Taxmann’s Income Tax Rules – 60th Edition March 2023

This book covers the Amended, Updated & Annotated text of the Income-tax Rules and 35+ Allied Rules, Schemes, etc.

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

• [Insertion/Changes in Rules] are as follows:
  • Insertion of 15+ New Rules
  • Changes in 25+ Existing Rules
• [Insertion/Changes in Forms] are as follows:
  • Insertion of 10+ New Forms
  • Changes in 20+ Existing Forms
• [New Rules & Forms] are as follows:
  • New Rule providing return filing mandatory where turnover, TDS/TCS or deposit in a savings bank account exceeds a certain limit
  • New Rule for maintenance of books & other documents by trust or institution
  • New Rule providing tax relief on income arising from foreign retirement funds
  • New Rule for computation of minimum investment & exempt income of a specified person under section 10(23FE)
  • New Rule prescribing ‘other conditions’ to be fulfilled by a specified fund referred to in Section 10(4D)
  • New Form ITR-U for filing of updated return
  • New Form for making application for recomputation of income
  • New Form ITR-A for filing of modified return by the successor entity
  • New Challan-cum-statement in Form 26QE for depositing tax deducted on VDA by a specified person
  • Rules amended to allow Infrastructure Debt Fund to issue ‘Zero Coupon Bonds’
  • Companies issuing zero coupon bonds to submit a certificate from Chartered Accountant in Form No. 5BA

The Present Publication is the 60^th Edition, and all available amendments notified up to Income Tax (Third Amendment) Rules, 2023, have been incorporated. This book is edited by Taxmann’s Editorial Board, with the following noteworthy features:

• [Coverage] of this book includes:
  • All Rules, Schemes, etc., which are either notified under the Income-tax Act 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 2023-24
• [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 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
• 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
• Centralised Processing of Returns Scheme, 2011, with the text of the Application of provisions of the Act relating to the processing of Returns
• e-Settlement Scheme, 2021
• e-Verification Scheme, 2021 with FAQs on 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
• Faceless Jurisdiction of Income-tax Authorities Scheme, 2022
• e-Assessment of Income Escaping Assessment Scheme, 2022
• Faceless Inquiry or Valuation Scheme, 2022
• e-Disputes 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 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
• Other Rules and Schemes
  • Income-tax (Certificate Proceedings) Rules, 1962
  • Income-tax Settlement Commission (Procedure) Rules, 1997
  • Tax Return Preparer Scheme, 2006
  • Bank Term Deposit Scheme, 2006
  • Sukanya Samriddhi Account Scheme, 2019
  • Senior Citizen’s Savings Scheme, 2019
  • Kisan Vikas Patra Scheme, 2019
  • Public Provident Fund Scheme, 2019
  • National Savings Certificates (VIII Issue) Scheme, 2019