Form 64: Due Date and How to Download and Fill Form 64

Over the past few years, the Indian market has been exposed to many new and innovative modes of investment. Options like alternative investment funds, venture capital, real estate investment trusts (REIT) and infrastructure investment trusts offer exposure to private equity and real estate, allowing people to diversify their money in newer assets. 

These newer forms of investments carry special rules for tax filing. For instance, Section 115U of Income Tax Act requires a person responsible to furnish a statement via Form 64 on behalf of a venture capital fund (VCF). This form needs to be used by these companies to file income tax returns.

Now let us learn about the particulars of Form No. 64 and how to file returns with it. 

Purpose of Form 64 

Form No. 64 is a statement of income that a venture capital company (VCC) or venture capital fund (VCF) need to file for tax returns. Meanwhile, Form No. 64A is furnished to government by a business trust as a statement of income. Form 64B is an income statement provided by a business trust to a unit holder.

Income tax filing forms or tax forms are official statements filed by taxpayers to clarify their tax liability. One needs to submit such a form by the given due date to the income tax department to avoid penalties and legal proceedings. While individual taxpayers with zero tax liabilities may avoid filing tax returns, it is compulsory for companies and firms. 

This form is available on the income tax department’s official website. You can download it for free and submit this form at any designated bank or post office.  

Who Needs to File Form 64?

According to Rule 12C of Section 115U, any person responsible for crediting the payment of income of a venture capital company or a venture capital fund must furnish a Form 64.

For Form 64A and Form 64B, a business trust must furnish this income statement to its unit holders within the prescribed time limit. The company official in charge of distributing income to all investors of a trust is responsible for furnishing Form 64A and Form 64B. 

Form 64 Due Date

The form must be submitted to investors liable to pay taxes by 30^th November in the next financial year following the year when income from the fund is distributed. 

Most taxpayers need to declare their income in their income tax returns by 31^st July for individual and non-audit cases. In such a situation, they may not be able to access Form 64 for income tax filing. Then, additional proof of income may be required from the venture capital fund. 

Details to Be Furnished in Form 64

Form 64 contains several details that the responsible person needs to fill out on behalf of the venture capital company. The following are the details furnished in this form:

• Name of the venture capital company
• The address of the registered office mentioned on the form
• Name and address of the directors and trustees
• Date of registration of the VCC or VCF with SEBI
• Permanent Account Number 
• The previous year for which the return was furnished
• Total income from investments of the venture capital company (under all heads)
• Total income from investment (short-term capital gains)
• Total income from investment (long-term capital gains)
• Total income from investment (dividend income)
• Other income from investments of the venture capital fund
• Details of the person referred in Section 115U (1) in whose name income is credited
• Whether the VCC/VCF invests at least 2/3^rd of its funds in unlisted or VC securities
• Whether the VCC/VCF invests in a venture capital undertaking where a shareholder has over 10% stake  
• Whether the VCC/VCF invests in an undertaking where a trustee holds over 15% of its paid-up equity share capital
• Whether the shares or units of the VCC/VCF were listed on a recognised stock exchange

Documents Required for Form 64

The following documents are required for a venture capital fund to file Form No. 64:

• Copy of deed of the venture capital company if it is registered under the Registration Act of 1908
• Copy of certificate of registration under the SEBI Act of 1992
• Audited balance sheets and annual reports with certified copy of income and distribution/credit of income

How to Download Form 64 for Income Tax Filing?

You can find Form 64, Form 64A and Form 64B on the official income tax department website. To find the form, follow the given steps:

Step 1: On the official website, navigate to ‘Tax Laws & Rules’ on the top menu. 
Step 2: Click on ‘Income Tax Forms’ in the ‘Forms/Downloads’ section in the menu. 
Step 3: Scroll below to find ‘More’ and find Form 64 on the given pages. Alternatively, you can enter the form number in the search bar.  
Step 4: Click on the 'PDF' option beside Form No. 64 to download the PDF. You can also download a fillable form.
Fill out the details on a physical copy of the form and submit it at a designated bank branch or post office to file your income statement. 

As mentioned before, Form 64 is a statement filed by a venture capital company in India for filing income tax returns. Under Section 115U Rule 12C, such companies need to furnish this statement of income to investors of the fund.