Rule 145: Pass-through income statements and recipient forms
Rule 145 prescribes two sets of statements for the listed pass-through entities: one to the jurisdictional Principal Commissioner or Commissioner and another to the income recipient. Different forms, verification requirements and June deadlines apply.
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Bare law
Rule 145 - Statements under sections 221(4), 222(2), 223(5) and 224(9)
(1) The statement of income credited or paid or distributed by an entity as referred to in the column B of the following Table shall be furnished by the person responsible for crediting or paying or distributing such income on behalf of such entity to the Principal Commissioner or the Commissioner of Income-tax, within whose jurisdiction the principal office of such entity is situated, electronically in the Form No. mentioned in the column C, duly verified by an accountant, as defined in section 515(3)(b), in the manner indicated therein; and to the recipient of such income mentioned in column D in the Form No. mentioned in the column E of the said Table:
Sl. No. Type of entity Form for furnishing statement to Principal Commissioner or Commissioner of Income-tax Person to whom statement is to be furnished Form for furnishing statement to recipient of income 1. Venture Capital Company or the Venture Capital Fund. 74. The person who is liable to tax in respect of such income. 75. 2. Business trust. 76. Unit holder. 77. 3. Investment fund. 79. The person who is liable to tax in respect of such income. 78. 4. Securitisation trust. 72. The person who is liable to tax in respect of such income. 73. (2) 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.
(3) 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 and duly verified by the person paying or crediting or distributing the income in the manner indicated therein.
Rule breakdown
Select the correct pair of forms
Venture capital companies and funds use Forms 74 and 75; business trusts use Forms 76 and 77; investment funds use Forms 79 and 78; securitisation trusts use Forms 72 and 73.
The first form in each pair is the department statement and the second is the recipient statement. In particular, the investment-fund pair is 79 then 78, not ascending order.
Department statement: electronic filing and accountant verification
The person responsible for crediting, paying or distributing the income furnishes the statement electronically to the Principal Commissioner or Commissioner with jurisdiction over the entity’s principal office.
It must be verified by an accountant as defined in section 515(3)(b), in the prescribed manner. Confirm the entity, jurisdiction and reporting period before filing.
Two separate June deadlines
The department statement is due by 15 June of the financial year succeeding the tax year in which the income was paid, credited or distributed. The recipient statement is due by 30 June of that succeeding financial year.
For a relevant tax year ending 31 March, the corresponding dates are 15 June and 30 June immediately following. Track both deliverables rather than treating the later date as covering both.
Generate the recipient statement from the specified portal
The recipient statement is furnished after generating and downloading it from the portal specified by the Director General of Income-tax (Systems) or authorised person.
It is duly verified by the person paying, crediting or distributing the income. This verification role is distinct from the accountant verification of the department statement.
Reconcile income and recipients
Match the amounts paid, credited or distributed, the person liable to tax or unit holder, and the relevant statements. Retain electronic filing and recipient-delivery evidence.
Read the applicable parent provision for the substantive pass-through treatment rather than treating the form mapping as a complete statement of tax liability.
Key takeaways
Four entity-specific form pairs
Use the table’s department and recipient columns.
15 June and 30 June
The two statements have different deadlines.
Different verification roles
Accountant verification and payer verification are distinct.
Practical checklist
- Select both forms from the correct entity row.
- Track each June deadline.
- Reconcile recipient details and income.
- Retain verification, filing and delivery records.
Avoid
- Do not interchange the department and recipient forms.
- Do not use the later deadline for both obligations.
FAQs
Does an investment fund file Form 78 with the department?
The table specifies Form 79 for the department and Form 78 for the recipient.
Can both statements wait until 30 June?
No. The department statement is due by 15 June; the recipient statement is due by 30 June.
How is the recipient statement prepared?
It is generated and downloaded from the specified portal and verified by the person paying, crediting or distributing income.
Glossary
- Recipient statement
- The entity-specific form furnished to the person or unit holder listed in column D of the statutory table.