This book provides the amended, updated, and annotated text of the Income-tax Rules, 1962, along with 25+ allied rules, schemes, and return forms for the Assessment Year 2024-25.
The recent changes in the Income-tax Rules, 1962 are as follows:
- [Insertion/Changes in Rules] are as follows:
- Insertion of 9+ New Rules
- Changes in 30+ Existing Rules
- [Insertion/Changes in Forms] are as follows:
- Insertion of 6+ New Forms
- Changes in 35+ Existing Forms
- [New Rules & Forms] are as follows:
- New Rule for Net Winnings from Online Games- Specifies how to compute 'Net Winnings' under Sections 115BBJ & 194BA
- Form No. 56F- To be submitted by assessees claiming deductions under Section 10AA
- Form 15CD- Introduced for IFSC to provide a quarterly statement of all remittances to non-residents or foreign companies
- Form 71- Allows TDS credit for income disclosed in previously filed ITRs
- Rules 13 & 13A- Implement Finance Act 2023 amendments related to search and seizure
- Rule 11UACA- Computes taxable income from sums received under life insurance policies
- Form 3AF- For assessees claiming deductions under Section 35D
- Rule 21AGA and Form 10-IEA- For opting into the Old Tax Regime
The Present Publication is the 61st Edition | 2024, and all available amendments notified up to Income Tax (Sixth Amendment) Rules, 2024, have been incorporated. This book is edited/authored by Taxmann's Editorial Board, with the following noteworthy features:
- [Comprehensive Guide to Amendments] Detailed coverage of amendments made in the Income-tax Rules in 2023-2024
- [Coverage] of this book includes:
- All Rules, Schemes, etc., which are either notified under the Income-tax Act, 1961 or referred to in different provisions of the Income-tax Act, are covered, i.e.,
- Income-tax Rules
- ICDS
- Faceless Assessment, Appeal & Penalty Scheme with Directions
- STT, CTT & EL, etc.
- Income-tax Return Forms for Assessment Year 2024-25
- Landmark Judgements & CBDT Circulars
- [Action Points for Forms] Explanation of relevant provisions and the filing process for each form
- [Quick Identification for Redundant & e-Forms]
- [Bestseller Series] Taxmann's series of Bestseller Books for more than Five Decades
- [Zero Error] Follows the Six Sigma Approach to achieve the benchmark of 'Zero Error'
The detailed contents of the book are as follows:
- Income-tax Rules, 1962 amended up to date with the list & text of provisions of Allied Law referred to in Income-tax Rules
- Income Computation and Disclosure Standards
- e-Appeals Schemealong with Order under sub-section (6) of section246 of the Income-tax Act, 1961 for specifying the scope of e-Appeals Scheme under the Act
- Faceless Assessment Scheme, 2019 with Directions
- Faceless Appeal Scheme, 2021
- Faceless Penalty Scheme, 2021 with Directions
- Commodities Transaction Tax Rules, 2013
- Securities Transaction Tax Rules, 2004
- Equalisation Levy Rules, 2016
- Prohibition of Benami Property Transaction Rules, 2016
- Centralised Verification Scheme, 2019
- Centralised Processing of Returns Scheme, 2011, with the text of the Application of provisions of the Act relating to the processing of Returns, Time-limit for verification of return of income after uploading and Reduction of time-limit for verification of Income-tax Return (ITR) form within 120 days to 30 days of transmitting the data of ITR electronically
- e-Settlement Scheme, 2021
- e-Verification Scheme, 2021 with FAQs on e-Verification Scheme, 2021 and Promoting voluntary compliance through e-Verification Scheme, 2021
- e-Advance Rulings Scheme, 2022
- Faceless Jurisdiction of Income-tax Authorities Scheme, 2022
- e-Assessment of Income Escaping Assessment Scheme
- Faceless Inquiry or Valuation Scheme, 2022
- e-Dispute Resolution Scheme, 2022
- Centralised Processing of Equalisation Levy Statement Scheme, 2023
- Return Forms
- ITR-1 | SAHAJ - Individual Income Tax Return
- ITR-2 | Return of Income - For Individuals and HUFs not having income from profits and gains of business or profession
- ITR-2A | [Omitted by the IT (Fourth Amdt.) Rules, 2017, w.e.f. 1-4-2017]
- ITR-3 | Return of Income - For Individuals and HUFs having income from profits and gains of business or profession
- ITR-4 | SUGAM - Form Individuals, HUFs and Firms (other than LLP) being a resident having total income up to Rs. 50 lakh and having income from business and profession, which is computed under section 44AD, 44ADA or 44AE [Not for an individual who is either a Director in a company or has invested in unlisted equity shares or if income-tax is deferred on ESOP or has agricultural income more than Rs. 5000]
- ITR-4 | [Omitted by the IT (Fourth Amdt.) Rules, 2017, w.e.f. 1-4-2017]
- ITR-5 | Return of Income - For persons other than - (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7
- ITR-6 | Return of Income - For Companies other than companies claiming exemption under section 11
- ITR-7 | Return of Income - For persons including companies required to furnish returns under sections 139(4A) or, 139(4B) or, 139(4C), or 139(4D) only
- ITR-8 | [Omitted by the IT (Twenty-First Amdt.) Rules, 2021, w.e.f. 29-7-2021]
- ITR-V | Verification Form & Acknowledgment
- ITR-A | Return Form - For successor entities to furnish a return of income under section 170A consequent to business reorganisation
- ITR-U | Return Form - For persons to update income within twenty-four months from the end of the relevant assessment year
- Other Rules and Schemes
- Income-tax (Certificate Proceedings) Rules, 1962
- Bank Term Deposit Scheme, 2006
- Senior Citizens' Savings Scheme, 2019
- National Savings Certificates (VIII Issue) Scheme, 2019
- Income-tax (Appellate Tribunal) Rules, 1963