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Income-tax (Eighth Amendment) Rules, 2021

 Notice Date : 01 April 2021

(Department of Revenue)
New Delhi, the 1st April, 2021

G.S.R. 246(E).––In exercise of the powers conferred by section 44AB read with section 295 of the Incometax Act (43 of 1961), the Central Board of Direct Taxes, hereby, makes the following rules further to amend the Income-tax Rules, 1962, namely:-

1. Short title and commencement.–

(1) These rules may be called the Income-tax (eighth Amendment) Rules, 2021.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Income-tax Rules, 1962,-

(a) in rule 6G, after sub-rule (2), the following sub-rule shall be inserted, namely:- ―

(3) The report of audit furnished under this rule may be revised by the person by getting revised report of audit from an accountant , duly signed and verified by such accountant, and furnish it before the end of the relevant assessment year for which the report pertains, if there is payment by such person after furnishing of report under subrule (1) and (2) which necessitates recalculation of disallowance under section 40 or section 43B.‖ ;

(b) in Appendix II, in Form 3CD,-

(i) in PART –A for clause 8A, the following clause shall be substituted, namely: - ―

8A Whether the assessee has opted for taxation under section 115BA/115BAA/115BAB/ 115BAC/115BAD?.‖ ;

(ii) in PART-B, for clause 17,the following clause shall be substituted, namely:- ―

17. Where any land or building or both is transferred during the previous year for a consideration less than value adopted or assessed or assessable by any authority of a State Government referred to in section 43CAor 50C,please

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