NOTIFICATION NO. SO 3015(E) [NO.74/2014 (F.NO.142/6/2014-TPL)], DATED 28-11-2014

INCOME-TAX (TWELFTH AMENDMENT) RULES, 2014

NOTIFICATION NO. SO 3015(E) [NO.74/2014 (F.NO.142/6/2014-TPL)]DATED 28-11-2014

In exercise of the powers conferred by section 245Q 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. (1) These rules may be called the Income-tax (12th Amendment) Rules, 2014.

(2) They shall come into force on the date of its publication in the Official Gazette.

2. In the Income-tax Rules, 1962 (hereinafter referred to as the said rules), in rule 44E,—

(A) in the marginal heading, for the words “Form of application for obtaining an advance ruling” the words “Application for obtaining an advance ruling” shall be substituted;
(B) for sub-rule (1), the following sub-rule shall be substituted, namely:—
“(1) An application for obtaining an advance ruling under sub-section (1) of section 245Q shall be made in quadruplicate,—
(a) in Form No. 34C in respect of a non-resident applicant referred to in sub-clause (i) of clause (a) of section 245N;
(b) in Form No. 34D in respect of a resident applicant referred to in sub-clause (ii) of clause (a) of section 245N seeking advance ruling in relation to a transaction undertaken or proposed to be undertaken by him with a non-resident; and
(c) in Form No. 34DA in respect of a resident applicant referred to in sub-clause (iia) of clause (a) of section 245N falling within any such class or category of person as notified by the Central Government in exercise of the powers conferred by sub-clause (iia) of clause (b) of that section;
(d) in Form No. 34E in respect of a resident falling within any such class or category of person as notified by the Central Government in exercise of the powers conferred by sub-clause (iii) of clause (b) of section 245N; and
(e) in Form No. 34EA, in respect of an applicant referred to in sub-clause (iiia) of clause (b) of section 245N of the Act,
and shall be verified in the manner indicated therein.”
(C) after sub-rule (2), the following sub-rules shall be inserted, namely:—
“3. Every application in the Form as applicable shall be accompanied by the proof of payment of fees as specified in sub-rule (4).
4. The fees payable along with application for advance ruling shall be in accordance with the following table:

Table

Category of applicant Category of case Fee
(1) (2) (3)
An applicant referred to in sub-clauses (i) or (ii) or (iia) of clause (b) of section 245N Amount of one or more transaction, entered into or proposed to be undertaken, in respect of which ruling is sought does not exceed Rs. 100 crore. Rs. 2 lacs
Amount of one or more transaction, entered into or proposed to be undertaken, in respect of which ruling is sought exceeds Rs. 100 crore but does not exceed Rs. 300 crore. Rs. 5 lacs
Amount of one or more transaction, entered into or proposed to be undertaken, in respect of which ruling is sought exceeds Rs. 300 crore. Rs. 10 lacs
Any other applicant In all cases Rs. 10000″

3. In the said rules, in Appendix-II, after FORM 34D, the following FORM 34DA shall be inserted, namely:—

FORM NO. 34DA

[See rule 44E]

Form of application by a resident applicant referred to in section 245N(b)(iia) seeking advance

 ruling under section 245Q(1) of the Income-tax Act, 1961 in relation to a transaction undertaken or proposed to be undertaken by him.

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