Quick Summary
The Central Board of Direct Taxes (CBDT) issued Notification No. 91/2023 on October 19, 2023, introducing a new Rule 16D into the Income-tax Rules, 1962. This new rule requires that the report of an accountant, which is required to be submitted by the taxpayer under section 10AA(8) of the Income Tax
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FAQ :
The CBDT has introduced a new form, Form No. 56F, for taxpayers.
Taxpayers claiming a deduction under Section 10AA of the Income Tax Act need to use Form No. 56F.
Form No. 56F is used for filing the report of an accountant required for claiming deductions under Section 10AA(8) of the Income Tax Act.
The new rule requiring Form No. 56F is effective from April 1, 2023.
Industrial undertakings that have commenced production of goods or operation of ships during the previous year are eligible for deductions under Section 10AA.
Taxpayers claiming a deduction under Section 10AA are advised to file the report in Form No. 56F on or before the due date for filing their income tax returns.
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