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Changes in Tax Audit Report; Notification No. 58/2017/F. No. 370142/10/2017

G.S.R. 821(E).—In exercise of the powers conferred by section 44AB read with section 295 of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the Income-tax Act), 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 (18thAmendment) Rules, 2017. (2) They shall come into force from the 19thday of July 2017.
31.(a)* Particulars of each loan or deposit in an  amount exceeding the limit specified in section 269SS taken or accepted during the previous year : – 
Name of lender or depositorAddress of lender or depositorPAN of lender or

depositor

Amount of loan or deposit taken or acceptedWhether the loan /deposit was squared up during the previous yearMaximum amount outstanding in the account at any time during the previous yearWhether the loan/deposit was taken or accepted by cheque or bank draft or use of electronic clearing system through a bank account#In case the loan or deposit was taken or accepted by cheque or bank draft, whether the same was taken or accepted by an account payee cheque or an account payee bank draft. #
        
Total       

 

 

(b)  ## Particulars of each specified sum in an amount exceeding the limit specified in section 269SS taken or accepted during the previous year:‑

 


Name of lender or depositor from whom specified sum is received
Address of lender or depositor from whom specified sum is receivedPAN of lender or

depositor from whom specified sum is received

Amount of specified sum taken or acceptedWhether the specified sum was taken or accepted by cheque or bank draft or use of electronic clearing system through a bank account#In case the specified sum was taken or accepted by cheque or bank draft, whether the same was taken or accepted by an account payee cheque or an account payee bank draft. #
      
Total     

 

*(Particulars at (a) and (b) need not be given in the case of a Government company, a banking company or a corporation established by the Central, State or Provincial Act.)

 

(c) Particulars of each repayment of loan or deposit or any specified advance in an amount exceeding the limit specified in section 269T made during the previous year:—

 
Name of the payeeAddress of the payeePAN the payeeAmount of the RepaymentMaximum amount outstanding in the account at any time during the previous yearWhether the repayment was made by cheque or bank draft or use of electronic clearing system through a bank account#In case therepayment was made by cheque or bank draft, whether the same was taken or accepted by an account payee cheque or an account payee bank draft. #
       
Total      

 

 

 

(d)### Particulars of repayment of loan or deposit or any specified advance in an amount exceeding the limit specified in section 269T received otherwise than by a cheque or bank draft or use of electronic clearing system through a bank account during the previous year:—

 


Name of the lender, or depositor or person from whom specified advance is received
Address of the lender, or depositor or person from whom specified advance is receivedPAN of the lender, or depositor or person from whom specified advance is receivedAmount of loan or deposit or any specified advance received otherwise than by a cheque or bank draft or use of electronic clearing system through a bank account during the previous year.
    
Total   

 

 

 

(e) #### Particulars of repayment of loan or deposit or any specified advance in an amount exceeding the limit specified in section 269T received by a cheque or bank draft which is not an account payee cheque or account payee bank draft during the previous year:—

 


Name of the lender, or depositor or person from whom specified advance is received
Address of the lender, or depositor or person from whom specified advance is receivedPAN of the lender, or depositor or person from whom specified advance is receivedamount of loan or deposit or any specified advance received by a cheque or a bank draft which is not an account payee cheque or account payee bank draft during the previous year
    
Total   

 

 

(Particulars at (c), (d) and (e) need not be given in the case of a repayment of any loan or deposit or any specified advance taken or accepted from the Government, Government company, banking company or a corporation established by the Central, State or Provincial Act)”

 

 

# Earlier it was asked is mode of payment otherwise than by account payee mode (cheque or draft)But now firstly it is asked whether mode of payment is through bank(cheque, draft or  ECS)Then secondly it is asked whether payment via cheque or draft is through account payee mode.

 

## The mentioned sub clause (b) has been newly inserted to cover sum accepted for immovable property which as been amended in section 269SS w.e.f. 01.06.2015 via clause 68 of Finance Act 2015.

 

“specified advance” means any sum of money in the nature of advance, by whatever name called, in relation to transfer of an immovable property, whether or not the transfer takes place

 

Section amended by adding the sums received for transfer of immovable property (advance/ otherwise) whether or not ultimately the contemplated transfer takes place. Therefore, the seller of the immovable property will be liable to pay penalty on the amount accepted or taken in cash and not the buyer.

 

### New sub clause being inserted for repayment of loan other than banking mode

 

#### New sub clause being inserted for repayment of loan other than account payee banking mode.

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