The Central Board of Direct Taxes (CBDT) on October 10, 2023, notified the Income-tax (Twenty-fourth Amendment) Rules, 2023 further to amend the Income-tax Rules, 1962.
The following has been stated: -
•In the principal rules, in Appendix II, for Form No. 60, the following Form shall be substituted, namely: — “FORM NO. 60 which talks about the Form for declaration to be filed by any person (other than a company or firm) or a foreign company covered by the third proviso to rule 114B, who does not have a permanent account number and who enters into any transaction specified in rule 114B.
•In the principal rules, in rule 114BA, which talks about the Transactions for the purposes of clause (vii) of sub-section (1) of section 139A
the following shall be inserted at the end, namely: –– “Provided that the provisions of this rule shall not apply in a case,–– (a) where the person, making the deposit or withdrawal of an amount otherwise than by way of cash as per clause (a) or (b), or opening a current account not being a cash credit account as per clause (c) of this rule, is a non-resident (not being a company) or a foreign company.
(b) the transaction is entered into with an IFSC banking unit, and (c) such non-resident (not being a company) or foreign company does not have any income chargeable to tax in India.
They shall come into force from October 10, 2023.
The detailed notification is given in the document attached below.
[Notification No. G.S.R. 728(E).]
