(1) The return of taxable securities transactions required to be furnished under sub-section (1) of section 101 of the Act shall,— (a ) in the case of a recognised stock exchange, be in Form No. 1 and be verified in the manner indicated therein;
(b ) in the case of a Mutual Fund, be in Form No. 2 and be verified in the manner indicated therein.
(2) The particulars required to be furnished in the schedules to Form No. 1 and Form No. 2 referred to in sub-rule (1) shall be furnished on a computer media, in accordance with the following,— (a ) the computer media conforms to the following specifications :—
(i) CD ROM of 650 MB capacity or higher capacity; or
(ii) 4mm 2GB/4GB (90M/120M) DAT Cartridge, or
(iii) Digital Video Disc;
(b ) if the data relating to the schedules is copied using data compression or backup software utility, the corresponding software utility or procedure for its decompression or restoration shall also be furnished;
(c ) the return shall be accompanied by a certificate regarding clean and virus free data.
(3) In the case of a Mutual Fund, the return referred to in sub-rule (1) shall be furnished by the trustee of the Fund, or such other person managing the affairs of the Mutual Fund as may be duly authorised by the trustee in this behalf.
(4) The return of taxable securities transaction entered into during a financial year shall be furnished on or before the 30th June immediately following that financial year.
Return by whom to be signed.
8. The return under sub-section (1) of section 101 of the Act shall be signed and verified— (a ) in the case of a recognised stock exchange—
(i) being a company, by the Managing Director or a Director thereof;
(ii) in any other case, by the principal officer thereof;
(b ) in the case of a Mutual Fund, by the trustee or such other person managing the affairs of the Mutual Fund as may be duly authorised by the trustee in this behalf.
Time limit to be specified in the notice calling for return of taxable securities transaction.
9. Where an assessee fails to furnish the return under sub-section (1) of section 101 of the Act within the time specified in sub-rule (4) of rule 7, the Assessing Officer may issue a notice to such person requiring him to furnish, within thirty days from the date of service of the notice, a return in the Form prescribed in rule 7 as applicable to him and verified in the manner indicated therein.
Notice of demand.
10. Where any tax, interest or penalty is payable in consequence of any order passed under the provisions of Chapter VII of the Act, the Assessing Officer shall serve upon the assessee a notice of demand in Form No. 3 specifying the sum so payable.
Prescribed time for refund of tax to the person from whom such amount was collected.
11. Every assessee, in case any amount is refunded to it on assessment under sub-section (2) of section 102 of the Act, shall, within thirty days from the date of receipt of such amount, refund the same to the concerned person from whom it was collected Form of appeal to Commissioner of Income-tax (Appeals).