Posts Tagged ‘Scheme’


Notification No. 3/2013, [F.No.142/39/2012-SO(TPL)], dated 15.01.2013

In exercise of the powers conferred by sub-section (2) of section 200A of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following scheme for centralised processing of statements of tax deducted at source, namely:-

Short title and commencement

1. (1) This scheme may be called the Centralised Processing of Statements of Tax Deducted at Source Scheme, 2013.

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

Definitions

2. (1) In this scheme, unless the context otherwise requires,-

(a) “Act” means the Income -tax Act, 1961 (43 of 1961);

(b) “Assessing Officer” means the Assessing Officer who is ordered or directed under section 120 of the Act to exercise or perform all or any of the powers and functions conferred on, or assigned to, an Assessing Officer under Chapter XVII of the Act;

(c) “authorised agency” means the person authorised by the Director General to receive the statement of tax deducted at source or correction statement of tax deducted at source;

d) “Board” means the Central Board of Direct Taxes constituted under the Central Boards of Revenue Act, 1963 (54 of 1963);

(e) “Cell” means the Centralised Processing Cell having jurisdiction over such statements of tax deducted at source as may be specified by the Board;

(f) “Commissioner” means the Commissioner of Income-tax in charge of the Centralised Processing Cell;

g) “correction statement of tax deducted at source” means the statement furnished for rectifying any mistake or to add, delete or update the information furnished in the statement of tax deducted at source furnished under sub-section (3) of section 200 of the Act;

(h) “deductor” means a person deducting tax in accordance with the provisions of Chapter XVII of the Act;

(i) “Director General” means the Director General of Income-tax (Systems) appointed as such under sub-section (1) of section 117 of the Act;

(j) “portal” means the web portal of the authorised agency or the web portal of the Cell, as the case may be;

k) “statement of tax deducted at source” means statement of tax deducted at source furnished under sub-section (3) of section 200 of the Act.

(2) The words and expressions used herein but not defined and defined in the Act shall have the meaning respectively assigned to them in the Act.

Centralised Processing Cell

3. The Board may set up as many Centralised Processing Cells as it may deem necessary and specify their respective jurisdictions.

Furnishing of Correction Statement of Tax Deducted at Source

4. (1) A deductor shall furnish the correction statement of tax deducted at source in the form specified by the Director General-

(a) at the authorised agency through electronic mode; or

(b) online through the portal.

(2) The correction statement referred to in sub-paragraph (1) shall be furnished under digital signature or verified through a process in accordance with the procedure, formats, and standards specified by the Director General.

Processing of Statements

5. (1) The Cell shall process the statement of tax deducted at source furnished by a deductor in the manner specified under sub-section (1) of section 200A of the Act after taking into account the information contained in the correction statement of tax deducted at source, if any, furnished by the deductor before the date of processing.

(2) The Commissioner may-

a) adopt appropriate procedure for processing of the statement of tax deducted at source; or

b) decide the order of priority for processing of the statement of tax deducted at source based on administrative requirements.

Rectification of Mistake

6. (1) An Income-tax authority of the Cell may, with a view to rectifying any mistake apparent from the record under section 154 of the Act, on its own motion or on receiving an application from the deductor, amend any order or intimation passed or sent by it under the Act.

(2) An application for rectification shall be furnished in the form and manner specified by the Director General.

(3) Where a rectification has the effect of reducing the refund or increasing the liability of the deductor, an intimation to this effect shall be sent to the deductor electronically by the Cell and the reply of the deductor shall be furnished in the form and manner specified by the Director General.

(4) Where an amendment has the effect of reducing a refund already made or increasing the liability of the deductor, the order under section 154 of the Act passed by an Income-tax authority of the Cell shall be deemed to be a notice of demand under section 156 of the Act.

Adjustment against outstanding tax demand

7. Where a refund arises from the processing of a statement under this scheme, the provisions of section 245 of the Act shall, so far as may be, apply.

Appeal

8. (1) Where a statement of tax deducted at source is processed at the Cell, the appeal proceedings relating to the processing of the statement shall lie with the Commissioner of Income-tax (Appeals) having jurisdiction over the Assessing Officer who has jurisdiction over the deductor and any reference to Commissioner of Income-tax (Appeals) in any communication from the Cell shall mean such jurisdictional Commissioner of Income-tax (Appeals).

