NOTIFICATION NO. 160/ 2005, Dated: June 1, 2005

Transcription

1 NOTIFICATION NO 160/ 2005, Dated: June 1, 2005 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 (13 th Amendment) Rules, (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Income-tax Rules, 1962, in Appendix II,- (a) in Form No.1,- for item 15, the following shall be substituted, namely:- 15 Income from business or profession (F-1B) Profiles and gains from transactions chargeable to securities transaction tax [indicated in above] (B-26) 597 ; (b) for item 16, the following shall be substituted, namely:- 16. Capital gains: a. Short-term (u/s 111A) (F-1C) 710 b. Short-term (others) (F-1C) 704 c. Long-term (F-1C(iii)) 705 ; (c) for items 24 to 42, the following shall be substituted, namely:- 24. Rebate u/s 88E [G-5(iii)] Tax payable Less Rebate u/s 88E (23-24) (G-6) Surcharge (G-7) Education Cess (G-9) Tax plus Surcharge plus Education Cess (G-10) Relief u/s 90/91 (G-11) Balance tax payable (G-12) Tax deducted/collected at source (G-13A) Advance tax paid (G-13B) Balance tax payable (G-14) 877

2 34. Interest payable u/s 234A/234B/234C (G-16) Self-Assessment Tax Paid (G-18) Tax and interest payable (G-19) Tax credit due u/s 115JAA (G-20) Balance tax and interest payable (36-37) (G-21) Refund due, if any (G-22) Additional Income-tax + Interest payable on distributed profits (G-23) Additional Income-tax and Interest paid (G-24) Balance Additional Income-Tax and Interest payable 43. Total payable (38+42) or as the case may be (42-39) (G-25) NO. OF DOCUMENTS/STATEMENTS ATTACHED Description In Figures In Words Description In Figures In Words a. Statement of taxable d. TDS Certificates income/tax b. Audit report e. Form 10DB/10DC c. Statement of A/c f. Others (d) in Schedule B. PROFITS AND GAINS OF BUSINESS OR PROFESSION,- (A) for item 26, the following shall be substituted, namely:- 26 Profits and gains of business or profession other than speculation business Profits and gains from the transactions 597 ; chargeable to securities transaction tax included in above (B) in item 34, for the brackets and figures (26+33), the brackets and figures [26+33] shall be substituted; (e) in Schedule C. CAPITAL GAINS, for items 13 to 18, the following shall be inserted, namely:- 13. Total (11+12) [Please specify Short-term u/s 111A/others] 14. Total of (in case of more than one short term/long term asset, give total of all sheets) 15. Short-term u/s 111A included in 14 above Deemed short-term capital gain on 643 depreciable assets (Sec.50) 17. Particulars of transfer claimed exempt u/s 47: Nature of asset Date of transfer /value Relevant clause of section 47

3 18. Income chargeable under the head CAPITAL GAINS A. Short-term u/s 111A (15) 650 B. Short-term (others) ( ) 649 C. Long-term (14) Information about accrual/receipt of capital gains Upto 15/6 16/6 to 15/9 16/9 to 15/12 16/12/ to 15/3 16/3/ to 31/3 Short-term Long-term (f) in Schedule F. STATEMENT OF TOTAL INCOME, in item 1, for sub-item (C), the following shall be substituted, namely:- C. Capital Gains Short-term u/s 111A.. (Sch.C.18A) 710 Short-term (others).. (Sch.C.18B) 704 (iii) Long-term... (Sch.C.18C) 704 ; (g) in SCHEDULE G. STATEMENT OF TAXES, for items 5 to 21, the following shall be substituted, namely:- 5. Rebate u/s 88E Tax on profits and gains from transactions chargeable to securities transaction tax [item 26 of Schedule B]; of securities transaction tax paid (Attach Form 10DB/10DC) (iii) Rebate u/s 88E [lower of / above] Tax Less Rebate u/s 88E (4-5) Surcharge [on (6) above] Tax plus Surcharge Education Cess [on (8) above] Tax payable (8+9) Relief u/s Balance tax payable (10-11) Prepaid taxes A. Tax deducted/collected at source : [Attach certificate(s)]: Sl.No. Under Section No. of certificates (a) (b) (c) Total of [(a) to.)].870

