{"id":247842,"date":"2021-05-04T20:00:28","date_gmt":"2021-05-04T14:30:28","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=247842"},"modified":"2021-05-04T20:00:28","modified_gmt":"2021-05-04T14:30:28","slug":"income-tax-14th-amendment-rules-2021","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/05\/04\/income-tax-14th-amendment-rules-2021\/","title":{"rendered":"Income-tax (14th Amendment) Rules, 2021"},"content":{"rendered":"

The Central Board of Direct Taxes makes the Income-tax (14th Amendment) Rules, 2021 to amend the Income<\/span>–<\/span>tax Rules, 1962.<\/span><\/p>\n

In the Income<\/span>–<\/span>tax Rules, 1962, the following sub rule shall be inserted in rule 114AAB relating to <\/span>Class or classes of person to whom provisions of section 139A shall not apply.<\/p>\n

\u00a0<\/span><\/p>\n

\u201c(2A) The provisions of section 139A shall not apply to a non<\/span>–<\/span>resident, being a<\/span>n eligible foreign investor, <\/span>who has made transaction only in a capital asset referred to in clause (viiab) of section 47 which are listed on a <\/span>recognised stock exchange located in any International Financial Services Centre and the consideration on transf<\/span>er of <\/span>such capital asset is paid or payable in foreign currency, if the following conditions are fulfilled, namely:<\/span>\u2014<\/span><\/p>\n

(i) <\/span>the eligible foreign investor does not earn any income in India, other than the income from transfer of a <\/span>capital asset referred to in <\/span>section 47 clause (viiab); <\/span><\/p>\n

(ii) <\/span>the eligible foreign investor furnishes the following details and documents to the stock broker through <\/span>which the transaction is made namely:<\/span>\u2014<\/span><\/p>\n

(a) <\/span>name, e<\/span>–<\/span>mail id, contact number; <\/span><\/p>\n

(b) <\/span>address in the country or specified territor<\/span>y outside India of which he is a resident; <\/span><\/p>\n

(c) <\/span>a declaration that he is a resident of a country or specified territory outside India; and<\/span><\/p>\n

(d) <\/span>Tax Identification Number in the country or specified territory of his residence and in case no <\/span>such number is av<\/span>ailable, then a unique number on the basis of which the non<\/span>–<\/span>resident is <\/span>identified by the Government of that country or the specified territory of which he claims to be a <\/span>resident.<\/span><\/p>\n

(2B) The stock broker shall furnish a quarterly statement for the quarter <\/span>of the financial year, in which the <\/span>details and documents referred to in sub<\/span>–<\/span>rule (2A) are received by it, in Form No.49BA to the Principal Director <\/span>General of Income<\/span>–<\/span>tax (Systems) or the Director General of Income<\/span>–<\/span>tax (Systems) or the person authorised by <\/span>him, <\/span>electronically and upload the declaration referred to in sub<\/span>–<\/span>clause (c) of clause (ii) of sub<\/span>–<\/span>rule (2A) within fifteen <\/span>days from the end of the quarter of the financial year to which such statement relates in accordance with the <\/span>procedures, formats a<\/span>nd standards specified by the Principal Director General of Income<\/span>–<\/span>tax (Systems) or the <\/span>Director General of Income<\/span>–<\/span>tax (Systems) under sub<\/span>–<\/span>rule (3).\u201d.<\/span><\/p>\n

\n","protected":false},"excerpt":{"rendered":"

The Central Board of Direct Taxes makes the Income-tax (14th Amendment) Rules, 2021 to amend the Income–tax Rules, 1962. In the Income–tax <\/p>\n","protected":false},"author":8808,"featured_media":154904,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[],"class_list":["post-247842","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations"],"yoast_head":"\nIncome-tax (14th Amendment) Rules, 2021 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2021\/05\/04\/income-tax-14th-amendment-rules-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Income-tax (14th Amendment) Rules, 2021\" \/>\n<meta property=\"og:description\" content=\"The Central Board of Direct Taxes makes the Income-tax (14th Amendment) Rules, 2021 to amend the Income–tax Rules, 1962. 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Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":266743,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/05\/12\/income-tax-fifteenth-amendment-rules-2022\/","url_meta":{"origin":247842,"position":1},"title":"Income\u2013tax (Fifteenth Amendment) Rules, 2022","author":"Bhumika Indulia","date":"May 12, 2022","format":false,"excerpt":"The Central Board of Direct Taxes notified Income\u2013tax (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: \u201c114BA. Transactions for the purposes of clause (vii) of sub-section (1) of section 139A.\u2013\u2013\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-126.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-126.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-126.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-126.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-126.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":120331,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/04\/08\/cbdt-extends-time-to-submit-panform-no-60-to-banks\/","url_meta":{"origin":247842,"position":2},"title":"CBDT extends time to submit PAN\/Form No. 60 to banks","author":"Saba","date":"April 8, 2017","format":false,"excerpt":"G.S.R. 331(E).\u2014In\u00a0exercise 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\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":77841,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/10\/13\/the-income-tax-26th-amendment-rules-2016-notified\/","url_meta":{"origin":247842,"position":3},"title":"The Income Tax ( 26th Amendment) Rules, 2016 notified","author":"Saba","date":"October 13, 2016","format":false,"excerpt":"S.O. 3160(E).\u2014 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:\u2014 1. (1) These\u2026","rel":"","context":"In "Foreign Legislation"","block_context":{"text":"Foreign Legislation","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/foreign\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":139031,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/06\/29\/aadhar-mandatory-for-pan-application-from-1st-july\/","url_meta":{"origin":247842,"position":4},"title":"Aadhar mandatory for PAN application from 1st July","author":"Saba","date":"June 29, 2017","format":false,"excerpt":"G.S.R. 642(E).\u2014In exercise of the powers conferred by Section 139A and Section 139AA, read with Section 295\u00a0of the Income Tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to\u00a0amend the Income Tax Rules, 1962, namely:\u2014 1. (1) These rules may be\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":62671,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/08\/22\/income-tax-21st-amendment-rules-2016\/","url_meta":{"origin":247842,"position":5},"title":"Income-tax (21st Amendment) Rules, 2016","author":"Sucheta","date":"August 22, 2016","format":false,"excerpt":"The Central Board of Direct Taxes in exercise of the powers conferred by sub-section (1E) of section 206C read with section 295 of the Income-tax Act, 1961, makes Income-tax (21st Amendment) Rules, 2016 in order to amend the Income-tax Rules, 1962. They shall come into force on the date of\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/247842","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=247842"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/247842\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/154904"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=247842"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=247842"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=247842"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}