Income-tax (12th Amendment) Rules, 2021

May 03, 2021 | by Avantis RegTech Legal Research Team

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Finance & Taxation Compliance

The Central Board of Direct Taxes (CBDT) on April 30, 2021 has issued the Income-tax (12th Amendment) Rules, 2021 to further amend the Income-tax Rules, 1962. 

The following amendments have been made: 

• Rule 44DA, which specifies the exercise of option under sub-section 1 of section 245M and intimation thereof, has been inserted, namely: 

“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.

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

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).

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.”

• Form No. 34 BB, which specifies the Exercise of option to withdraw pending application under sub-section (1) of section 245M of the Income-tax Act, 1961, has been inserted. 

[Notification No. G.S.R. 301 (E)]

 


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