(2) The Assessing Officer who has jurisdiction over the deductor shall submit the remand report and any other report to be furnished before the Commissioner of Income-tax (Appeals) and an order, if any, giving effect to appellate order shall be passed by such Assessing Officer.

No Personal appearance at the Cell

9. (1) No person shall be required to appear personally or through authorised representative before the authorities at the Cell in connection with any proceedings.

(2) The Cell may call for such clarification, evidence or document as may be required for the purposes of the processing of statement of tax deducted at source or for the purposes of the rectification of any order or intimation passed or sent by the Cell under the provisions of the Act.

(3) The deductor shall furnish the reply to any communication under sub-paragraph (2) in such format as may be specified by the Director General.

Service of Notice or Communication

10. (1) The service of a notice or order or intimation or any other communication by the Cell may be made by delivering or transmitting a copy thereof to the deductor,-

(a) by electronic mail; or

(b) by placing such copy in the registered electronic account of the deductor on the portal of the Cell; or

(c) by any mode mentioned in sub-section (1) of section 282 of the Act.

(2) The date of posting of any communication under sub-paragraph (1) in the electronic mail or electronic account of the deductor in the portal of the Cell shall be deemed to be the date of service of such communication.

(3) The intimation, orders and notices shall be computer generated and need not carry physical signature of the person issuing it.

Power to specify Procedure and Processes

11.The Director General may specify procedures and processes, from time to time, for effective functioning of the Cell in an automated and mechanised environment, including specifying the procedure, formats, standards and processes in respect of the following matters, namely:-

(a) form of correction statement of tax deducted at source;

(b) the manner of verification of correction statement of tax deducted at source;

(c) receipt of correction statement of tax deducted at source;

(d) form of rectification application;

(e) the manner of verification of rectification application;

(f) receipt and processing of rectification applications in the Cell;

(g) the mode and format of the acknowledgement to be issued by the Cell for the receipt of any document;

h) the mode of authentication of any document or information submitted to the Cell, including authentication by digital signature or electronic signature;

(i) validation of any software used for electronic filing of correction statement of tax deducted at source or rectification application;

(j) provision of web portal facility including login facility, tracking status of correction statement of tax deducted at source or statement of tax deducted at source, display of relevant details of tax deduction or refunds to the taxpayer or deductor, as the case may be, and facility of download of relevant information;

k) call centre to answer queries and provide taxpayer services, including outbound calls to a deductor requesting for clarification to facilitate the processing of the statement of tax deducted at source filed;

(l) provision of grievance redressal mechanism in the Cell;

m) managing tax administration functions such as receipt, scanning, data entry, processing, storage and retrieval of statement of tax deducted at source and documents in a centralised manner or receipt of paper documents through authorised intermediaries.

Source: Income Tax Department- India.


CIRCULAR, CIR/MRD/DP/32/2012, dated December 06, 2012

To

Stock Exchanges;

Depositories;

Mutual Funds, Asset Management Companies (AMCs),

Trustee Companies and Boards of Trustees of Mutual Funds.

1. As announced in the Union Budget 2012-13, the Finance Act 2012 has introduced a new section 80CCG on ‘Deduction in respect of investment made under an equity savings scheme’ to give tax benefits to new investors who invest up to Rs. 50,000 and whose gross total annual income is less than or equal to Rs. 10 lakhs. The objective of the scheme is to encourage flow of savings in the financial instruments and improve the depth of the domestic capital market.

2. Vide notification 51/2012 dated November 23, 2012 (copy enclosed), the scheme has been notified by the Department of Revenue, Ministry of Finance (MoF). The notification is available on the website of Income Tax Department under section “Notifications”.

3. Stock exchanges, Depositories, Mutual Funds, Asset Management Companies (AMCs), Trustee Companies and Boards of Trustees of Mutual Funds are directed to take note of the notification and take necessary steps to implement the scheme. AMCs / Trustees shall ensure that RGESS eligible Exchange Traded Funds (ETFs) and Mutual Funds (MFs) schemes are in compliance with the aforementioned notification.

4. With regard to implementation of the MoF notification, the following is clarified:

(i) For RGESS eligible close-ended Mutual Funds schemes, advice given by AMCs to the depository for extinguishment of units of close-ended schemes upon maturity of the scheme shall be considered as settled through depository mechanism and therefore RGESS compliant.

