Central Board of Direct Taxes (CBDT) has issued Notification No. 55/2020 dated 28th July, 2020 to substitute Rule 12CB of the Income Tax Rules, 1961 having the statement giving details of the nature of the income paid or credited during the previous year and such other relevant details by an investment fund to its unit holder and Principal Commissioner or the Commissioner of Income-tax, as the case may be.
Key points of the amendments are:
1. As per amended rules, 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 and the investment fund to the:
i. Unit holder 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 authorised by him and duly verified by the person paying or crediting the income on behalf of the investment fund in the manner indicated therein. Post amendment, the requirement of getting the statement of income verified by the person paying or crediting the income on behalf of the investment fund in the manner indicated therein has been foregone.
ii. 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 instead of earlier date of 30th day of November 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.
2. The Principal Director General of Income-tax (Systems) or the Director General of Income tax (Systems), as the case may be, shall also specify the procedure, formats and standards for generation and download of statement in Form No. 64C from the web portal specified by him or by the person authorised 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 authorised by him.
3. The Forms No. 64C i.e. Statement of income distributed by an investment fund to be provided to the unit holder and Form No 64D i.e. Statement of income paid or credited by investment fund to be furnished has been substituted.
For further details and substituted Form 64C and 64D, please refer to the attached Notification.
Source: Central Board of Direct Taxes (CBDT)