4 B. Advance Tax BSR Code of (7 Digit) Serial no. of challan (RS.) Date of instalment Upto 15/6 856 Upto15/ /9 to 15/ /12 to 15/ /03 to 31/ Total 862 C. Other prepaid taxes, if any (Please specify and attach proof) Balance Tax payable (12-13) Add interest for: (a) Late filing of return u/s 234A 812 (b) Default in payment of Advance tax u/s 234B 843 (c) Deferment of Advance tax u/s 234C Total of 15 above Total tax and interest payable (14+16) Tax on Self-Assessment BSR Code of (7 Digit) Serial no. of challan (Rs.) Total Self Assessment tax paid Tax and interest payable (17-18) Tax credit to be allowed u/s 115 JAA Balance tax and interest payable (19-20) Refund due, if any Additional income-tax and interest payable on distributed profits (J-10) Additional income-tax + Interest paid out of above (J-11) O/115-P Name of the Bank BSR Code Date of Deposit Serial No.

5 25. Balance Additional Income-Tax + Interest payable (23-24) Total tax payable (21+25) or, as the case may be (25-22).898 (h) in SCHEDULE J. TAX ON DISTRIBUTED PROFITS OF DOMESTIC COMPANIES, for items 7 to 12, the following items shall be substituted, namely:- 7. Education Cess (on 6 above) Additional Income-tax + surcharge + education cess (6+7) Interest payable u/s 115P Additional Income-tax + Interest payable (8+9) Paid out of (10) above Balance payable (10-11) 961 ; in FORM No.2,- (a) for item 17, the following shall be substituted, namely:- 17 Income from business or profession (G-1C) Profits and gains from transactions chargeable to securities transaction tax [included in above] (C-26) 597 ; (b) for item 18, the following shall be substituted, namely:- 18. Capital gains: a. Short-term (u/s 111A) (SCH.G-1D) 710 b. Short-term (others) (SCH.G-1D) 704 c. Long-term (SCH.G-1D(iii)) 705 ; (c) for items 26 to 38, the following items shall be substituted, namely:- 26. Rebate u/s 88/88B/88C/88D/88E (H-4) Surcharge (H-6) Education Cess (H-8) Tax plus Surcharge plus Education Cess (H-9) Relief u/s 89/90/91 (H-10) Balance tax payable (H-11) Tax deducted/collected at source (H-15B) Advance tax paid (H-15A) Interest payable u/s 234A/234B/234C (H-13) Self-Assessment Tax Paid (H-15C) Tax and interest payable (H-17) Refund due, if any (H-18) PARTICULARS OF BANK ACCOUNT (MANDATORY IN REFUND CASES) Name of the Bank MICR Code (9 digit) Address of Type of Account (Savings/Current) Account Number ECS (Y/N) 39. NO. OF DOCUMENTS/STATEMENTS ATTACHED Description In Figures In Words Description In Figures In Words a. Statement of taxable d. TDS Certificates income/tax b. Audit report e. Form 10DB/10DC c. Statement of A/c f. Others

6 (d) in SCHEDULE C. PROFITS AND GAINS OF BUSINESS OR PROFESSION,- (A) for item 26, the following shall be substituted, namely:- 26 Profits and gains of business or profession other than speculation business Profits and gains from the transactions 597 ; chargeable to securities transaction tax included in above (B) in item 34, for the brackets and figures (26+33), the brackets and figures [26+33] shall be substituted; (e) in Schedule D. CAPITAL GAINS, for items 13 to 18, the following shall be inserted, namely:- 13. Total (11+12) [Please specify Short-term u/s 111A/others] 14. Total of (in case of more than one short term/long term asset, give total of all sheets) 15. Short-term u/s 111A included in 14 above Deemed short-term capital gains on 643 depreciable assets (Section 50) 17. Particulars of transfer claimed exempt u/s 47: Nature of asset Date of transfer /value Relevant clause of section Income chargeable under the head CAPITAL GAINS A. Short-term u/s 111A (15) 650 B. Short-term (others) ( ) 649 C. Long-term (14) Information about accrual/receipt of capital gains Upto 15/6 16/6 to 15/9 16/9 to 15/12 16/12/ to 15/3 16/3/ to 31/3 Short-term Long-term (f) in Schedule G. STATEMENT OF TOTAL INCOME, in item 1, for sub-item (D), the following shall be substituted, namely:- D. Capital Gains Short-term u/s 111A.. (Sch.D.18A) 710 Short-term (others).. (Sch.D.18B) 704 (iii) Long-term... (Sch.D.18C) 705 ; (g) in SCHEDULE H. STATEMENT OF TAXES, for items 3 to 16, the following items shall be substituted, namely:- 3. Rebate under sections 88, 88B, 88C, 88D, and 88E:

