Quick Summary
The Central Board of Direct Taxes has notified the Income-tax (35th Amendment) Rules, 2021 to make amendments to the Income-tax Rules,1962. Under the amended rules, after Rule 16D, a New Rule 16DD shall be inserted for Form of Particulars to be Furnished along with Return of Income for Claiming D
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FAQ :
The CBDT has inserted New Rule 16DD into the Income-tax Rules, 1962, which outlines the form of particulars to be furnished along with the return of income.
The purpose of New Rule 16DD is to specify the details required for claiming deductions under clause (b) of sub-section (1B) of section 10A of the Income-tax Act.
The new rule requires taxpayers to report details of the Special Economic Zone Reinvestment Allowance Reserve Account, including amounts debited, credited, and withdrawn, as well as details of new plant and machinery purchased from these funds.
This new rule is relevant to claiming deductions under section 10A, specifically clause (b) of sub-section (1B) of the Income-tax Act, 1961.
Information required includes the amounts credited to the reserve account from eligible profits, amounts withdrawn for eligible purposes, and the net amount outstanding in the account.
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