Amendments in Income Tax Rules,2002 vide S.R.O.1035(I)/2013 dated 05.12.2013

NOTIFICATION (Income Tax)

SRO. 1035(I)/2013

Newly inserted section 165A by the Finance Act, 2013 makes it mandatory for the bank to furnish the following information:-

(a)    a list containing information regarding deposits amounting to one million rupees or more during the preceding month;

(b)   information regarding payments made in respect of credit card exceeding or amounting to one hundred thousand rupees during the preceding month;

(c)    a list of loans written off exceeding one million rupees during a month.

S.R.O 1035(I)/2013, dated 05-12-2013 has introduced new Chapter VIIIA in Income Tax Rules, 2002 which deals with manner of furnishing information by banking companies for the purpose of section 165A of the Ordinance in the following manner:-

FORM-A

[See rule 39B (1) (a)]

ACCOUNT HOLDERS DEPOSITIS STATEMENT

REPORTING BANKING COMPANY: _____________________.

 BANKING COMPANY OFFICER: _______________________.

 INFORMATION OF PERSONS WHO HAVE DEPOSITED RS. ONE MILLION OR MORE DURING THE MONTH OF: ____________.

 

S.NO	Name	CNIC	Most recent particulars including address(es)	Amount deposited during the month	Remarks
(1)	(2)	(3)	(4)	(5)	(6)

FORM-B

[See rule 39B (1) (c)] 

CREDIT CARDS PAYMENTS STATEMENT

REPORTING BANKING COMPANY: _________________________.

     BANKING COMPANY OFFICER: __________________________.

    INFORMATION OF PERSONS WHO HAVE MADE CREDIT CARD PAYMENTS OF RS. ONE HUNDRED THOUSAND OR MORE DURING THE MONTH OF:  _________________________________.

S.NO	Name	CNIC	Most recent particulars including address(es)	Credit card payment during the month	Remarks
(1)	(2)	(3)	(4)	(5)	(6)

 

FORM-C

[See rule 39B (1) (h)]

WRITTEN OFF LOANS STATEMENT

REPORTING BANKING COMPANY: _____________________.

BANKING COMPANY OFFICER: ________________________ .

INFORMATION IN RESPECT OF LOANS WRITTEN OFF EXCEEDING RS. ONE MILLION OR MORE DURING THE CALENDER YEAR: ____.

S.NO	Name	CNIC	Most recent particulars including address(es)	Amount written off during the month	Remarks
(1)	(2)	(3)	(4)	(5)	(6)

 As per Rule 39F of the new Chapter VIIIA, banking company officer need not provide information in respect of a person who holds NTN and has also filed return of income for the immediately preceding tax year.