The Central Board of Direct Taxes (CBDT) Tuesday notified the amendment wherein the statement of income of investment fund to unitholders under section 115UB to be in electronic form.
The CBDT further amended Form 64C and 64D.
The Board sought to amend the Income-tax Rules, 1962 and the amendment came to be known as the Income-tax (18th Amendment) Rules, 2020.
In the Income-tax Rules, 1962 for Rule 12CB, “the statement of income paid or credited by an investment fund to its unit holder shall be furnished by the person responsible for crediting or making payment of the income on behalf of an investment fund,” shall be substituted.
“The investment fund to the unitholder by 30th day of June of the financial year following the previous year during which the income is paid or credited in Form No. 64C after generating and downloading the same from the web portal specified by the Principal Director General of Income-tax (Systems) or the Director-General of Income-tax (Systems) or the person authorized by him and duly verified by the person paying or crediting the income on behalf of the investment fund in the manner indicated therein,” Rule 12CB laid the condition.
“Principal Commissioner or the Commissioner of Income-tax, as the case may be, within whose jurisdiction the Principal office of the investment fund is situated by 15th day of June of the financial year following the previous year during which the income is paid or credited, electronically under digital signature, in Form No. 64D duly verified by an accountant in the manner indicated therein,” Rule 12CB said.
“The Principal Director General of Income-tax (Systems) or the Director-General of Income-tax (Systems), as the case may be, shall specify the procedure for filing of Form No. 64D and shall also be responsible for evolving and implementing appropriate security, archival and retrieval policies in relation to the statements of income paid or credited so furnished under this rule; and procedure, formats and standards for generation and download of the statement in Form No. 64C from the web portal specified by him or by the person authorized by him and he shall be responsible for the day-to-day administration in relation to the generation and download of certificates from the web portal specified by him or the person authorized by him,” Rule 12CB(2) said.
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