CBDT amends Rule 17CB to replace 'trust or institution' with 'specified person'



Quick Summary
The Central Board of Direct Taxes (CBDT) has introduced amendments to the Income Tax Rules, 1962. Specifically, Rule 17CB has been updated to replace the terms 'trust or institution' with 'specified person'. This change aims to clarify terminology within the tax regulations.

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 22nd August, 2022
INCOME-TAX

G.S.R. 647(E). - In exercise of the powers conferred by sub-section (2) of section 115TD read with section 295, of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-

CBDT Amends Rule 17CB:  Trust or Institution  Replaced

1. Short title and commencement.-

(1) These rules may be called the Income-tax (Twenty Eighth Amendment) Rules, 2022.
(2) They shall come into force from the date of its publication in the Official Gazette.

2. In the Income-tax Rules, 1962, in rule 17CB,—

(i) for the words "trust or institution" wherever they occur, the words "specified person" shall be substituted;

(ii) in Explanation, after clause (h), the following clause shall be inserted, namely:-

'(ha) "specified person" shall have the same meaning as assigned to it in clause (iia) of the Explanation to section 115TD;'.

[Notification No. 101/2022/F.No. 370142/37/2022-TPL]
NEHA SAHAY, Under Secy.

Note: The principal rules were published in the Gazette of India, Extraordinary, Part-II, Section-3, Subsection (ii) vide number S.O. 969 (E) dated the 26th March, 1962 and last amended vide notification number G.S.R 636(E) dated 18th August, 2022.
 

FAQ :

The terms 'trust or institution' have been replaced with 'specified person' in Rule 17CB of the Income Tax Rules, 1962.

The amendment was made by the Central Board of Direct Taxes (CBDT).

These rules came into force from the date of their publication in the Official Gazette.

'Specified person' shall have the same meaning as assigned to it in clause (iia) of the Explanation to section 115TD.

These rules may be called the Income-tax (Twenty Eighth Amendment) Rules, 2022.




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