New rule 16D inserted under income-tax Rules

New rule 16D inserted under income-tax Rules

G.S.R. 786(E).—In exercise of the powers conferred by sub-section (5) of section 10A read with sub-section (8) of section 10AA and 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 the Income-tax Rules,1962, namely:─

1. Short title and commencement.––
   (1) These rules may be called the Income-tax (Twenty Sixth Amendment) Rules, 2023.
   (2) They shall be deemed to have come into force from the 29th day of July, 2021.
   
2. In the Income-tax Rules, 1962 (hereinafter referred to as principal rules), after rule 16CC, the following rule shall be inserted, namely:––
   “16D. Form of report for claiming deduction under section 10AA.—
   The report of an accountant which is required to be furnished by the assessee, under sub-section (8) of section 10AA read with sub-section (5) of section 10A shall be in Form No. 56F.”.
   
3. In the principal rules, in rule 130,–
   (a) in sub-rule (1), the figures and letter“16D”, shall be omitted;
   (b) in sub-rule (2), the figures and letter“56F”, shall be omitted.
   
4. In the principal rules, in Appendix II, after Form No.56E [as it stood immediately before its omission by the Income-tax (21st Amendment) Rules, 2021], the following Form shall be inserted, namely:–

“FORM NO. 56F
[See rule 16D]
Report under section 10AA of the Income -tax Act, 1961

Explanatory Memorandum : It is certified that no person will be adversely affected by giving retrospective effect to the Income-tax (Twenty Sixth Amendment) Rules, 2023

Note : The principal rules were published in the Gazette of India, Extraordinary, Part-II, Section 3, Subsection (ii) vide notification number S.O. 969 (E), dated the 26th March, 1962 and last amended vide notification number G.S.R. 740(E), dated 16th October, 2023.

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