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 Act, 1961, in conjunction with section 10A(5) of the Act, must now be filed using the newly introduced Form No. 56F.
This amendment is effective from April 1, 2023, for all taxpayers who are claiming a deduction under section 10AA of the Act.
Section 10AA of the Act provides for a deduction of income tax for industrial undertakings that have commenced production of goods or operation of ships during the previous year. The deduction is available for a period of 10 years from the date of commencement of production or operation.
Section 10A(5) of the Act requires that the taxpayer must submit a report of an accountant to the income tax authorities in order to claim the deduction under section 10AA. The report of the accountant must certify that the taxpayer has fulfilled all the conditions for claiming the deduction.
Form No. 56F is a new form that has been introduced by the CBDT for the purpose of filing the report of the accountant under section 10AA(8) of the Act. The form requires the taxpayer to provide certain information, such as the name and address of the accountant, the date of the report, and the details of the deduction claimed.
Taxpayers who are claiming a deduction under section 10AA of the Act are advised to file the report of the accountant in Form No. 56F on or before the due date for filing their income tax returns.
Click here to view the official copy of the notification
CAclubindia
