Rule 145 — Statements under sections 221(4), 222(2), 223(5) and 224(9). Made under s.221, s.222, s.223, s.224, s.515 of the Income-tax Act, 2025.
Rule 145 gives effect to Section 221, Section 222, Section 223, Section 224 and Section 515 of the Income-tax Act, 2025. A rule cannot go beyond the section it serves: where the two seem to differ, the section governs.
Sub-rule (1) requires the statement of income credited, paid or distributed by an entity listed in column B of the Table to be furnished by the person responsible for crediting, paying or distributing that income on behalf of the entity. It goes to the Principal Commissioner or the Commissioner of Income-tax within whose jurisdiction the principal office of the entity is situated, electronically, in the Form in column C, duly verified by an accountant as defined in section 515(3)(b) in the manner indicated in the form; and it goes to the recipient of the income described in column D, in the Form in column E. The Table covers four entities: a Venture Capital Company or Venture Capital Fund (Form 74 to the Commissioner, Form 75 to the person liable to tax in respect of the income); a business trust (Form 76 and Form 77 to the unit holder); an investment fund (Form 79 and Form 78 to the person liable to tax in respect of the income); and a securitisation trust (Form 72 and Form 73 to the person liable to tax in respect of the income).
Sub-rule (2) fixes two dates. The statement to the Principal Commissioner or Commissioner is due by the 15th June of the financial year succeeding the tax year during which the income is paid, credited or distributed; the statement to the recipient is due by the 30th June of that financial year.
Sub-rule (3) requires the statement to the recipient to be furnished after generating and downloading it from the web portal specified by the Director General of Income-tax (Systems) or the person authorised by him, duly verified by the person paying, crediting or distributing the income in the manner indicated in it.
Sections 221(4), 222(2), 223(5) and 224(9) each require a statement about income passed through a pass-through vehicle, because the income is taxed in the hands of the investor rather than the vehicle. The rule puts all four on one pattern — a verified statement to the Department and a matching statement to the person who has to declare the income — and gives each a form and a date, so the investor's return and the Department's record are built from the same document.
| What | Figure | The condition on it | Where |
|---|---|---|---|
| Due date for the statement to the Principal Commissioner or Commissioner | By the 15th June of the financial year succeeding the tax year during which the income is paid or credited or distributed | Applies to Forms 74, 76, 79 and 72 | Rule 145(2) |
| Due date for the statement to the recipient of income | By the 30th June of the financial year succeeding the tax year during which the income is paid or credited or distributed | Applies to Forms 75, 77, 78 and 73 | Rule 145(2) |
The two statements are not the same document filed twice. The one to the Department is in the column C form and must be verified by an accountant as defined in section 515(3)(b); the one to the recipient is in the column E form, is verified by the payer rather than an accountant, and under sub-rule (3) must be generated and downloaded from the specified web portal rather than prepared independently. Jurisdiction follows the entity, not the recipient: sub-rule (1) sends the statement to the Principal Commissioner or Commissioner in whose jurisdiction the principal office of the entity is situated. Note the investment fund entry — the form to the Department is 79 and the form to the recipient is 78, the reverse of the ordering in the other three rows. The obligation falls on the person responsible for crediting, paying or distributing the income on behalf of the entity, so the duty is personal to that person and not simply the entity's.
A business trust distributes income to its unit holders during a tax year. The person responsible for the distribution files Form 76 with the Principal Commissioner in whose jurisdiction the trust's principal office is situated, verified by an accountant, by the 15th June of the following financial year, and issues each unit holder Form 77, downloaded from the specified portal and verified by him, by the 30th June.
An investor meets it as the statement received from the fund or trust, which is what supports the income declared in the return. The manager or trustee meets it as two filings a year, one to the Commissioner and one to every recipient.
The statement to the Principal Commissioner or the Commissioner of Income-tax shall be furnished by the 15th June of the financial year succeeding the tax year during which the income is paid or credited or distributed and the statement to the recipient of income shall be furnished by the 30th June of the financial year succeeding the tax year during which the income is paid or credited or distributed.
The statement to the recipient of income shall be furnished after generating and downloading the same from the web portal specified by the Director General of Income-tax (Systems) or the person authorised by him