[भाग II—खण्ड 3(i)] भारत का रािपत्र : असाधारण 7

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 10th October, 2023
G.S.R. 728(E).— In exercise of the powers conferred by clause (vii) of sub-section (1), clause (c) sub-
section (5) and sub-section (6A) of section 139A 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. Short title and commencement.–– (1) These rules may be called the Income-tax (Twenty-fourth
Amendment) Rules, 2023.
(2) They shall come into force from the date of their publication in the Official Gazette.
2. In the Income-tax Rules, 1962, (hereinafter referred to as the principal rules) in rule 114B,––
(a) in the second proviso, for the words “Provided further that any person”, the words “Provided further that
any person, not being a company or a firm,” shall be substituted;
(b) after second proviso, the following proviso shall be inserted, namely: ––
“Provided also that a foreign company who,––
(i) does not have any income chargeable to tax in India; and
(ii) does not have a permanent account number,
and enters into any transaction referred to at Sl. No. 2 or 12 of the Table, in an IFSC banking unit, shall
make a declaration in Form No. 60:”;
(c) in the Explanation, clause (1) shall be re-numbered as (1A) and before the said clause as so re-numbered,
the following clause shall be inserted, namely: ––
“(1) “IFSC banking unit" means a financial institution defined under clause (c) of sub-section (1) of section 3
of the International Financial Services Centres Authority Act, 2019 (50 of 2019), that is licensed or permitted
by the International Financial Services Centres Authority to undertake permissible activities under the
International Financial Services Centres Authority (Banking) Regulations, 2020;”;
3. In the principle rules, in rule 114BA, 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 the foreign company does not have any income chargeable
to tax in India.
Explanation.–– For the purposes of this rule, “IFSC banking unit” shall have the same meaning as assigned
to it in clause (1) of the Explanation to rule 114B.”;
4. In the principle rules, in rule 114BB, after the proviso, the following shall be inserted, namely:––
“Provided further that the provisions of this sub-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 Sl. No. 1 or Sl. No. 2 of column (2), or opening a current account not being an cash credit
account as per Sl. No. 3 of column (2) of the Table, 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 the foreign company does not have any income
chargeable to tax in India.
Explanation.–– For the purposes of this sub-rule, “IFSC banking unit” shall have the same meaning as
assigned to it in clause (1) of the Explanation to rule 114B.”;
8 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]

5. In the principal rules, in the Appendix II, for Form No. 60, the following Form shall be substituted,
namely:—
“FORM NO. 60
[See second proviso to rule 114B]
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
1 First Name Date of Birth/ Incorporation of
2 declarant
Middle D D M M Y Y Y Y
Name
Surname

3 First
Father’s Name (in case of Name
individual)
Middle
Name
Surname
4 Flat/ Room No. 5 Floor No.

6 Name of premises 7 Block Name/No.

8 Road/ Street/ Lane 9 Area/ Locality

10 Town/ City 11 District 12 State

13 Pin code 14 Telephone Number (with STD code) 15 Mobile Number

16 Taxpayer identification Number in the

country of residence (if covered by third
proviso)
17 Amount of transaction (Rs.) In case of transaction in
19 joint names, number of
18 Date of transaction D D M M Y Y Y Y persons involved in the
transaction
20
Aadhaar Number issued by
21 UIDAI
(if available)
If applied for PAN and it is not yet generated D D M M Y Y Y Y
22 enter date of application and
acknowledgement number
If PAN not applied, fill estimated total income (including income of spouse, minor child etc. as per section 64
23 of Income-tax Act, 1961) for the financial year in which the above transaction is held
a Agricultural income (Rs.)

b Other than agricultural income (Rs.)

c i Income chargeable to tax (for a

foreign company)
ii Income not chargeable to tax (for a
foreign company)
[भाग II—खण्ड 3(i)] भारत का रािपत्र : असाधारण 9
Details of document being Document Document Name and address of the authority
24 produced in support of identify code identification issuing the document
in Column 1 (Refer note number
overleaf)
Details of document being Document Document Name and address of the authority
25 produced in support of address code identification issuing the document
in Columns 4 to 13 number
(Refer note overleaf)

Verification

I, __________________________, son/ daughter/ wife** of Shri ______________________, solemnly declare that to the best of
my knowledge and belief, the information given in this application and documents, if any, accompanying it are correct and
complete and particulars shown therein are truly stated.

2. I further declare that I /applicant does not have a Permanent Account Number and
(i) my/our/applicant’s estimated total income (including income of spouse, minor child etc. as per section 64 of Income-tax
Act, 1961) computed in accordance with the provisions of Income-tax Act, 1961 for the financial year in which the
above transaction is held will be less than maximum amount not chargeable to tax, or
(ii) the applicant is a foreign company covered by the third proviso to Rule 114B and does not have any income chargeable
to tax in India.

