Notification No. 288

What this is

Notification No. 288 was published on 1 December 2004. Its subject is Amendment of the Income-tax Rules under section 3 of the Income-tax Act, 1961.

This amends the Income-tax Rules. What it changes is the Rules, not the Act — and a rule can never take away what the section gives.

What it does

In exercise of the powers under section 295 of the Income-tax Act, 1961, the Central Board of Direct Taxes makes the Income-tax (17th Amendment) Rules, 2004. In rule 114B the words "or General Index Register Number" are omitted wherever they occur, and new clauses (l) to (p) are inserted after the Explanation to clause (k), bringing within the quoting requirement an application to a banking company to which the Banking Regulation Act, 1949 applies, including a bank or banking institution referred to in section 51 of that Act, or to any other company or institution, for issue of a credit card; payment of fifty thousand rupees or more to a Mutual Fund for purchase of its units; payment of fifty thousand rupees or more to a company for acquiring shares issued by it; payment of fifty thousand rupees or more to a company or institution for acquiring debentures or bonds issued by it; and payment of fifty thousand rupees or more to the Reserve Bank of India for acquiring bonds issued by it. The first three provisos are substituted by two: a minor with no income chargeable to income-tax applying for an account under clause (c) or clause (f) shall quote the permanent account number of his father, mother or guardian, and any person without a permanent account number entering into a specified transaction shall make a declaration in Form No. 60. In rule 114C, the words "clauses (a) to (k) of" are omitted from the proviso to clause (a) of sub-rule (1); in clause (c) of sub-rule (2) the reference is extended to clause (l) of rule 114B; new clauses (i) to (l) are inserted naming the principal officer of a company under clause (l), (n) or (o), the principal officer of an institution under clause (l) or (o), a trustee or person authorised by the trustee of a Mutual Fund under clause (m), and an officer of the Reserve Bank of India; and the closing portion is substituted to require such a person who has received a document relating to a transaction specified in rule 114B to ensure after verification that the permanent account number has been duly and correctly quoted. Rule 114D is substituted to require every person referred to in sub-rule (2) of rule 114C to forward to the Commissioner of Income-tax (Central Information Branch) having territorial jurisdiction copies of declarations in Form No. 60 and Form No. 61, except for transactions under clause (f) of rule 114B, in two instalments: forms received up to 30 September by 31 October of that year and forms received up to 31 March by 30 April of that year. The text goes on to rule 114E, under which the annual information return required by sub-section (1) of section 285BA is to be furnished in Form No. 65.

Who it reaches

• applicants for credit cards and investors making payments of fifty thousand rupees or more in units, shares, debentures or bonds
• banks, companies, institutions, Mutual Fund trustees and Reserve Bank officers receiving such documents
• minors opening accounts, who must quote a parent's or guardian's permanent account number
• persons without a permanent account number, who must file Form No. 60
• the Commissioner of Income-tax (Central Information Branch) receiving the declarations

The provisions it speaks to

The instrument, as the Board published it

Notification No : 288

Section(s) Referred : Section 295

Date of Issue : 1/12/2004

Notification No. 288 of 2004, dt. 1st Dec., 2004

S.O. 1316(E).- In exercise of the powers conferred by section 295 of 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, namely:-

1.

(1) These rules may be called the Income-tax (17 th Amendment) Rules, 2004
(2) They shall come into force from the date of their publication in the Official Gazette.

2. In the Income-tax Rules, 1962,-

(a) In rule 114B, -
(A) the words "or General Index Register Number" wherever they occur shall be omitted

(B) after Explanation to clause (k), the following clauses shall be inserted, namely:-

(l) making an application to any banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act) or to any other company or institution, for issue of a credit card;
m) payment of an amount of fifty thousand rupees or more to a Mutual Fund for purchase of its units;
(n) payment of an amount of fifty thousand rupees or more to a company for acquiring shares issued by it;
(o) payment of an amount of fifty thousand rupees or more to a company or an institution for acquiring debentures or bonds issued by it;
(p) payment of an amount of fifty thousand rupees or more to the Reserve Bank of India, constituted under section 3 of the Reserve Bank of India Act, 1934 (2 of 1934) for acquiring bonds issued by it;

