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MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 16th October, 2023
G.S.R. 740(E).—In exercise of the powers conferred by sub-section (6) of section 195 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 Amendment (Twenty-fifth
Amendment), Rules, 2023.
(2) They shall come into force with effect from the 1st day of January, 2024.
2. In the Income-tax Rules, 1962 (hereinafter referred to as the principal rules), in rule 37BB,–
(a) in sub-rule (3), after clause (i), the following clause shall be inserted, namely:-
“(ia) the remittance is made by a Unit of an International Financial Services Centre referred to in sub-
section (1A) of section 80LA; or”;
(b) in sub-rule (4),–
(I)
in clause (i), after the words and brackets “Principal Director General of Income-tax
(Systems)”, the words and brackets “or the Director General of Income-tax (Systems)” shall be
inserted;
[भाग II—खण् ड 3(i)]
भारत का रािपत्र : असाधारण
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(II)
in clause (ii), after the words and brackets “Principal Director General of Income-tax
(Systems)”, the words and brackets “or the Director General of Income-tax (Systems)” shall be
inserted;
(c) in sub-rule (6), after the words and brackets “Principal Director General of Income-tax (Systems)”, the
words and brackets “or the Director General of Income-tax (Systems)” shall be inserted;
(d) for sub-rule (7), the following sub-rule shall be substituted, namely:-
“(7) A quarterly statement, for each quarter of the financial year shall be furnished in respect of all
remittances referred to in sub-rules (1), (2) and sub-rule (3) by,–
(i)
the authorised dealer in Form No. 15CC;
(ii)
a Unit of an International Financial Services Centre referred to in sub-section (1A) of section
80LA, responsible for paying to a non-resident, not being a company, or to a foreign company,
in Form No. 15CD,
to the Principal Director General of Income-tax (Systems) or the Director General of Income-tax
(Systems) or the person authorised by the Principal Director General of Income-tax (Systems) or the
Director General of Income-tax (Systems) electronically under digital signature within fifteen days from
the end of the quarter of the financial year to which such statement relates in accordance with the
procedures, formats and standards specified by the Principal Director General of Income-tax (Systems)
or the Director General of Income-tax (Systems) under sub-rule (8).”;
(e) for sub-rule (8), the following sub-rule shall be substituted, namely:-
“(8) The Principal Director General of Income-tax (Systems) or the Director General of Income-tax
(Systems) shall specify the procedures, formats and standards for the purposes of furnishing and
verification of Form No. 15CA, Form No. 15CB, Form No. 15CC and Form No. 15CD and shall be
responsible for the day-to-day administration in relation to the furnishing and verification of
information, certificate and quarterly statement in accordance with the provisions of sub-rules (4), (6)
and sub-rule (7).”;
(f) for the Explanation, the following Explanation shall be substituted, namely:-
‘Explanation.— For the purposes of this rule,–
(i)
“authorised dealer” means a person authorised as an authorised dealer under sub-section (1) of
section 10 of the Foreign Exchange Management Act, 1999 (42 of 1999);
(ii)
“International Financial Services Centre” shall have the same meaning as assigned to it in
clause (q) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005);
(iii)
“Unit” shall have the same meaning as assigned to it in clause (zc) of section 2 of the Special
Economic Zones Act, 2005 (28 of 2005).’.
3. In the principal rules, in Appendix-II, after Form No. 15CC, the following Form shall be inserted, namely:-
“Form No. 15CD
(See rule 37BB)
[e-Form]
Quarterly statement to be furnished by a unit of an International Financial Services Centre, as referred to in sub-
section (1A) of section 80LA, in respect of remittances, made for the quarter of ………….. of ………. (Financial
Year)
1. Name of the Unit:…………………………………………………………………………………….
2. Permanent account number of the Unit:……………………………………......................................
3. Tax deduction/collection account number of the Unit:……………………………………………….
4. Status of the Unit:……………………………………………………………………………………..
5. Residential status of the Unit:…………………………………………………………………………
6. Complete address, email and phone number of the Unit:……………………………………………...
7. Details of remittances made:
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THE GAZETTE OF INDIA : EXTRAORDINARY
[PART II—SEC. 3(i)]
Sl.
No.
Details of the remitter, if
different from the Unit
referred in 1 above
Name of
the
remittee
Permanent
account
number#
or Aadhar#
Number of
the
remittee
Complete
address,
email# and
phone
number# of
the
remittee
Country
of which
the
remittee
is
resident#
Country to which
remittance is made
Date of
remittance
Amount of
remittance
Nature
of
remittance
Purpose
Code as
per RBI$
Name of
the
remitter
Permanent
account
number of
the
remitter
Country
Currency
In foreign
Currency
In
Indian
Rs.
Verification
I, ____________ (full name in block letters), son/daughter of ………………. solemnly declare that to the best of my
knowledge and belief, the information given above are correct and complete.
and/or
(applicable in case where the Unit referred in 1 is the remitter)
I/We*, ____________ (full name in block letters), son/daughter of _____________in the capacity of
_____________(designation) solemnly declare that the information given above is true to the best of my/our*
knowledge and belief and no relevant information has been concealed. In a case where it is found that the tax actually
deductible on the amount of remittance has not been deducted or after deduction has not been paid or not paid in full,
I/We* undertake to pay the amount of tax not deducted or not paid, as the case may be, along with the interest due.
I/We* shall also be subject to the provision of penalty for the said default as per the provisions of the Income-tax Act,
1961.
I/We* further undertake to submit the requisite documents for enabling the income-tax authorities to determine the
nature and amount of income of the recipient of the above remittance as well as documents required for determining
my/our* liability under the Income-tax Act as a person responsible for deduction of tax at source.
Place: Signature: ……………………………
Date: Name and Designation: …………………
# If available
$ If applicable
Delete whichever is not applicable”.
[Notification No. 89 /2023/ F.No.370142/36/2023-TPL]
SOURABH JAIN, Under Secy.
Note. -The principal rules were published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (ii)
vide notification number S.O. 969(E), dated the 26th March, 1962 and was last amended vide notification
number G.S.R. 728(E), dated 10th October, 2023.
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and Published by the Controller of Publications, Delhi-110054.
