Income-tax Twenty Second Amendment Rules, 2023

Last updated: 28 September 2023

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The Central Board of Direct Taxes has issued the Income-tax (Twenty Second Amendment) Rules, 2023. These rules, effective from their publication date, amend the Income-tax Rules, 1962. Specifically, they introduce new forms for reporting purposes under Section 142(2A) of the Income-tax Act. Rule 14A has been substituted to specify Form No. 6B for audit reports and Form No. 6D for inventory valuation reports.

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 27th September, 2023
INCOME-TAX

G.S.R. 697(E).-- In exercise of the powers conferred by sub-section (2A) of section 142 read with section 295 of the Income-tax Act, 1961 (hereinafter referred to as the Act), 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 Second Amendment) Rules, 2023.

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

2. In the Income-tax Rules, 1962 (hereinafter referred to as the principal rules), for rule 14A, the following rule shall be substituted namely:––

“14A. Forms for report of audit or inventory valuation under section 142(2A).–– (1) The report of audit of the accounts of an assessee which is required to be furnished under clause (i) of sub-section (2A) of section 142 shall be in Form No. 6B.

(2) The report of inventory valuation of an assessee which is required to be furnished under clause (ii) of sub-section (2A) of section 142 shall be in Form No. 6D.”.

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.

The rules come into force from the date of their publication in the Official Gazette.

They substitute Rule 14A of the Income-tax Rules, 1962, which deals with forms for reports of audit or inventory valuation under section 142(2A).

The report of audit of an assessee's accounts required under section 142(2A)(i) should be in Form No. 6B.

The report of inventory valuation of an assessee required under section 142(2A)(ii) shall be in Form No. 6D.

Notification No : 82/2023
Source : https://egazette.gov.in/WriteReadData/2023/249039.pdf

Attached File : 322600_11187_22nd_amendment_rules.pdf

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