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CBDT notifies Income-tax (12th Amendment) Rules, 2021

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CBDT notifies Income-tax (12th Amendment) Rules, 2021- Notification

G.S.R. 301(E).—In exercise of the powers conferred by sub-section (1) of section 245M read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend Income-tax Rules, 1962, namely:-

  1. Short title and commencement.-
    (1) These rules may be called the Income-tax (12th Amendment) Rules, 2021.
    (2) They shall come into force from the date of its publication in the Official Gazette.
  2. In the Income-tax Rules, 1962 (hereinafter referred to as the principal rules), after rule 44D, the following rule shall be inserted, namely:—

    “44DA. Exercise of option under sub-section (1) of section 245M and intimation thereof.-

    (1) The exercise of option by an assessee to withdraw his pending application under sub-section (1) of section 245M shall be in Form No. 34BB.

    (2) Form No. 34BB shall be verified by the person who is authorised to verify the return of income of the assessee
    under section 140.

    (3) Form No. 34BB shall be furnished electronically in accordance with the procedures, formats, and standards specified by the Principal Director-General of Income-tax (Systems) or Director-General of Income-tax (Systems),as the case may be, and thereafter signed printout of the said form shall be uploaded in the manner specified by the Principal Director-General of Income-tax (Systems) or Director-General of Income-tax (Systems), as the case may be, under sub-rule (4).

    (4) The Principal Director-General of Income-tax (Systems) or Director-General of Income-tax (Systems), as the case may be, shall specify the procedures, formats and standards for the purposes of furnishing and verification and
    manner of uploading of Form No. 34BB.”.
  3. In the principal rules, in Appendix-II, after Form No. 34BA, the following Form shall be inserted, namely:—

Go To FORM No. 34BB (Exercise of option to withdraw pending application under sub-section (1) of section 245M of the Income-tax Act, 1961)

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