This book covers the Amended, Updated & Annotated text of the Income-tax Rules and 20+ Allied Rules.

The recent changes in the Income-tax Rules, 1962 are as follows:

• [Omitted] Omission of outdated 24 Rules and 70+ Forms
• [Insertion of New Rules & Changes in Existing Rules] Insertion of 24 new Rules and change in 20 existing Rules
• [Insertion of New Forms & Changes in Existing Forms] Insertion of 20 new Forms and change in 16 existing Forms
• [New Rules]
  • New Rule for computation of capital gains on the sum received from ULIPs that are not exempt under section 10(10D)
  • New Rules and Forms for registration and approval of charitable trusts, institutions, and funds
  • New Rules to claim relief on offshore indirect transfer of Indian assets by entities impacted by the retrospective amendment
  • New Rule specifying the threshold limit for significant economic presence
  • New Rule for computing taxable interest on provident fund contributions exceeding threshold limits
  • New Form 12BBA to be submitted by senior citizens to claim the benefit of section 194P

The Present Publication is the 59^th Edition & updated till the Income Tax (Second Amendment) Rules 2022, authored by Taxmann’s Editorial Board, with the following noteworthy features:

• [Coverage] of this book includes:
  • All Rules and Schemes, which are either notified under the Income-tax Act or referred to in different provisions of the Income-tax Act, are covered
  • Contains 23 divisions covering all Rules relevant under the Income-tax Act, i.e.,
    • Income-tax Rules
    • ICDS
    • Faceless Assessment, Appeal & Penalty Scheme with Directions
    • STT, CTT & EL, etc.
• [Action Points for Forms] All Forms carry Action Points that explain the Relevant Provisions and Process of Filing
• [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 contents of the book are as follows:

• Income-tax Rules, 1962 amended up to date with a list of e-Forms & text of provisions of Allied Law
• Income Computation and Disclosure Standards
• Income-tax (Appellate Tribunal) Rules, 1963 along with the text of the Standing Order under Income-tax (Appellate Tribunal) Rules 1963, other Notifications & Instructions, and text of the Income-tax Appellate Tribunal Members (Recruitment and Conditions of Service) Rules 1963
• 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 as amended up to date
• Equalisation Levy Rules, 2016
• Prohibition of Benami Property Transaction Rules, 2016
• Income-tax (Dispute Resolution Panel) Rules, 2009
• Authority for Advance Rulings (Procedure) Rules, 1996
• Centralized Verification Scheme, 2019
• Centralized Processing of Returns Scheme, 2011 with the text of Application of provisions of Act relating to the processing of Returns
• e-Settlement Scheme, 2021
• e-Verification Scheme, 2021
• e-Advance Rulings Scheme, 2022
• Capital Gains Accounts Scheme, 1988
• Reverse Mortgage Scheme, 2008
• Reduction of Wavier of Interest under Section 234A/234B/234C with CBDT’s Instructions for waiver or reduction of interest
• Delay in Filing Refund Claim with condonation of delay in filing refund claim and claim of carry forward of losses under section 119(2)(b) of the Income-tax Act
• Relaxation of Validation (Section 119 of the Finance Act 2012) Rules, 2021