3. I also declare that I am making this application for _____________________ in my capacity as __________ (designation) and
I am competent to make this application and verify it. [if applicable]

Verified today, the ___________day of 20_____.

Place: ___________
(Signature of declarant)

Notes:
1. Before signing the declaration, the declarant should satisfy himself that the information furnished in this form is true,
correct and complete in all respects. Any person making a false statement in the declaration shall be liable to prosecution
under section 277 of the Income‐tax Act, 1961 and on conviction be punishable,‐
(i) in a case where tax sought to be evaded exceeds twenty‐five lakh rupees, with rigorous imprisonment which shall not
be less than six months but which may extend to seven years and with fine;
(ii) in any other case, with rigorous imprisonment which shall not be less than three months but which may extend to two
years and with fine.
2. The person accepting the declaration shall not accept the declaration where,-
(i) the amount of income of the nature referred to in item 23b exceeds the maximum amount which is not chargeable
to tax, unless PAN is applied for and column 22 is duly filled;

(ii) there is income chargeable to tax shown in item 23c(i) in case of a foreign company.

3. Documents which can be produced in support of identity and address (not required if applied for PAN and item 21 is
filled):-

Sl. Nature of Document Document Proof of Proof of

No. Code Identity Address
A. For Individuals and HUF
1. AADHAR card 01 Yes Yes
2. Bank/Post office passbook bearing photograph of the person 02 Yes Yes
3. Elector’s photo identity card 03 Yes Yes
Ration/Public Distribution System card bearing photograph of 04 Yes Yes
4.
the person
5. Driving License 05 Yes Yes
6. Passport 06 Yes Yes
7. Pensioner Photo card 07 Yes Yes
8. National Rural Employment Guarantee Scheme (NREGS) Job card 08 Yes Yes
9. Caste or Domicile certificate bearing photo of the person 09 Yes Yes
10 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]

Certificate of identity/address signed by a Member of Parliament or Member of 10 Yes Yes

10. Legislative Assembly or Municipal Councillor or a
Gazetted Officer as per annexure A prescribed in Form 49A
Certificate from employer as per annexure B prescribed in Form 11 Yes Yes
11.
49A
12. Kisan passbook bearing photo 12 Yes No
13. Arm’s license 13 Yes No
Central Government Health Scheme /Ex-servicemen 14 Yes No
14.
Contributory Health Scheme card
Photo identity card issued by the government./ Public Sector 15 Yes No
15.
Undertaking
16. Electricity bill (Not more than 3 months old) 16 No Yes
17. Landline Telephone bill (Not more than 3 months old) 17 No Yes
18. Water bill (Not more than 3 months old) 18 No Yes
Consumer gas card/book or piped gas bill (Not more than 3 19 No Yes
19.
months old)
20. Bank Account Statement (Not more than 3 months old) 20 No Yes
21. Credit Card statement (Not more than 3 months old) 21 No Yes
22. Depository Account Statement (Not more than 3 months old) 22 No Yes
23. Property registration document 23 No Yes
24. Allotment letter of accommodation from Government 24 No Yes
25. Passport of spouse bearing name of the person 25 No Yes
26. Property tax payment receipt (Not more than one year old) 26 No Yes
B. For Association of persons (Trusts)
Copy of trust deed or copy of certificate of registration issued by 27 Yes Yes
Charity Commissioner.
C. For Association of persons (other than Trusts) or Body of Individuals or Local
authority or Artificial Juridical Person)
Copy of Agreement or copy of certificate of registration issued by Charity 28 Yes Yes
commissioner or Registrar of Cooperative society or any other competent
authority or any other document originating from any Central or State
Government Department establishing identity and address of such person.
D. For a foreign company
1. Copy of Certificate of Registration or incorporation issued in the country where 29 Yes Yes
the applicant is located, duly attested by authorised officials of IFSC banking
unit
2. Copy of tax identification number issued in the country where the applicant is 30 Yes Yes
located, duly attested by authorised officials of IFSC banking unit (if address
mentioned
in the same)
4. In case of a transaction in the name of a Minor, any of the above-mentioned documents as proof of Identity and
Address of any of parents/guardians of such minor shall be deemed to be the proof of identity and address for
the minor declarant, and the declaration should be signed by the parent/guardian.
5. For HUF any document in the name of Karta of HUF is required.
6. In case the transaction is in the name of more than one person the total number of persons should be mentioned in
Sl. No. 19 and the total amount of transaction is to be filled in Sl. No. 17.
In case the estimated total income in column 23b exceeds the maximum amount not chargeable to tax the person
should apply for PAN, fill out item 22 and furnish proof of submission of application.

[Notification No. 88/2023 F. No. 370142/33/2023-TPL]

SURBENDU THAKUR, Under Secy.

Note:- The principal rules were published vide notification S.O. 969(E), dated the 26 th March, 1962 and last
amended vide notification G.S.R. 702 (E), dated the 29th September, 2023.

Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.