Recent amendments made to the Income Tax Rules 1962

admin

The Central Board of Indirect Taxes has recently made a number of amendments to the Income Tax Rules, 1962. The Tenth Amendment was made on 27th September 2019 followed by Eleventh Amendment made on 30th September and the Twelfth Amendment was issued on 6th November 2019.

The Eleventh Amendment came into force on 30th September 2019. It dealt with the time limit for repatriation of excess money in the case of agreement for advance pricing or any double taxation agreements are entered to by the assessee.

The Tenth and Twelfth Amendment shall come into force on 1st September 2019.

The Tenth Amendment deals with the credit for tax deducted at source under Section 194N. Section 194N deals with the two percent income tax to be paid by any bank, co-operative society or post office when they make any payment that in aggregate exceeds one crore rupees. To rule 37BA, sub-rule 3A is added to clarify that credit for tax deducted at source under section 194N shall be given to the person from whose account tax is deducted and paid to the Central Government account for the assessment year relevant to the previous year in which such tax deduction is made.

The Twelfth amendment has amended the Appendix II of the rules so as to alter the forms in the appendix in such a way that in the places where the Permanent Account Number has to be mentioned, henceforth the Permanent Account Number or Aadhar Number can be mentioned.

 Click here to read the Tenth Amendment

Click here to read the Eleventh Amendment

Click here to read the Twelfth Amendment

Leave a Reply

Your email address will not be published. Required fields are marked *