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of <h1>New Rule 21AC Requires Form 10FC Submission and Record Maintenance for Transactions in Notified Jurisdictions Under Section 94A</h1> The Income-tax (8th Amendment) Rules, 2013, introduced by the Central Board of Direct Taxes, amends the Income-tax Rules, 1962. It inserts Rule 21AC and Form No. 10FC, concerning the furnishing of authorization and maintenance of documents under Section 94A of the Income-tax Act, 1961. Assessees must submit Form No. 10FC to financial institutions and their Assessing Officer. They must also maintain detailed information on transactions with entities in notified jurisdictions for eight years. The amendment facilitates the collection of information for tax purposes and ensures compliance with legal and financial regulations.
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