Income Tax

Annual Information Return Amendment Rules 114D 114E. Furnishing statements by registering officer, aggregation of AIR amounts

Annual Information Return Amendment Rules 114D 114E. Furnishing statements by registering officer, aggregation of AIR amounts.

CBDT vide Notification No. 95/2015 had notified new Rules 114B, 114C, 114D and 114E. The Rules governs the following areas. 

Rule Subject
114B Transactions in relation to which permanent account number is to be quoted in all documents for the purpose of clause (c) of sub-section (5) of section 139A
114C Verification of Permanent Account Number in transactions specified in rule 114B
114D Time and manner in which persons referred to in rule 114C shall furnish a statement containing particulars of Form No. 60
114E Furnishing of statement of financial transaction in Form-61A

Amendments made by Notification No. 91/2016

Rule 114D prescribes the classes of person who shall furnish a statement containing the particulars of declarations received in Form No. 60. Earlier, a registering officer /Inspector General appointed under Registration Act, 1908 (which is not limited to immovable property only)was exempted under this obligation but now it has also been covered.

Secondly, Rule 114E prescribes the various persons which under obligation to furnish Annual Information Return (AIR) in Form No. 61A under section 285BA. The sub rule (3) provides for the aggregation of the amounts of various transactions for determining threshold limit. Earlier the authorised person under FEMA Act 1999 were exempted from aggregation for foreign currency related transactions but now they have also been covered. However the following persons have been exempted from the aggregation requirement:

Nature of Transaction Classes of Persons
Purchase or sale by any person of immovable property for an amount of 30 lakhs or more or valued by the stamp valuation authority referred to in section 50C at Rs. 30 lakhs or more. Inspector General appointed under section 3 of the Registration Act, 1908 or Registrar or Sub-registrar appointed under section 6
Receipt of cash payments exceeding 2 lakhs rupees for sale, by any person, of goods or services of any nature (other than those specified at sl no. 1 to 10)  Any person liable to tax audit u/s 444AB

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)

Notification No. 91/2016

New Delhi, the 6th October 2016

S.O. 3160(E).—In exercise of the powers conferred by section 139A and section 285BA, 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 ( 26th Amendment) Rules, 2016.
(2) These rules shall come into force from the date of their publication in the Official Gazette.

2. In the Income-tax Rules, 1962 (hereinafter referred to as the said rules), in rule 114D,—

(i) in sub-rule (1), in clause (I), for the word, brackets and letter “clauses (b)”, the word, brackets and letter “clauses (a)” shall be substituted;

(ii) after sub-rule (3), the following shall be inserted, namely:—

“(4) The Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems) shall specify the procedures, data structures, and standards for ensuring secure capture and transmission of data, evolving and implementing appropriate security, archival and retrieval policies in relation to the statement referred to in sub-clause (i) of sub-rule (1).”.

3. In the said rules, in rule 114E, in sub-rule (3), for the brackets, words and number “(other than the person at Sl. No. 9)”, the brackets, words and numbers “(other than the persons at Sl.No.10 and Sl. No. 11)” shall be substituted.

[F. No. 370142/27/2016-TPL]

Dr. T. S. MAPWAL, Under Secy.

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