(ii) AMCs shall disclose that the concerned RGESS eligible Exchange Traded Funds and Mutual Fund schemes is in compliance with the provisions of RGESS guidelines notified by Ministry of Finance vide notification no. 51/2012 F. No. 142/35/2012-TPL dated November 23, 2012, in Scheme Information Document (SID), in case of new fund offer, or by way of addendum, in case of existing RGESS eligible Exchange Traded Funds and Mutual Fund schemes.

(iii) Section 6(c) of the notification states that the eligible securities brought into the demat account will automatically be subject to lock-in during the first year, unless the new investor specifies otherwise and for such specifications, the new retail investors shall submit a declaration in Form B indicating that such securities are not to be included within the above limit of investment. It is clarified that such declaration shall be submitted by an investor to its Depository Participant within a period of one month from the date of transaction.

(iv) For transactions undertaken by investors through their RGESS designated demat account, Depositories may seek necessary transactional details from stock exchanges viz. Actual Trade value, Trading date, Settlement number, etc, for the purpose of enforcing lock-in and for generating reports mandated vide MoF notification on RGESS. On receipt of such request from depositories, stock exchanges shall provide the details to depositories on an immediate basis. It shall also be ensured that a uniform file structure is used by stock exchanges and depositories for such intimation of transaction details.

(v) With regard to point 3(ix)(a) & (b) of RGESS notification, depositories may seek confirmation, as applicable, from stock exchanges.

(vi) With regard to the securities held in the RGESS designated account, treatment of the corporate actions shall be as given at Annexure A.

5. Stock exchanges shall furnish list of RGESS eligible stocks / ETFs / MF schemes on their website. Further, the list shall also be forwarded to the depositories at monthly intervals and whenever there is any change in the said list. For this purpose, Mutual Funds / AMCs shall communicate list of RGESS eligible MF schemes / ETFs to the stock exchanges.

6. Stock exchanges and the depositories are directed to:

(i) make necessary amendments, if any, to the relevant bye-laws, rules and regulations for the implementation of the scheme.

(ii) create wide publicity of the scheme among the investors and market participants, including through investor programs and displaying details on their website.

(iii) communicate to SEBI, the status of implementation of the provisions of this circular, as applicable.

7. Mutual Funds / AMCs are directed to create wide publicity of the scheme among the investors, including displaying details on their website.

8. This circular is being issued in exercise of the powers conferred by Section 11 (1) of Securities and Exchange Board of India Act, 1992, Section 19 of the Depositories Act, 1996 and the Regulation 77 of SEBI (Mutual Funds) Regulations, 1996 to protect the interest of investors in securities and to promote the development of, and to regulate, the securities market.

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Click here to download the complete text of the above Circular in PDF Format.

Source: Securities and Exchange Board of India.


Notification No. 53/2012 [F. No. 142/35/2012 -TPL], dated 05.12.2012

In the notification of Government of India, Ministry of Finance, Department of Revenue, No. 51/2012, dated 23rd November, 2012 bearing S.O. 2777(E) and published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), dated 23rd November, 2012-

(i) at page 10 of the Gazette Notification, in third and fourth line of sub-clause (c) of clause (v) of section 3 related to “definitions”, for “sub-clause (i) or sub-clause (ii)”, read “sub-clause (a) or sub-clause (b)” ;

(ii) at page 10 of the Gazette Notification, in sub-clause (d) of clause (v) of section 3 related to “definitions”, for “sub-clause (i) and sub-clause (ii)”, read “sub-clause (a) and sub-clause (b)”; and

(iii) at page 10 of the Gazette Notification in sub-clause (e) of clause (v) of section 3 related to “definitions”, for “sub-clause (iii)”, read “sub-clause (c)”.

2. The other contents of the Gazette Notification shall remain unchanged.

Source: Income Tax Department- India.


Notification No. 51/2012, [F.No. 142/35/2012-TPL]/SO 2777(E), dated 23.11.2012

In exercise of the powers conferred by sub-section (1) of section 80CCG of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following Scheme, namely:-

Short title, commencement and application

1. (1) This Scheme may be called the Rajiv Gandhi Equity Savings Scheme, 2012.

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

   (3) This Scheme shall apply for claiming deduction in the computation of total income of the assessment year relevant to a previous year on account of investment in eligible securities under sub-section (1) of section 80CCG of the Income-tax Act, 1961.

