Income-tax (Eighth Amendment) Rules, 2021

Last updated: 06 April 2021

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The Income-tax (Eighth Amendment) Rules, 2021 have been introduced to amend the existing Income-tax Rules, 1962. These amendments allow for the revision of audit reports under specific circumstances, particularly when payments made after the initial report necessitate recalculations for disallowances. Additionally, updates have been made to Form 3CD, including a new clause regarding the option for taxation under specific sections and a revised clause concerning the transfer of land or buildings for a consideration less than the value assessed by state authorities.

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 1st April, 2021 (INCOME-TAX) 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, h

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FAQ :

The main purpose is to further amend the Income-tax Rules, 1962, introducing changes related to the revision of audit reports and updates to Form 3CD.

An audit report can be revised if, after its initial submission, a payment is made that necessitates recalculating disallowances under section 40 or section 43B. The revised report must be furnished before the end of the relevant assessment year.

Form 3CD has been updated with a new clause 8A to ask whether the assessee has opted for taxation under sections 115BA, 115BAA, 115BAB, 115BAC, or 115BAD. Clause 17 has also been revised to address situations where land or buildings are transferred for a consideration less than the value assessed by state authorities.

These rules come into effect on the date of their publication in the Official Gazette.