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The  Income Tax  (12th Amendment)  Rules, 2021.

MINISTRY OF FINANCE

(Department of Revenue)

(CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION No. 40/2021

New Delhi, the 30th April, 2021

G.S.R.301(E).—In  exercise  of  the  powers  conferred  by  sub-section  (1)  of  section  245M  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 Income-tax Rules, 1962, namely:-

1.Short  title  and  commencement.-(1)  These  rules  may  be  called  the  Income-tax  (12th Amendment)  Rules, 2021.

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

2.In  the  Income-tax  Rules,  1962  (hereinafter  referred  to  as  the  principal  rules),  after  rule  44D,  the  following rule shall be inserted, namely:—

“44DA. Exercise of option under sub-section  (1)  of  section  245M  and  intimation  thereof.-(1)  The  exercise  of option by an assessee to withdraw his pending application under sub-section (1) of section 245M shall be in Form No. 34BB.

(2) Form No. 34BB shall be verified by the person who is authorised to verify the return of income of the assessee under section 140.

(3)Form  No.  34BB  shall  be  furnished  electronically  in  accordance  with  the  procedures,  formats  and  standards specified  by  the Principal Director-General  of  Income-tax  (Systems)  or  Director-General  of  Income-tax  (Systems), as the case may be, and thereafter signed printout of the said form shall be uploaded in the manner specified by the Principal Director-General  of  Income-tax  (Systems)  or  Director-General  of  Income-tax  (Systems),  as  the  case  may be, under sub-rule (4).

(4)  The Principal Director-General  of  Income-tax  (Systems)  or  Director-General  of  Income-tax  (Systems),  as  the case may be, shall specify the procedures, formats and standards for the purposes of furnishing and verification and manner of uploading of Form No. 34BB.”.

3.In the principal rules, in Appendix-II, after Form No. 34BA, the following Form shall be inserted, namely:—

“FORM No. 34BB

[See rule 44DA]

Exercise of option to withdraw pending application under sub-section (1) of section 245M of the Income-tax Act, 1961.

To,

The Assessing Officer,

 ............................. ...............

 Sir/Madam,

I,   ..................................................................,   having   Permanent   Account   Number   (PAN) ................................................ / Aadhaar Number ......................  do hereby intimate the exercise of option to withdraw my application for settlement made under section 245C of the Income-tax Act, 1961 (hereinafter referred to as the Act) on .......................... vide number ..........................  at ................................. Bench.

2.I do hereby affirm that  the aforesaid application  was  not declared invalid under sub-section (2C) of section 245D  of  the  Act  and  no  order  under  sub-section  (4)  of  section  245D  of  the  Act  was  issued  on  or  before  the31stJanuary, 2021 with respect to such application.

I, ........................... (full name in block letters), son/daughter of ................. (name of father) solemnly declare that to the best of my knowledge and belief, the information given above is correct. I further declare that I am furnishing this intimation in my capacity as ..................... and I am also competent under section 140 of the Act to verify it.

Place: ..

Date:….

Yours faithfully,

Signature ...................................

Name.......................................

Designation...............................

 Address..................................    . ”

[Notification No. 40/2021] [F.No. 370142/8/2021-TPL]

RAJESH KUMAR BHOOT, Jt. Secy. (Tax Policy and Legislation)

Note:-The  principal  rules  were  published  vide  notification  S.O.  969  (E),  dated  the  26th March,  1962  and  last amended vide notification G.S.R. 291(E), dated the 26th April, 2021.