Objective of Scheme

2. The objective of the Scheme is to encourage the savings of the small investors in domestic capital market.

Definitions

3. In this Scheme, unless the context otherwise requires,-

(i) “Act” means the Income-tax Act, 1961 (43 of 1961);

(ii) “demat account” means an account opened with the depository participant in accordance with the guidelines laid down by the Securities and Exchange Board of India established under section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992);

iii) “depository” means a company as defined in clause (e) of sub-section (1) of section 2 of the Depositories Act, 1996 (22 of 1996);

iv) “depository participant” means a participant as defined in clause (g) of sub-section (1) of section 2 of the Depositories Act, 1996 (22 of 1996);

(v) “eligible securities” means any of the following :-

(a) equity shares, on the day of purchase, falling in the list of equity declared as “BSE-100” or “CNX-100” by the Bombay Stock Exchange and the National Stock Exchange, as the case may be;

(b) equity shares of public sector enterprises which are categorised as Maharatna, Navratna or Miniratna by the Central Government;

(c) Units of Exchange Traded Funds (ETFs) or Mutual Fund (MF) schemes with Rajiv Gandhi Equity Savings Scheme (RGESS) eligible securities as underlying, as mentioned in sub-clause (i) or sub-clause (ii) above, provided they are listed and traded on a stock exchange and settled through a depository mechanism;

(d) Follow on Public Offer of sub-clauses (i) and (ii) above;

(e) New Fund Offers (NFOs) of sub-clause (iii) above;

(f) Initial Public Offer of a public sector undertaking wherein the government shareholding is at least fifty-one per cent, which is scheduled for getting listed in the relevant previous year and whose annual turnover is not less than four thousand crore rupees during each of the preceding three years;

vi) “financial year” means a year commencing on the 1st day of April and ending on the 31st day of March;

vii) “Form” means the Form appended to the Scheme;

viii) “investment” means investment by an assessee in any of the eligible securities in accordance with the Scheme;

ix) “new retail investor” means the following resident individuals:-

(a) any individual who has not opened a demat account and has not made any transactions in the derivative segment as on the date of notification of the Scheme;

(b) any individual who has opened a demat account before the notification of the Scheme but has not made any transactions in the equity segment or the derivative segment till the date of notification of the Scheme, and any individual who is not the first account holder of an existing joint demat account shall be deemed to have not opened a demat account for the purposes of this Scheme

(x) “Scheme” means the Rajiv Gandhi Equity Savings Scheme;

xi) words and expressions used and not defined in this Scheme, but defined in the Act, shall have the meanings respectively assigned to them in the Act.

Eligibility

4. The deduction under the Scheme shall be available to a new retail investor who complies with the conditions of the Scheme and whose gross total income for the financial year in which the investment is made under the Scheme is less than or equal to ten lakh rupees.

Procedure at time of opening demat account

5. The new retail investor shall follow the following procedure at the time of opening or designating a demat account :-

(a) the new retail investor shall open a new demat account or designate his existing demat account for the purpose of availing the benefit under the Scheme;

(b) the new retail investor shall submit a declaration in Form A to the depository participant who will forward the same to the depository for verifying the status of the new retail investor;

(c) the new retail investor shall furnish his Permanent Account Number (PAN) while opening the demat account or designating the existing account as a Rajiv Gandhi Equity Savings Scheme eligible account, as the case may be.

Procedure for investment under Scheme

6. A new retail investor shall make investments under the Scheme in the following manner:-

(a) the new retail investor may make investment in eligible securities in one or more than one transactions during the year in which the deduction has to be claimed;

(b) the new retail investor may make any amount of investment in the demat account but the amount eligible for deduction, under the Scheme shall not exceed fifty thousand rupees;

(c) the eligible securities brought into the demat account, as declared or designated by the new retail investor, will automatically be subject to lock-in during its first year, as per the provisions of paragraph 7, unless the new retail investor specifies otherwise and for such specification, the new retail investor shall submit a declaration in Form B indicating that such securities are not to be included within the above limit of investment;

(d) the new retail investor shall be eligible for a deduction under sub-section (1) of section 80CCG of the Act in respect of the actual amount invested in eligible securities, in the first financial year in respect of which a declaration in Form B has not been made, subject to the maximum investment limit of fifty thousand rupees;

(e) the new retail investor who has claimed a deduction under sub-section (1) of section 80CCG of the Act, in any assessment year, shall not be allowed any deduction under the Scheme for any subsequent assessment year;

