Form 64 - Income Tax

Form 64 is an Income Tax Statement that must be furnished under section 115U of the Income-tax Act, 1961 by a Venture Capital Company or Venture Capital Fund. It provides details of the income paid or credited to investors by these entities.

Venture Capital Companies and Venture Capital Funds registered with the Securities and Exchange Board of India (SEBI) are required to file Form 64. It is a mandatory compliance for these entities under the Income-tax Act, 1961.

The primary purpose of filing Form 64 is to report the income paid or credited by a Venture Capital Company or Venture Capital Fund to its investors. This information is crucial for tax calculation and compliance purposes for both the entity and its investors.

Form 64 requires details such as the name and address of the Venture Capital Company or Fund, the registration number issued by SEBI, the income paid or credited to investors, and the tax deducted at source (if applicable). It also includes a breakdown of the income into various categories.

Form 64 must be filed on or before the due date of furnishing the return of income under section 139(1) of the Income-tax Act, 1961. This typically falls on July 31st of the following financial year for which the income is being reported.

Form 64 can be filed electronically through the Income Tax Department's official website or through the Authorized Representatives authorized by the Income Tax Department. It is recommended to file the form well before the due date to avoid any penalties or interest charges.

Failure to file Form 64 within the prescribed due date can attract penalties and interest charges under the Income-tax Act, 1961. It is essential for Venture Capital Companies and Funds to comply with this filing requirement to avoid any legal complications or financial penalties.

Yes, Form 64 is an annual compliance requirement. Venture Capital Companies and Funds must file this form every financial year to report the income paid or credited to their investors during that particular year.

Professional tax consultants or Chartered Accountants can assist Venture Capital Companies and Funds with the preparation and filing of Form 64. They can ensure accurate reporting and timely compliance with the relevant provisions of the Income-tax Act, 1961.

Detailed information, instructions, and guidelines regarding Form 64 and its filing requirements can be found on the Income Tax Department's official website or by consulting with qualified tax professionals or Chartered Accountants familiar with the provisions of the Income-tax Act, 1961.