(C) for the first proviso, second proviso and third proviso, the following provisos shall be substituted, namely:-

Provided that where a person, making an application for opening an account referred to in clause (c) and clause (f) of this rule, is a minor and who does not have any income chargeable to income-tax, he shall quote the permanent account number of his father or mother or guardian, as the case may be, in the document pertaining to the transaction referred to in said clause (c) and clause (f);

Provided further that any person who does not have a permanent account number and who enters into any transaction specified in this rule, shall make a declaration in Form No. 60 giving therein the particulars of such transaction.

(b) In rule 114C,-

(A) in sub-rule(1), in the proviso to clause (a), the words, brackets and letters "clauses (a) to (k) of", shall be omitted;

(B) in sub-rule (2),-

(i) in clause (c), for the words, brackets, letters and figures "clause (c) or clause (i) or clause (j) of rule 114B", the words, brackets, letters and figures "clause (c) or clause (i) or clause (j) or clause (l) of rule 114B" shall be substituted;
(ii) after clause (h), the following clauses shall be inserted, namely:-

(i) the principal officer of a company referred to in clause (l) or clause (n) or clause (o) of rule 114B;
(j) the principal officer of an institution referred to in clause (l) or clause (o) of rule 114B;
(k) any trustee or any other person duly authorised by the trustee of a Mutual Fund referred to in clause (m) of rule 114B;
(l) an officer of the Reserve Bank of India, constituted under section 3 of the Reserve Bank of India Act, 1934 (2 of 1934);

(iii) for the portion beginning with the words "who has received" and ending with the words "received by such person", the following shall be substituted, -
"who has received any document relating to a transaction specified in rule 114B shall ensure after verification that permanent account number has been duly and correctly quoted therein."

(c) For rule 114D, the following shall be substituted, namely:

"Time and manner in which persons referred to in sub-rule (2) of rule 114C, shall furnish the copies of Form No. 60 and Form No. 61.

114D. (1) Every person referred to in sub-rule (2) of rule 114C shall forward to the Commissioner of Income-tax (Central Information Branch) having territorial jurisdiction over the area in which the transaction is entered into, the following documents, namely:-

(a) copies of declaration in Form No. 60 referred to in the second proviso to rule 114B;
(b) copies of declaration in Form No. 61 referred to in the proviso to clause (a) of sub-rule (1) of rule 114C:

Provided that copies of declaration furnished in respect of transactions referred to in clause (f) of rule 114B shall not be furnished.

(2) The copies of declaration in Form No. 60 and Form No. 61 referred to in sub-rule (1) shall be forwarded to the Commissioner of Income-tax (Central Information Branch) in two instalments, that is, the forms received upto 30 th September, shall be forwarded latest by 31 st October of that year and the forms received upto 31 st March shall be forwarded latest by 30 th April of that year.

Furnishing of Annual Information Return.

114E. (1) The annual information return required to be furnished under sub-section (1) of section 285BA shall be furnished in form No. 65 and shall be verified in the manner indicated therein.

(2) The return referred to in sub-rule (1) shall be furnished by every person mentioned in column (2) of the Table below in respect of all transactions of the nature and value specified in the corresponding entry in column (3) of the said Table, which are registered or recorded by him during a financial year beginning on or after the 1 st day of April, 2004:-

Sl.No. Class of Person Nature and Value of Transaction

(1) A Banking company to which the Banking Regulation Act,1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act). Cash deposits aggregating to ten lakh rupees or more in a year in any savings account of a person maintained in that bank.

(2) A banking company to which the Banking Regulation Act,1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act) or any other company or institution issuing credit card. Payments made by any person against bills raised in respect of a credit card issued to that person, aggregating to two lakh rupees or more in the year.

