Income-tax Twenty-fifth Amendment Rules, 2023

Last updated: 17 October 2023

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The Central Board of Direct Taxes has issued the Income-tax Twenty-fifth Amendment Rules, 2023. These new rules, which come into effect on 1st January 2024, introduce amendments to rule 37BB of the Income-tax Rules, 1962. The changes include provisions for remittances made by Units of an International Financial Services Centre and updates regarding the Principal Director General of Income-tax (Systems).

MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 16th October, 2023 G.S.R. 740(E).In exercise of the powers conferred by sub-section (6) of section 195 read with 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 Amendment (Twenty-fi

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FAQ :

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

The Income-tax Twenty-fifth Amendment Rules, 2023, will come into force with effect from the 1st day of January, 2024.

Rule 37BB of the Income-tax Rules, 1962, is being amended.

A new clause (ia) is inserted into sub-rule (3) to include remittances made by a Unit of an International Financial Services Centre.

Yes, in sub-rule (4), the words 'or the Director General of Income-tax (Systems)' are being inserted after 'Principal Director General of Income-tax (Systems)'.

Notification No : 89/2023
Source : https://egazette.gov.in/WriteReadData/2023/249470.pdf

Attached File : 322600_11198_notification.pdf

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Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.

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