Clause 31 of Form No. 3CD amended

MINISTRY OF FINANCE

(Department of Revenue)

 (CENTRAL BOARD OF DIRECT TAXES) 

NOTIFICATION

New Delhi, the 3rd July, 2017 

G.S.R.  821(E).— In exercise of the powers conferred by section 44AB  read with section 295 of the Income-tax  Act,  1961  (43  of  1961)  (hereinafter  referred  to  as  the  Income-tax  Act),  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 (18th Amendment) Rules, 2017. 

    (2) They shall come into force from the 19th day of July 2017.

 

2.  In  the  Income-tax  Rules,  1962,  in  Appendix  II,  in  Form  No.  3CD,  for  serial  number  31  and  the  entries relating thereto the following shall be substituted, namely:—

 “31.  (a)  Particulars  of  each  loan  or  deposit  in  an amount  exceeding  the  limit  specified  in  section 269SS taken or accepted during the previous year :—

(i)     name,  address  and  Permanent  Account  Number  (if available  with  the  assessee)  of  the lender or depositor; 

(ii)    amount of loan or deposit taken or accepted;

(iii)   whether the loan or deposit was squared up during the previous year; 

(iv)   maximum amount outstanding in the account at any time during the previous year; 

(v)    whether the loan or deposit was taken or accepted by cheque or bank draft or use of electronic

clearing system through a bank account;

(vi)   in case the loan or deposit was taken or accepted by cheque or bank draft, whether the same

was taken or accepted by an account payee cheque or an account payee bank draft.

(b) Particulars of each specified sum in an amount exceeding the limit specified in section 269SS taken or accepted during the previous year:—

(i)  name, address and Permanent Account Number (if available with the assessee) of the person

from whom specified sum is received; 

(ii)      amount of specified sum taken or accepted; 

(iii)     whether the specified sum was taken or accepted by cheque or bank draft or use of electronic clearing system through a bank account;

(iv)     in case the specified sum was taken or accepted by cheque or bank draft, whether the same

was taken or accepted by an account payee cheque or an account payee bank draft.

(Particulars at (a) and (b) need not be given in the case of a Government company, a banking company or a corporation established by the Central, State or Provincial Act.) 

(c) Particulars of each repayment of loan or deposit or any specified advance in an amount exceeding the limit specified in section 269T made during the previous year:— 

(i)  name, address and Permanent Account Number (if available with the assessee) of the payee; 

(ii)      amount of the repayment; 

(iii)     maximum amount outstanding in the account at any time during the previous year; 

(iv)     whether  the  repayment  was  made  by  cheque  or  bank  draft  or  use  of  electronic  clearing system through a bank account;

(v)  in  case  the  repayment    was  made  by  cheque  or  bank  draft,  whether  the  same  was  taken  or accepted by an account payee cheque or an account payee bank draft.

(d)  Particulars  of  repayment  of  loan  or  deposit  or any  specified  advance  in  an  amount  exceeding  the limit  specified  in  section  269T  received  otherwise than  by  a  cheque  or  bank  draft  or  use  of  electronic clearing system through a bank account during the previous year:— 

(i)  name, address and Permanent Account Number (if available with the assessee) of the lender, or depositor or person from whom specified advance is received; 

(ii)      amount of loan or deposit or any specified advance received otherwise than by a cheque or bank  draft  or  use  of  electronic clearing  system  through  a  bank  account  during  the  previous year.

(e)  Particulars  of  repayment  of  loan  or  deposit  or any  specified  advance  in  an  amount  exceeding  the limit specified in section 269T received by a cheque or bank draft which is not an account payee cheque or account payee bank draft during the previous year:—

(i)  name, address and Permanent Account Number (if available with the assessee) of the lender, or depositor or person from whom specified advance is received; 

(ii)      amount  of  loan  or  deposit  or  any  specified  advance  received  by  a  cheque  or  a  bank  draft which is not an account payee cheque or account payee bank draft during the previous year.

(Particulars at (c), (d) and (e) need not be given in the case of a repayment of any loan or deposit or any specified advance taken or accepted from the Government, Government company, banking company or a corporation established by the Central, State or Provincial Act)”. 

[Notification No. 58/2017/F. No. 370142/10/2017-TPL] 

SALIL MISHRA, Director (Tax Policy & Legislation)

Note :

The principal rules were published vide notification number S.O. 969(E), dated the 26th March, 1962 and   last   amended   by   Income-tax   (17th   Amendment)   Rules,   2017 vide notification   number  G.S.R. 642(E), dated the 27th June, 2017.

RAKESH SUKUL