(3) A trustee of a mutual fund or such other person managing the affairs of the mutual fund as may be duly authorised by the trustee in this behalf Receipt from any person of an amount of two lakh rupees or more for acquiring units of that fund

(4) A Company or institution issuing bonds or debentures Receipt from any person of an amount of five lakh rupees or more for acquiring bonds or debentures issued by the Company or institution

(5) A Company issuing shares through a public or rights issue. Receipts from any person of an amount of one lakh rupees or more for acquiring shares issued by the Company

(6) Registrar or Sub-Registrar appointed under Section 6 of the Registration Act,1908 Purchase or sale by any person of immovable property valued at thirty lakh rupees or more

(7) A person being an officer of the Reserve Bank of India, constituted under section 3 of the Reserve Bank of India Act,1934, who is duly authorized by Reserve Bank of India in this behalf Receipt from any person of an amount or amounts aggregating to five lakh rupees or more in a year for bonds issued by the Reserve Bank of India

(3) The return referred to in sub-rule(1) shall be furnished to the commissioner of Income-Tax(Central Information Branch):

Provided that where the Board has authorised an agency to receive such return on behalf of the commissioner of Income-Tax (Central Information Branch), the return shall be furnished to that agency.

(4) (a) The return comprising Part A and Part B of Form No. 65 referred to in sub-rule (1) shall be furnished on computer readable media being a floppy (3.5 inch and 1.44 MB capacity) or CD-ROM (650 MB or higher capacity) or Digital Video Disc (DVD), along with part-A thereof on paper.

The person responsibe for furnishing the return shall ensure that-

(i) if the data relating to the return or statement is co pied using data compression or backup software utility, the corresponding software utility or procedure for its decompression or restoration shall also be furnished along with the computer media return or statement;
(ii) the return is accompanied with a certificate regarding clean and virus free data.

(5) The return referred to in sub-rule (1) shall be furnished on or before 31 st August, immediately following the financial year in which the transaction is registered or recorded.

(6) The return referred to in sub-rule (1) shall be signed and verified by -

(a) in a case where the person furnishing the return is an assessee as defined in clause (7) of section 2 of the Act, by a person specified in section 140 of the Act ;
(b) in any other case, by the person referred to in column (2) of the Table below sub-rule (2);"

(d) In appendix-II, -

(A) for Form No. 60, the following Form shall be substituted, namely:
(B) in Form No.61, in the heading, for the words, brackets, letters and figures "clauses (a) to (h) of rule 114B", the word, figures and letter "rule 114B" shall be substituted;
(C) after Form No. 64, the following Form shall be inserted, namely:-

Form 60 Form 65

INSTRUCTIONS FOR FILIING ANNUAL INFORMATION RETURN

1.

(i) This return (Part A and Part B) be furnished on computer-readable media being a floppy (3.5 inch and 1.44 MB) or CD-ROM (650 MB or higher capacity) or Digital Video Disc, along with Part-A thereof on paper.
(ii) In case the return filed is in a compressed format, it should be compressed using winzip 8.1 or ZipltFast 3.0 compression utility only.
(iii) The return be filed in one CD/floppy/DVD and should not span across multiple floppies/CDs/DVDs.
(iv) The return be accompanied with a certificate regarding clean and virus- free data.

2. Please do not use any abbreviation like Pvt., Ltd., etc.

3. PAN is not required to be given in item No. 2 (Part A) and item No. 2 (Part B) by –

(i) Registrar or Sub-Registrar appointed under section 6 of the Registration Act, 1908;
(ii) a person being an officer of the Reserve Bank of India, constituted under section 3 of the Reserve Bank of India Act, 1934, who is authorised by the Reserve Bank of India for issue of bonds;

4. A Random Computer Generated Number (Folio Number) shall be allotted after filing of Annual Information Return for the first time. This number shall be quoted in item No. 3 (Part A) and item No. 3 (Part B) of the return for subsequent years.

