CBDT Amends Rules Related to Form INC-7 in Income–Tax Rules

The Central Board of Direct Taxes on February 9, 2017 has amended the Income-tax Rule, 1961 by issuing the Income-tax (2nd Amendment) Rules, 2017. The amendment is made pursuant to introduction of Simplified Proforma for Incorporating Companies Electronically (SPICe) and modifications made in the applicability of Form INC-7 by the Ministry of Corporate Affairs.

The amendments made by CBDT are as follows:

  •  Rule 114(1) giving provisions for application for allotment of a permanent account number, the Proviso earlier stated thatin case of an applicant, being a company which has not been registered under the Companies Act, 2013, the application for allotment of a Permanent Account Number may be made in Form No. INC-7. As per the amended Proviso, an applicant may apply for allotment of permanent account number through a common application form notified by the Central Government in the Official Gazette. 
  •        Rule 114A(1) giving provisions for application for allotment of a tax deduction and collection account number, the Proviso earlier stated that in case of an applicant, being a company which has not been registered under the Companies Act, 2013, the application for allotment of a tax deduction and collection account number may be made in Form No. INC-7. As per the amended Proviso, an applicant may apply for allotment of a tax deduction and collection account number through a common application form notified by the Central Government in the Official Gazette. 

     

    The classes of persons, applicable forms and formats along with procedure for safe and secure transmission of such forms and formats in relation to furnishing of permanent account number and tax deduction and collection account number shall be specified the Principal Director General of Income-tax (Systems) or Director General of Income-tax(Systems).

    [G.S.R.117(E)]

     

    URL: http://www.incometaxindia.gov.in/communications/notification/notification9_2017.pdf