Chapter XII-FA (Special Provisions relating to Business Trusts) of Income Tax Act, 1961 consisting of section 115UA (Tax on income of unit holder and business trust) has been inserted by the Finance (No. 2) Act, 2014 w.e.f. 01/04/2015.

Under sub section (4), any person responsible for making payment of the income distributed on behalf of a business trust to a unit holder is required to furnish a statement to the unit holder and the prescribed authority within prescribed time and in prescribed manner and format.

The Notification No. 3/2015 has been issued to spell out the prescribed authority and the prescribed forms for the purpose of the sub-section (4) of section 115UA.

The notification is as under:

CENTRAL BOARD OF DIRECT TAXES
NOTIFICATION NO. 03/2015
INCOME-TAX

New Delhi, the 19thJanuary , 2015

S.O. 180 (E). – In exercise of the powers conferred by section 295 read with subsection (4) of section 115 UA of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Incometax Rules, 1962, namely:-

1. (1) These rules may be called the Income-tax (1 ^st Amendment) Rules, 2015.

    (2) They shall come into force from the day of their publication in the Official Gazette.

2. In the Income-tax Rules, 1962, -

(A) after rule12C the following rule shall be inserted, namely:-

“Statement under sub-section (4) of section 115UA.

12CA. (1)The statement of income distributed by a business trust to its unit holder shall be furnished to the Principal Commissioner or the Commissioner of Income-tax within whose jurisdiction the principal office of the business trust is situated, by the 30th November of the financial year following the previous year during which such income is distributed,:

Provided that the statement of income distributed shall also be furnished to the unit holder by the 30th June of the financial year following the previous year during which the income is distributed.

(2) The statement of income distributed shall be furnished under sub-section (4) of section 115UA by the business trust to -

(i)    the Principal Commissioner or the Commissioner of Incometax referred to in sub-rule (1), in Form No. 64A, duly verified by an accountant in the manner indicated therein and shall be furnished electronically under digital signature;

(ii)   the unit holder in Form No. 64B, duly verified by the person distributing the income on behalf of the business trust in the manner indicated therein.

(3) The Director General of Income-tax (Systems) shall specify the procedure for filing of Form No. 64A and shall also be responsible for evolving and implementing appropriate security, archival and retrieval policies in relation to the statements so furnished.”;

(B) in the Appendix II, after the Form No. 64, the following Forms shall be inserted, namely:--

Form No. 64A Click Here >>

Form No. 64B Click Here >>

Note. - The principal rules were published in the Gazette of India Part II, section 3, sub-section (ii),vide notification number S.O. 969, dated the 26th March, 1962 and were last amended by the Income-tax (14 thAmendment) Rules, videnotification S.O. No. 3169 (E) dated 12/12/2014.