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The Central Board of Direct Taxes on 1st October 2020 issued guidelines for the Income Tax (22nd Amendment) Rules, 2020. Read the official notification below: MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 1st October, 2020 INCOME-TAX G.S.R. 610(E).In exercise of the powers conferred by section 44AB, section 92E, clause (iv) of sub-section (2) of section 115BAA, sub-clause (iii) of clause (c) of sub-section (2) of section 115BAB
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FAQ :
The guidelines were issued by the Central Board of Direct Taxes on 1st October 2020.
The amended rules are called the Income-tax (22nd Amendment) Rules, 2020.
They come into force on the date of their publication in the Official Gazette.
The rules restrict the allowance for depreciation on certain blocks of assets to forty percent of the written-down value for specific entities that have opted for certain tax provisions.
Domestic companies, individuals, Hindu undivided families, and resident co-operative societies that have exercised specific options under sections like 115BA, 115BAA, 115BAB, 115BAC, or 115BAD are affected.
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