7 (Please specify item) Gross (Rs.) Qualifying (Rs.) Tax Rebate admissible (a) u/s 88 Total 812 (b) u/s 88B 813 (c) u/s 88C 814 (d) u/s 88D 815 (e) Rebate u/s 88E Tax on profits and gains from transactions chargeable to securities transaction tax [item 26 of Schedule C]; of securities transaction tax paid (Attach Form 10DB/10DC) (iii) Rebate u/s 88E [lower of / above] Total rebate [3(a)+3(b)/3(c)+3(d)+3(e)(iii)] Balance tax (2-4) Surcharge [on 5 above] Tax + Surcharge (5+6) Education Cess [on (7) above] Tax + Surcharge + Education Cess (7+8) Relief u/s Balance Tax payable (9-10) Add interest for: (a) Late filing of return u/s 234A 842 (b) Default in payment of Advance tax u/s 234B 843 (c) Deferment of Advance tax u/s 234C Total of 12 above TOTAL TAX AND INTEREST PAYABLE (12+13) Prepaid taxes; A. Advance tax BSR Code of (7 Digit) Serial no. of challan (RS.)

8 Date of instalment Upto15/ /9 to 15/ /12 to 15/ /03 to 31/ Total 862 B. Tax deducted/collected at source : [Attach certificate(s)]: TAX DEDUCTORS A/C NO.:- (a) Salaries 868 (b) Interest 869 (c) 872 Total of [(a) to.)].873 C. Tax on Self-Assessment BSR Code of Bank Branch (7 Digit) Serial no. of challan (Rs.) Total Self-Assessment tax paid D. Other prepaid taxes, if any (Please specify and attach proof) TOTAL [15(A)+15(B)+15(C)+15(D)] Tax and interest payable (14-15) Refund due, if any ; (iii) in FORM No.2D,- (a) for item 17, substitute the following, namely:- 17 INCOME FROM BUSINESS OR PROFESSION. 703 Rs.. PROFITS AND GAINS FROM TRANSACTIONS CHARGEABLE TO SECURITIES TRANSACTION TAX [Included in above].597 Rs.. ; (b) for item 18, the following shall be substituted, namely:- 18. CAPITAL GAINS 15/9 15/12 15/3 31/3 TOTAL (a) Short-term (u/s 111A) (b) Short-term (others) (c) Long-term Rs... ; (c) for item 27, the following shall be substituted, namely:- 27. LESS : REBATE (a+b/c+d+e). 820 Rs. (a) u/s (b) u/s 88B 813 (c) u/s 88C 814 (d) u/s 88D 815 (e) u/s 88E 818 Tax on profits and gains from transactions chargeable to securities transaction tax [item 26 of Schedule C]; 816 of securities transaction tax paid (Attach Form 10DB/10DC) 817 (iii) Rebate u/s 88E [lower of / above] 818 ;

