6

S0011

Loans extended to Non-Residents

7

S0101

Advance payment against imports

8

S0102

Payment towards imports-settlement of invoice

9

S0103

Imports by diplomatic missions

10

S0201

Payments for surplus freight or passenger fare by foreign shipping companies operating in India.

11

S0202

Payment for operating expenses of Indian shipping companies operating abroad.

12

S0203

Freight on imports – Shipping companies

13

S0204

Freight on exports – Shipping companies

14

S0206

Booking of passages abroad – Shipping companies

15

S0208

Operating expenses of Indian Airlines companies operating abroad

16

S0209

Freight on imports – Airlines companies

17

S0212

Booking of passages abroad – Airlines companies

18

S0213

Payments on account of stevedoring, demurrage, port handling charges etc.

19

S0301

Remittance towards business travel.

20

S0302

Travel under basic travel quota (BTQ)

21

S0303

Travel for pilgrimage

22

S0304

Travel for medical treatment

23

S0305

Travel for education (including fees, hostel expenses etc.)

24

S0401

Postal services

25

S0501

Construction of projects abroad by Indian companies including import of goods at project site

26

S0601

Payments for life insurance premium

27

S0602

Freight insurance – relating to import and export of goods

28

S0603

Other general insurance premium

29

S1011

Payments for maintenance of offices abroad

30

S1201

Maintenance of Indian embassies abroad

31

S1202

Remittances by foreign embassies in India

32

S1301

Remittance by non-residents towards family maintenance and savings

33

S1302

Remittance towards personal gifts and donations

34

S1303

Remittance towards donations to religious and charitable institutions abroad

35

S1304

Remittance towards grants and donations to other governments and charitable institutions established by the governments.

36

S1305

Contributions or donations by the Government to international institutions

37

S1306

Remittance towards payment or refund of taxes.

38

S1501

Refunds or rebates or reduction in invoice value on account of exports

39

S1503

Payments by residents for international bidding”.

3. In the said rules, in Appendix II, for Form No.15CA and Form No. 15CB, the following Forms shall be substituted, namely:-

FORM NO. 15CA

(See rule 37BB)

Information to be furnished for payments to a non-resident not being a company, or to a foreign company

 

Form No. 15CB

(See rule 37BB)

Certificate of an accountant

 

 

[ F. NO.149/119/2012-SO(TPL) ]

(J. Saravanan)
Under Secretary to the Government of India.

Tags: Foreign Exchange Management ActGazette of IndiaGovernment of IndiaIncome Tax ActIncome Tax Act 1961Indiaministry of financeTaxation in India

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