Government

November 20, 2018

CBDT issues notification on Income-tax (Twelfth Amendment) Rules, 2018


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On November 19, the Central Board of Direct Taxes (CBDT), Department of Revenue, Ministry of Finance, issued a Notification amending the Income-tax Rules, 1962.

The CBDT, in exercise of the powers conferred by Section 139A read with Section 295 of the Income-tax Act, 1961 (43 of 1961), has made the following rules further to amend the Income-tax Rules, 1962”. The amended rules are called the “Income–tax (Twelfth Amendment) Rules, 2018” and shall come into force from December 5, 2018.

The amendments made are as follows:

In the Income-tax Rules, 1962,

(I) in Rule 114,

(A) in sub-rule (3), after clause (iv), the following clauses have been inserted:

“(v) in the case of a person, being a resident, other than an individual, which enters into a financial transaction of an amount aggregating to two lakh fifty thousand rupees or more in a financial year and which has not been allotted any permanent account number, on or before the 31st day of May immediately following such financial year;

(vi) in the case of a person, who is the managing director, director, partner, trustee, author, founder, karta, chief executive officer, principal officer or office bearer of the person referred to in clause (v) or any person competent to act on behalf of the person referred to in clause (v) and who has not been allotted any permanent account number, on or before the 31st day of May immediately following the financial year in which the person referred to in clause (v) enters into financial transaction specified therein.”;

(B) in sub-rule (6),

“(i) for the words, brackets and figures “under sub-rule (4) or intimation of Aadhaar number in sub-rule (5)”, the words, brackets and figures “under sub-rule (4), intimation of Aadhaar number in sub-rule (5) and issue of permanent account number” have been substituted;

(ii) for the words “number and intimation of Aadhaar number”, the words “number, intimation of Aadhaar number and issue of permanent account number” have been substituted.”;

In addition to these amendments, the Notification also provides certain amendments in Form number 49A and Form number 49AA.

To view the Official Notification in detail, please view the file attached herein.

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