5. State Code

Codes Name of the State Codes Name of the State

01. ANDAMAN AND NICOBAR ISLANDS 19. MAHARASHTRA

02. ANDHRA PRADESH 20. MANIPUR

03. ARUNACHAL PRADESH 21. MEGHALAYA

04. ASSAM 22. MIZORAM

05. BIHAR 23. NAGALAND

06. CHANDIGARH 24. ORISSA

07. DADRA AND NAGAR HAVELI 25. PONDICHERRY

08. DAMAN AND DIU 26. PUNJAB

09. DELHI 27. RAJASTHAN

10. GOA 28. SIKKIM

11. GUJARAT 29. TAMILNADU

12. HARYANA 30. TRIPURA

13. HIMACHAL PRADESH 31. UTTAR PRADESH

14. JAMMU AND KASHMIR 32. WEST BENGAL

15. KARNATAKA 33. CHATTISGARH

16. KERALA 34. UTTARANCHAL

17. LAKHSWADEEP 35. JHARKHAND

18. MADHYA PRADESH

6. Codes in respect of transactions to be reported

Sl.No. Transaction Transaction code

1 Cash deposits aggregating to ten lakh rupees or more in a year in any savings account of a person maintained in a banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act). 001

2 Payment made by any person against bills raised in respect of a credit card aggregating to two lakh rupees or more in a year. 002

3 Receipt from any person of an amount of two lakh rupees or more for purchase of units of a Mutual Fund. 003

4 Receipt from any person of an amount of five lakh rupees or more for acquiring bonds or debentures issued by a company or institution. 004

5 Receipt from any person of an amount of one lakh rupees or more for acquiring shares issued by a company. 005

6 Purchase by any person of immovable property valued at thirty lakh rupees or more. 006

7 Sale by any person of immovable property valued at thirty lakh rupees or more. 007

8 Receipt from any person of an amount of five lakh rupees or more in a year for investment in bonds issued by Reserve Bank of India. 008

Corrigenda to this Notification

F.No. 142/44/2003-TPL

What it changes

Forms it touches. Form No. 60, Form No. 61, Form No. 65

From when

the date of publication in the Official Gazette.

What to watch

• The rules come into force from the date of their publication in the Official Gazette.
• The threshold for the new investment transactions is fifty thousand rupees or more in each case.
• The receiving person's duty is now to verify that the permanent account number has been duly and correctly quoted, not merely to receive the document.
• Declarations for transactions under clause (f) of rule 114B are excluded from the forwarding requirement.
• The two forwarding instalments fall due on 31 October and 30 April, by reference to forms received up to 30 September and 31 March respectively.
• The archived text is clipped in the middle of rule 114E, so the full annual information return provisions are not available here.

Where you meet it

At the counter of a bank, company or Mutual Fund when a permanent account number or Form No. 60 is demanded for a specified transaction, and in the half-yearly forwarding of Form No. 60 and Form No. 61 to the Central Information Branch.

What it names

Forms it names. Form No. 60, Form No. 61, Form No. 64, Form No. 65

Rules it names. Rule 114B, 114C, 114D of the Income-tax Rules, 1962. The 1962 Rules were replaced by the Income-tax Rules, 2026, which renumbered nearly everything: a rule number quoted here almost never means the same rule today.

On the same provision

• Notification No. 94/2026 [F. No. 370142/24/2026-TPL] / G.S.R. 646(E) : Income-tax (Second Amendment) Rules, 2026 : Amendment of rule 157 of the Income tax Rules, 2026 to align the definition of the specified fund with rule 114AAB of the Income tax Rules, 1962 — Ministry of Finance 21 July 2026
• Notification No. 64 — [भाग II—खण् ड 3(i)] भारत का रािपत्र : असाधारण 7 16 April 2026
• Notification No. 63/2026 [F. No. 370142/13/2026-TPL]/ GSR 268(E) — 2 the Gazette of INDIA : Extraordinary [Part Ii—sec. 3(i)] 10 April 2026
• Notification No. 62/2026 [F. No. 370142/10/2026-TPL]/ GSR 267(E) — Ministry of Finance 10 April 2026
• Notification No. 61/2026 [F. No. 370142/9/2026-TPL] / GSR 266(E) — [भाग II—खण् ड 3(i)] भारत का रािपत्र : असाधारण 3 10 April 2026
• Notification No. 60/2026 [F. No. 370142/8/2026-TPL]/ GSR 265(E) — 2 the Gazette of INDIA : Extraordinary [Part Ii—sec. 3(i)] 10 April 2026

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