CBDT : Income-tax Twenty Sixth Amendment Rules, 2023

Last updated: 25 October 2023

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The Central Board of Direct Taxes has issued the Income-tax (Twenty Sixth Amendment) Rules, 2023. These rules introduce a new form, Form No. 56F, for accountants' reports when claiming deductions under sections 10A and 10AA. The amendments are deemed to have come into force from 29th July 2021.

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 19th October, 2023
INCOME-TAX

G.S.R. 786(E).—In exercise of the powers conferred by sub-section (5) of section 10A read with sub-section (8) of section 10AA and section 295 of the Income-tax Act, 1961 (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 (Twenty Sixth Amendment) Rules, 2023.

(2) They shall be deemed to have come into force from the 29th day of July, 2021.

2. In the Income-tax Rules, 1962 (hereinafter referred to as principal rules), after rule 16CC, the following rule shall be inserted, namely:––

"16D. Form of report for claiming deduction under section 10AA.—The report of an accountant which is required to be furnished by the assessee, under sub-section (8) of section 10AA read with sub-section (5) of section 10A shall be in Form No. 56F.".

3. In the principal rules, in rule 130,–
(a) in sub-rule (1), the figures and letter“16D”, shall be omitted;
(b) in sub-rule (2), the figures and letter“56F”, shall be omitted.

4. In the principal rules, in Appendix II, after Form No.56E [as it stood immediately before its omission by the Income-tax (21st Amendment) Rules, 2021], the following Form shall be inserted, namely:–

For full notification please refer to the attachment

FAQ :

These are new rules made by the Central Board of Direct Taxes to further amend the Income-tax Rules, 1962.

They are deemed to have come into force from the 29th day of July, 2021.

A new rule, 16D, has been inserted, specifying that the report of an accountant for claiming deductions under section 10AA (read with section 10A) must be in Form No. 56F.

Form No. 56F is the required format for an accountant's report when an assessee claims deductions under sub-section (8) of section 10AA read with sub-section (5) of section 10A.

Yes, in rule 130 of the principal rules, the figures and letter '16D' and '56F' have been omitted from sub-rules (1) and (2) respectively.