Sep 10, 2013

Income tax new rule 12BA and new form 63AA

Income tax department has inseted new rule 12BA in income tax rules and adds new form 63AA in income tax rules. Regrading this income tax department issued a new notification no. 68 dated 4 September 2013. Full notification is as under.

S.O. 2668(E) In exercise of the powers conferred by sub-section (3) of section 115TA  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. (1) These rules may be called the Income-tax ( 15th Amendment) Rules, 2013.

 (2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Income-tax Rules, 1962, -
(a) after rule 12B, the following rule shall be inserted, namely:-
“12BA. Statement under sub-section (3) of section 115TA. – (1) The statement of income distributed by the securitisation trust shall be furnished as provided in sub-rule (2) to -

 (i) the Assessing Officer so designated by the Chief Commissioner or Commissioner of Income-tax, within whose area of jurisdiction, the principal office of the securitisation trust is situated;

(ii) in any other case, to the Assessing Officer within whose area of jurisdiction, the principal office of the securitisation trust is situated.

 (2) The statement of distributed income which is to be furnished under sub-section (3) of section 115TA by the securitisation trust shall be in Form No.63AA, duly verified by an accountant in the manner indicated therein.”;

(b) in Appendix-II, after Form No.63A, the following Form shall be inserted, namely:-
 “FORM NO. 63AA 
[See sub-rule(2) ofrule 12BA] 
Statement to be furnished in respect of income distributed by a securitisation trust
1. Name of the securitisation trust

2. Address of the principal place from where the
activities of the securitisation trust are being carried

3. Permanent Account Number

4. Previous year ending

5. Date of setting up of the securitisation trust

6. Objects of the securitisation trust (Enclose a copy of
the trust deed)

7. Whether the securitisation trust is regulated by
(i) Securities and Exchange Board of India (Public
Offer and listing of Securitised Debt Instruments)
Regulations, 2008

(ii) Reserve Bank of India guidelines on securitisation
of standard assets

8. Whether the trustee(s)/securitisation trust is/are
registered with SEBI/RBI

9. Name of Scheme(s)/series under which securitised
debt instruments/securities are issued

10. Income of the securitisation trust from the activity
of securitisation

11. Income distributed by the securitisation trust

12. Details of income distributed, tax and interest payable

Income distributed

Tax payablem under section 115TA
 Interest cargeable under section 115 TB if any
Payment towards tax and interest under section 115TB(Attach a copy of challans)

 of distrib
Exempt investors
Any other

Date of Payment

Enclose audited accounts including balance sheet, annual report, if any, with certified copies
of income and appropriation towards distribution of income.
I, _____________________________________________________________ (Name in full
and in block letters) son/daughter/wife of
_______________________________________________ do hereby solemnly declare that to
the best of my knowledge and belief what is stated above and in the Annexure(s), including
the documents accompanying such Annexure(s), is correct and complete. I further declare
that I am furnishing such statement in my capacity as
_________________________________ (designation) and that I am competent to furnish
this statement and verify it.
Verified today the ________________ day of ________________
……….. …………………
Place Signature
I/We ________________________________________________ have examined the books
of account and other documents showing the particulars of income earned and the income
distributed to the investors by the ________________________________ (name of the
securitisation trust) for the previous year ending ________________________.
2. I/We declare that the above particulars are true and correct to the best of my/our
knowledge and belief.
 Place ………………………………………

   (Signature with name of the
Date …………………..
Notes :
(1) *Information in respect of investors whose income, irrespective of its nature and
source, is exempt under the Act
(2) ** Information in respect of investors whose income is not exempt
(3) “Accountant” means the accountant as defined in the Explanation to sub-section (2) of
section 288 of the Income-tax Act, 1961.”.
[Notification No. 68/2013/ F.No.142/18/2013-TPL]
Under Secretary to the Government of India
Note. - The principal rules were published in the Gazette of India Extraordinary Part II,
section 3, sub-section (ii) vide number S.O.969 (E), dated the 26th March, 1962 and were last
amended vide number S.O. 2659 (E) dated 02-09-2013.
Tags-income tax new rule 12BA,income tax new rule 12ba,income tax form 63aa,63aa form it,it form 63aa,new income tax form 63aa

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