Description
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 Scheme along 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