About this agreement
FORM NO. 58B Format
Need a precise FORM NO. 58B Format for reporting credit card transactions under Income Tax rules in India? Our ready-to-use, customizable legal template in PDF and Word format simplifies compliance and saves you time.
FORM NO. 58B is a prescribed statement format under erstwhile Rule 114B of the Income Tax Rules, 1962, used by banks and financial institutions to report high-value credit card transactions to the Income Tax Department. Although the Annual Information Statement (AIR) system has evolved into the Statement of Financial Transactions (SFT) regime under Section 285BA, this FORM NO. 58B sample remains valuable for historical records, audits, legacy compliance, or understanding reporting obligations for credit card issuers. It ensures transparency in high-value payments, helping prevent tax evasion and aiding tax authorities in cross-verification.
Why is FORM NO. 58B Format Important?
In the Indian tax ecosystem, accurate reporting of financial transactions is crucial for compliance. FORM NO. 58B Format was mandatory for banks issuing credit cards to report transactions exceeding specified thresholds (e.g., Rs. 50,000 per cardholder annually). Non-compliance could lead to penalties under the Income Tax Act, 1961. Even today, similar requirements persist under the SFT framework (Form 61B), making a well-structured FORM NO. 58B template essential for institutions preparing reports, conducting internal audits, or training staff on legacy formats. Using our FORM NO. 58B PDF download ensures you meet court/company requirements with a professional, error-free document.
Key Elements of FORM NO. 58B
A standard FORM NO. 58B legal template includes the following critical sections:
- Header Information: Form number, reporting period (financial year), name and address of the issuing bank/financial institution, TAN/PAN details.
- Transacting Party Details: Name, address, PAN, and contact information of the credit card holder.
- Transaction Summary: Aggregate value of transactions per cardholder, number of transactions, date range.
- Breakdown of Transactions: Details like bill amount, outstanding balance, payments made, exceeding threshold amounts.
- Declarations and Signatures: Certification by authorized signatory, date, and bank seal.
- Annexures: Supporting schedules for multiple entries.
Our customizable FORM NO. 58B Word format allows easy editing of these elements to fit your specific needs.
Who Should Use FORM NO. 58B Sample?
This versatile template is ideal for:
- Banks and non-banking financial companies (NBFCs) issuing credit cards.
- Compliance officers and tax consultants handling legacy AIR/SFT filings.
- Legal firms assisting clients with Income Tax audits or assessments.
- Businesses undergoing scrutiny for high-value transactions in civil or tax disputes.
Common use cases include annual reporting to ITD, responding to notices under Section 131, or preparing for block assessments.
Download Your FORM NO. 58B Format Today!
Get instant access to our professional FORM NO. 58B free download (premium customizable version available). Tailor it using AI tools or seek legal help for perfection. Perfect for India-specific requirements!
Important Note
While our FORM NO. 58B ready-to-use template is designed by legal experts to be accurate and compliant, it is for informational purposes. Always consult a qualified Income Tax practitioner or lawyer to customize it for your situation and ensure adherence to current rules. For related templates, search 'SFT Form 61B sample', 'Income Tax reporting formats India', 'credit card transaction report template PDF', or 'Rule 114B formats'. Stay compliant and efficient with our suite of legal templates!
Supporting Documents
For issuing or relying on Form No. 58B certificate under section 35AC, the contributor company and the certifying chartered accountant typically need documents to verify identity, expenditure, and project eligibility.
PAN Card of the contributor company
Required to confirm the Permanent Account Number mentioned in the certificate and establish tax identity.
When: before signing
Company incorporation certificate / registration documents
Establishes legal existence of the company incurring the expenditure.
When: before signing
Original invoices, bills and vouchers for expenditure
Primary evidence of amounts spent directly on the notified eligible project or scheme.
When: before signing
Bank statements or payment proofs
Corroborates that payments were actually made for the project during the relevant period.
When: before signing
Copy of section 35AC notification (SO number)
Confirms the project or scheme is notified and matches details to be entered in the certificate.
When: before signing
Board resolution authorising the expenditure
Corporate authorisation for the specific outlay on the notified project, where required by company law.
When: before signing
Address proof of the contributor
Supports the name and address recorded in the certificate.
When: before signing
Frequently asked questions
What is Form No. 58B?→
Form No. 58B is the report from an accountant under section 269SS(3) of the Income-tax Act, 1961, required for assessees in India accepting loans or deposits exceeding ₹20 lakhs without account payee cheque, draft, or ECS.
When should I use Form No. 58B?→
Use it when your business or individual accepts aggregate loans/deposits over ₹20 lakhs in cash during a financial year from any person, necessitating a chartered accountant's report for Income Tax compliance in India.
Is Form No. 58B legally valid across India?→
Yes, it is a statutory form prescribed under Income Tax Rules, 1962, legally valid pan-India when certified by a CA and filed with the Assessing Officer.
Does Form No. 58B require stamp duty or court fee?→
No stamp duty or court fee is required for Form No. 58B as it is an Income Tax reporting document, not a contract or agreement; submit it as per IT department guidelines.
In what format is Form No. 58B available for download?→
Download Form No. 58B in editable Word (.docx) or PDF format, suitable for customization and printing for legal submission in India.
Can I edit and customize Form No. 58B?→
Yes, the downloadable Form No. 58B is fully customizable; update assessee details, loan/deposit information, and accountant certification before use.