The Income-tax (24th Amendment) Rules, 2022.

LegalitySimplified

The Central Board of Direct Taxes on 10th August 2022, has published the Income-tax (24th Amendment) Rules, 2022 to further amend the Income-tax Rules, 1962. As per the amendment, a new rule 17AA which deals with Books of account and other documents to be kept and maintained has been notified as follows:

Every fund or institution or trust or any university or other educational institution or any hospital or other medical institution which is required to keep and maintain books of account and other documents, shall keep and maintain the following, namely:-

  1. books of account, including cash book,  ledger; journal, copies of bills, whether machine numbered or otherwise serially numbered, wherever such bills are issued by the assessee, and copies or counterfoils of machine numbered or otherwise serially numbered receipts issued by the assesse etc.
  2. books of account, as referred in clause (a), for business undertaking referred in sub-section (4) of section 11 of the Act
  3. other documents for maintaining.
  • record of all the projects and institutions run by the person containing details of their name, address and objectives.
  • record of income of the person during the previous year, in respect of, voluntary contribution containing details of name of the donor, address, permanent account number (if available) and Aadhaar number (if available) and income from property held under trust referred to under section 11 of the Act along with list of such properties;
  • the contribution received during the previous year containing details of name of the donor, address, permanent account number (if available) and Aadhaar number (if available);
  • money invested or deposited in the forms and modes other than those specified in subsection (5) of section 11 of the Act in which such voluntary contribution, received during the previous year, is invested or deposited etc.

The books of accounts and other documents specified above may be kept in written form or in electronic form or in digital form or as print-outs of data stored in electronic form or in digital form or any other form of electromagnetic data storage device and shall be kept and maintained for a period of ten years from the end of the relevant assessment year.

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