The Central Board of Direct Taxes on 29th December 2021 has published the Income-tax (35th Amendment) Rules, 2021 to further amend the Income-tax Rules,1962 which shall deemed to have come into force from 29th day of July, 2021.
Through this Amendment, a new rule 16DD which deals with ‘Form of particulars to be furnished along with return of income for claiming deduction under clause (b) of sub-section (1B) of section 10A’ has been inserted. The particulars, which are required to be furnished by the assesse shall be in Form No. 56FF.
The Form 56FF shall include Details of Special Economic Zone Reinvestment Allowance Reserve Account, and Details of new plant/machinery purchased out of amounts withdrawn from Special Economic Zone Reinvestment Allowance Reserve Account.