9 (d) for items 30 to 37, the following shall be substituted, namely:- 30. ADD EDUCATION CESS 834 Rs TOTAL TAX PAYABLE ( ) Rs LESS: RELIEF 837 Rs NET TAX PAYABLE Rs LESS: TAX DEDUCTED AT SOURCE. 873 Rs LESS: ADVANCE TAX PAID BSR Code of Bank Branch (7 Digit) Serial no. of challan (Rs.) Date of installment Upto 15/ /9 to 15/ /12 to 15/ /03 to 31/ Total ADD: INTEREST PAYABLE u/s 234A 234B 234C Total 831 Rs. 37. LESS: SELF-ASSESSMENT TAX PAID 888 Rs. BSR Code of Bank Branch (7 Digit) Serial no. of challan (Rs.) 38. BALANCE TAX: PAYABLE/REFUNDABLE. 891 ; (iv) in FORM 3A,- (a) for item 18, the following shall be substituted, namely:- 18 Profits and gains of business or profession (F-1B) Profits and gains from transactions chargeable to securities transaction tax [included in above] (B- 26) 597 ; (b) for item 19, the following shall be substituted, namely:- 19. Capital gains: a. Short-term (u/s 111A) (F-1C) 710 b. Short-term (others) (F-1C) 704 c. Long-term (F-1C(iii)) 705 ; (c) for items 28 to 38, the following items shall be substituted, namely:- 28. Rebate u/s 88E (G-3) Surcharge (G/5) Education Cess (G-7) Tax plus Surcharge plus Education Cess (G-8) Tax deducted/collected at source (G-12B) Advance tax paid (G-12A Self-Assessment Tax Paid (G-12C) Balance tax payable ( ) Interest payable u/s 234A/234B/234C (G-10) Tax and interest payable (G-14) Refund due, if any (G-15) 894 ; 39. NO. OF DOCUMENTS/STATEMENTS ATTACHED

10 Description In Figures In words Description In Figures a. TDS Certificates e. Application for exercising options u/s 11(1) b. Audit report in f. Form 10DB/10DC Form No.10 c. Audit Report u/s g. Income/expenditur 44AB e A/c and balance d. Form No.10 for exercising options u/s 11(2) In Words sheet h. Others ; (d) in SCHEDULE B. PROFITS AND GAINS OF BUSINESS OR PROFESSION,- (A) for item 26, the following shall be substituted, namely:- 26 Profits and gains of business or profession other than speculation business Profits and gains from the transactions 597 ; chargeable to securities transaction tax included in above (B) in item 32, for the brackets and figures (26+31), the brackets and figures [26+31] shall be substituted; (e) in SCHEDULE C. CAPITAL GAINS,- for item 11, the following shall be substituted, namely :- 11. Balance (9-10) [Please specify Short term u/s 111A/others] ; in item 14, after sub-item (B), the following sub-items shall be inserted, namely:- C. Short-term u/s 111A included in 14A 650 D. Short-term (others) (14A-14C) 649 ; (f) in SCHEDULE F. STATEMENT OF TOTAL INCOME, in item 1, for sub-item (C), the following shall be substituted, namely:- C. Capital Gains Short-term u/s 111A (Sch.C.14C) 710 Short-term (others) (Sch.C.14D) 704 (iii) Long-term.. (Sch.C.14B) 705 ; (g) in SCHEDULE G. STATEMENT OF TAXES,- for items 3 to 11, the following shall be substituted, namely:- 3. Rebate u/s 88E Tax on profits and gains from transactions chargeable to securities transaction tax [item 26 of Schedule B]; 816 of securities transaction tax paid (Attach Form 10DB/10DC) 817 (iii) Rebate u/s 88E [lower of / above] Tax minus Rebate u/s 88E [2-3(iii)] Surcharge [on (4) above] Tax plus Surcharge Education Cess [on (6) above] Tax plus Surcharge plus Education Cess (6+7) 835

11 9. Add interest for: (a) Late filing of return u/s 234A 842 (b) Default in payment of Advance tax u/s B (c) Deferment of Advance tax us/ 234C Total of 9 above Total tax and interest payable (8+10) Prepaid taxes A. Advance Tax BSR Code of Bank Branch (7 Digit) Serial no. of challan (Rs.) Date of installment Upto 15/ /9 to 15/ /12 to 15/ /03 to 31/ Total 862 B. Tax deducted/collected at source :[Attach certificate(s)]: (a) 863 (b) 864 (c) 865 Total of [(a) to (c)]. 873 C. Tax on Self-Assessment BSR Code of Bank Branch (7 Digit) Serial no. of challan (Rs.) Total Self-Assessment tax paid D. Other prepaid taxes, if any (Please specify and attach proof) TOTAL [12(A)+12(B)+12(C)+12(D)] Tax and interest payable (11-13) Refund due, if any (13-11) F.No.142/43/2004-TPL Sd/- (Puja Jindal) Under Secretary to the Govt. of India Note: The Principal rules were published vide notification number S.O. No. 969(E) dated and were last amended vide notification S.O. No. 456(E) dated