Income–tax (Fifteenth Amendment) Rules, 2022

The Central Board of Direct Taxes notified Income–tax (Fifteenth Amendment) Rules, 2022 to amend the Income-tax Rules, 1962.

Key points:

  • Rule 114BA relating to transactions for the purposes of Section 139A (1) (vii) shall be inserted:

114BA. Transactions for the purposes of clause (vii) of sub-section (1) of section 139A.–– The following shall be the transactions for the purposes of clause (vii) of sub-section (1) of section 139A:
(a) cash deposit or deposits aggregating to twenty lakh rupees or more in a financial year, in one or more account of a person with a banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act) or a Post Office;

(b) cash withdrawal or withdrawals aggregating to twenty lakh rupees or more in a financial year, in one or more account of a person with a banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act) or a Post Office;

(c) opening of a current account or cash credit account by a person with a banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act) or a Post Office.”;

  • Rule 114BB shall be inserted providing Transactions for the purposes of sub-section (6A) of section 139A and prescribed person for the purposes of clause (ab) of Explanation to section 139A:

    “114BB. Transactions for the purposes of sub-section (6A) of section 139A and prescribed person for the purposes of clause (ab) of Explanation to section 139A: 

(1) Every person shall, at the time of entering into a transaction, quote his permanent account number or Aadhaar number, as the case may be, in documents pertaining to such transaction, and every person specified in column (3) of the said Table, who receives such document, shall ensure that the said number has been duly quoted and authenticated.

Sl. No.

 

Person

 

Manner of furnishing return of income

 

(1)

(2)

(3)

1. Individual, or Hindu undivided family or
a firm or limited liability partnership or
an association of persons or a body of
individuals, whether incorporated or not,
or a local authority or an artificial
juridical person in whose case accounts
are required to be audited under section
44AB of the Act or a Company or a
political party required to furnish a return
in Form ITR-7.

 

Electronically under digital signature.

 

2. Individual, or Hindu undivided family, or
firm, or limited liability partnership, or
an association of persons or a body of
individuals, whether incorporated or not,
or a local authority or an artificial
juridical person, or a person required to
file a return under sub-section (4A) or
sub-section (4B) or sub-section (4C) or
sub-section (4D) of section 139, other
than a person mentioned in column (2) of
Sl. No. (1) above.

 

(A) Electronically under digital signature;
(B) Transmitting the data electronically in the return
under electronic verification code.

 

(2) The permanent account number or Aadhaar number alongwith demographic information or biometric information of an individual shall be submitted to the Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems) or the person authorised by the Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems) with the approval of the Board, for the purposes of authentication referred to in section 139A.

(3) Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems) shall lay down the formats and standards along with procedure for authentication of permanent account number or Aadhaar number.”

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