(f) the new retail investor shall be permitted a grace period of three trading days from the end of the financial year so that the eligible securities purchased on the last trading day of the financial year also get credited in the demat account and such securities shall be deemed to have been purchased in the financial year itself;

(g) the new retail investor may also keep securities other than the eligible securities covered under the Scheme in the demat account through which benefits under the Scheme are availed;

(h) the new retail investor can make investments in securities other than the eligible securities covered under the Scheme and such investments shall not be subject to the conditions of the Scheme nor shall they be counted for availing the benefit under the Scheme;

(i) the investment under the Scheme shall consist of all eligible securities covered under the Scheme that are initially bought by the investor under the Scheme or that are bought subsequently by the investor as per the provisions of the Scheme;

(j) the deduction claimed shall be withdrawn if the lock-in period requirements of the investment are not complied with or any other condition of the Scheme is violated.

Period of holding requirements

7. (1) The period of holding of eligible securities shall be three years to be counted in the manner detailed hereunder.

(2) All eligible securities are required to be held for a period called the fixed lock-in period which shall commence from the date of purchase of such securities in the relevant financial year and end one year from the date of purchase of the last set of eligible securities (in the same financial year) on which deduction is claimed under the Scheme.

(3) The new retail investor shall not be permitted to sell, pledge or hypothecate any eligible security during the fixed lock-in period.

(4) The period of two years beginning immediately after the end of the fixed lock-in period shall be called the flexible lock-in period.

(5) The new retail investor shall be permitted to trade the eligible securities after the completion of the fixed lock-in period subject to the following conditions:-

(a) the new retail investor shall ensure that the demat account under the Scheme is compliant for a cumulative period of a minimum of two hundred and seventy days during each of the two years of the flexible lock-in period as laid down hereunder:-

(A) the demat account shall be considered compliant for the number of days where value of the investment portfolio of eligible securities, within the flexible lock-in period, is equal to or higher than the amount claimed as investment for the purposes of deduction under section 80CCG of the Act;

(B) in case the value of investment portfolio in the demat account falls due to fall in the market rate of eligible securities in the flexible lock-in period, then notwithstanding sub-clause(A),-

(i) the demat account shall be considered compliant from the first day of the flexible lock-in period to the day any such eligible securities are sold during this period;

(ii) where the assessee sells the eligible securities mentioned in sub-clause (B) from his demat account, he shall have to purchase eligible securities and the said demat account shall be compliant from the day on which the value of the investment portfolio in the account Incomes –

(I) at least equivalent to the investment claimed as eligible for deduction under section 80CCG of the Act; or

(II) the value of the investment portfolio under the Scheme before such sale, whichever is less.

(6) The new retail investor’s demat account created under the Scheme shall, on the expiry of the period of holding of the investment, be converted automatically into an ordinary demat account.

(7) For the purpose of valuation of investment during the flexible lock-in period, the closing price as on the previous day of the date of trading, shall be considered.

(8) While making the initial investments upto fifty thousand rupees, the total cost of acquisition of eligible securities shall not include brokerage charges, Securities Transaction Tax, stamp duty, service tax and all taxes, which are appearing in the contract note.

(9) Where the investment of the new retail investor undergoes a change as a result of involuntary corporate actions like demerger of companies, amalgamation, etc. resulting in debit or credit of securities covered under the Scheme, the deduction claimed by such investor shall not be affected.

(10) In case of voluntary corporate actions like buy-back, etc. resulting only in debit of securities, where new retail investor has the option to exercise his choice, the same shall be considered as a sale transaction for the purpose of the Scheme.

(11) The Securities and Exchange Board of India established under section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992) shall notify the corporate actions, referred to in sub-paragraph (9), allowed under the Scheme in this regard.

8. If the new retail investor fails to fulfil any of the provisions of the Scheme, the deduction originally allowed to him under sub-section (1) of section 80CCG of the Act for any previous year, shall be deemed to be the income of the assessee of such previous year and shall be liable to tax for the assessment year relevant to such previous year.

9. (1) The depository shall certify the new retail investor status of the assessee at the time of designating his demat account as demat account for the purpose of the Scheme.

(2) The depository participant shall furnish an annual statement of the eligible securities invested in or traded through the demat account to the demat account holder.

10. The depository shall provide a consolidated statement of details in the electronic format, as specified in Form C, on all the Rajiv Gandhi Equity Savings Scheme beneficiaries to the Director General of Income Tax (Systems) or any other person authorised by him, within a period of thirty days from the end of the relevant financial year.

