The Central Board of Direct Taxes (CBDT) on October 16, 2023, issued the Income-tax Amendment (Twenty-fifth Amendment), Rules, 2023 to further amend the Income-tax Rules, 1962.
The following has been amended namely: -
• In Rule 37BB which states “Furnishing of information for payment to a non-resident, not being a company, or to a foreign company” the following has been amended namely: -
1. Sub-rule (7) has been substituted, namely: -
“A quarterly statement, for each quarter of the financial year shall be furnished in respect of all remittances referred to in sub-rules (1), (2) and sub-rule (3) by–
(i) The authorised dealer in Form No. 15CC
(ii) A Unit of an International Financial Services Centre referred to in sub-section (1A) of section 80LA, responsible for paying to a non-resident, not being a company, or to a foreign company, in Form No. 15CD,
2. Sub-rule (8) has been substituted, namely: -
“The Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems) shall specify the procedures, formats and standards for the purposes of furnishing and verification of Form No. 15CA, Form No. 15CB, Form No. 15CC and Form No. 15CD and shall be responsible for the day-to-day administration in relation to the furnishing and verification of information, certificate and quarterly statement in accordance with the provisions of sub-rules (4), (6) and sub-rule (7)”
• Form No. 15CD has been inserted
This shall come into force on January 01, 2024.
[Notification No. 740(E)]
