For Firm & Co if they were involved in a transaction listed under Rule 114B they must file Form 60.
- Non-residents & foreign businesses are not required to provide a permanent account number When opening a bank account in IFSC Gift City instead, a declaration is necessary.
- A declaration in Income Tax Form 60 must be submitted by any foreign company or non-resident opening a bank account at IFSC, & they should not Income Tax liabilities in India.
- International Financial Services Centres – Gujarat International Finance Tec-City (GIFT) is being promoted as a tax-neutral enclave for the India financial sector.
- Rajput Jain and Associates Partner said above relaxation will made it easy for foreign companies, Non-residents Indian & other non-residents to start & open a his bank a/c with an International Financial Services Centres (IFSC)bank, which will start boosting deposits or liability side as well as small & retail business sector of a Indian bank in International Financial Services Centres,”
Amendment in Rule 114B
- Central Board of Direct Taxation Amends Income Tax Rules via Notifies Amended in Declaration income tax Form 60 For Foreign Company & NRI’s who have not Pan card including a to carry out Transactions Specified in Rule 114B.
- One more new proviso is added in income Tax Rule 114B which allow submission of Income Tax Form 60 by foreign Company to New Bank Account open or make the term deposit in the bank In case such Company has income chargeable to tax in India & no Permanent establishment in India.
- The Central Board of Direct Taxation has issue notification with effect from effective from October 10, 2023 introduced Income-tax (24th Amendment) Rules, 2023,
- Non-residents who open bank accounts are no longer required to provide their PAN due the an amendment to the Income Tax Rules made by the Finance Ministry.
- CBDT issued notification on October 10, 2023 via no. G.S.R. 728(E) issue changes to income tax Form 60 declaration. Above amchanges pertain to individuals without a PAN or a foreign company involved in transactions stated (in Income the Income Tax Rule 114B) CBDT issued notification can be accessed at: https://egazette.gov.in/WriteReadData/2023/249287.pdf
- Income Tax Dept has received information about certain transactions reported by you in Form 60/61 relating to FY 2021-22. It is requested that if you are not in occupation of a PAN Number, the same may be applied in Form 49A immediately or else, the PAN Number should be submitted to the Reporting Entity within 15 days from the campaign execution date.