11. For the purpose of paragraph 10, the Director General of Income Tax (Systems) shall determine the procedures, formats and standards for furnishing of the report in electronic format in Form C by the depositories.

12. Assessees shall be liable to submit the relevant records to the income-tax authorities for verification, as and when required.

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Click here to download the complete text of the above Notification in PDF Format- Notification No. 51/2012, dated 23.11.2012.

Source: Income Tax Department- India.


CAPITAL GAINS ACCOUNT (FIRST AMENDMENT) SCHEME, 2012 – AMENDMENT IN PARAGRAPHS 1, 2, 3, 4, 10, 13 AND FORMS A, C & G

Notification No. 44/2012, [F.NO. 142/21/2012-SO (TPL)], dated 25.10.2012

In exercise of the powers conferred by sub-section (2) of section 54, sub-section (2) of section 54B, sub-section (2) of section 54D, sub-section (4) of section 54F, sub-section (2) of section 54G and sub-section (2) of section 54GB of the Income-tax Act, 1961 (43 of 1961) the Central Government hereby makes the following Scheme to amend the Capital Gains Account Scheme, 1988 namely:-

1. (1) This Scheme may be called the Capital Gains Accounts (First Amendment) Scheme, 2012.

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

2. In the Capital Gains Accounts Scheme, 1988 (hereinafter referred to as the said Scheme), in the opening paragraph, for the words, brackets, figure and letter “and sub-section (2) of section 54G”, the words, brackets, figures and letters, “sub-section (2) of section 54G and sub-section (2) of section 54GB” shall be substituted.

3. In sub-paragraph (3) of paragraph 1 of the said Scheme, for the word, figure and letter “or 54G”, the word, figures and letters, “54G or 54GB” shall be substituted.

4. In clause (f) of paragraph 2 of the said Scheme, for the word, figures and letter “or 54G”, the figure, letter and words, “54G or an eligible company as referred to in section 54GB” shall be substituted.

5. In paragraph 3 of the said Scheme, after the words, figures and letter “or section 54G”, the words, figures and letters “or section 54GB” shall be inserted.

6. In sub-paragraph (4) of paragraph 4 of the said Scheme, after the words “the depositor”, the words, figures and letters “or the eligible assessee as referred to in section 54GB” shall be inserted.

7. In sub-paragraph (1) of paragraph 10 of the said Scheme, after the word, figures and letter “section 54G”, the words, brackets, figures and letter “or sub-section (2) of section 54GB” shall be inserted.

8. In paragraph 13 of the said Scheme,—

(a) in sub-paragraph (1), after the words “If a depositor”, the words, figures and letter, “other than an eligible company as referred to in section 54GB” shall be inserted;

(b) after sub-paragraph (1), the following sub-paragraph shall be inserted, namely:-

“(1A) If a depositor, being an eligible company, referred to in section 54GB, desires to close its account, then, –

(i)     it shall make a joint application signed by the eligible assessee referred to in section 54GB;

(ii)   the application shall be made with the approval of the Assessing Officer having jurisdiction over the eligible assessee referred to in section 54GB; and

(iii) such application shall be made in Form G to the deposit office or as near thereto as possible,

and the deposit office shall pay the amount of balance including interest accrued, to the credit in the account of the depositor by means of crediting such amount to any bank account of the depositor.”

9. In Form A to the said Scheme.

(a) for the figures, letter and words “*54G of the Act”, the figures, letters and words “*54G/*54GB of the Act” shall be substituted.

(b) after item 7, the words, figures, letters and brackets “** Signature/Thumb impression of the eligible assessee as referred to in section 54GB of the Act [applicable in case of section 54GB only]”, shall be inserted.

10. In Form C to the said Scheme, in item 2, after the word, figures and letter “section 54G”, the word, figures and letter “/* section 54GB” shall be inserted.

11. In Form G to the said Scheme, –

(a) after item 6, the words, figures, letters and brackets ” ** Signature/Thumb impression of the eligible assessee as referred to in section 54GB of the Act [applicable in case of section 54GB only]”, shall be inserted.

(b) in the notes, after item 2, the following item shall be inserted, namely.-

“3. ** In case the account to be closed pertains to an eligible company as referred to in section 54GB, the form shall also be signed by the eligible assessee referred to in the said section.”

Source: Income Tax Department- India.