Income Tax Rules

This book covers the Amended, Updated & Annotated text of the Income-tax Rules and 35+ Allied Rules, Schemes, etc.

The recent changes in the Income-tax Rules, 1962 are as follows:

[Insertion/Changes in Rules] are as follows:
Insertion of 15+ New Rules
Changes in 25+ Existing Rules
[Insertion/Changes in Forms] are as follows:
Insertion of 10+ New Forms
Changes in 20+ Existing Forms
[New Rules & Forms] are as follows:
New Rule providing return filing mandatory where turnover, TDS/TCS or deposit in a savings bank account exceeds a certain limit
New Rule for maintenance of books & other documents by trust or institution
New Rule providing tax relief on income arising from foreign retirement funds
New Rule for computation of minimum investment & exempt income of a specified person under section 10(23FE)
New Rule prescribing ‘other conditions’ to be fulfilled by a specified fund referred to in Section 10(4D)
New Form ITR-U for filing of updated return
New Form for making application for recomputation of income
New Form ITR-A for filing of modified return by the successor entity
New Challan-cum-statement in Form 26QE for depositing tax deducted on VDA by a specified person
Rules amended to allow Infrastructure Debt Fund to issue ‘Zero Coupon Bonds’
Companies issuing zero coupon bonds to submit a certificate from Chartered Accountant in Form No. 5BA
The Present Publication is the 60th Edition, and all available amendments notified up to Income Tax (Third Amendment) Rules, 2023, have been incorporated. This book is edited by Taxmann’s Editorial Board, with the following noteworthy features:

[Coverage] of this book includes:
All Rules, Schemes, etc., which are either notified under the Income-tax Act or referred to in different provisions of the Income-tax Act, are covered, i.e.,
Income-tax Rules
ICDS
Faceless Assessment, Appeal & Penalty Scheme with Directions
STT, CTT & EL, etc.
Income-tax Return Forms for Assessment Year 2023-24
[Action Points for Forms] All Forms carry Action Points that explain the Relevant Provisions and Process of Filing
[Quick Identification for Redundant & e-Forms] [Bestseller Series] Taxmann’s series of Bestseller Books for more than Five Decades
[Zero Error] Follows the Six Sigma Approach to achieve the benchmark of ‘Zero Error’
The detailed contents of the book are as follows:

Income-tax Rules, 1962 amended up to date with the list & text of provisions of Allied Law referred to in Income-tax Rules
Income Computation and Disclosure Standards
Income-tax (Appellate Tribunal) Rules, 1963, along with the text of the Standing Order under Income-tax (Appellate Tribunal) Rules 1963, other Notifications & Instructions, and text of the Income-tax Appellate Tribunal Members (Recruitment and Conditions of Service) Rules 1963
Faceless Assessment Scheme, 2019 with Directions
Faceless Appeal Scheme, 2021
Faceless Penalty Scheme, 2021 with Directions
Commodities Transaction Tax Rules, 2013
Securities Transaction Tax Rules, 2004, as amended up to date
Equalisation Levy Rules, 2016
Prohibition of Benami Property Transaction Rules, 2016
Income-tax (Dispute Resolution Panel) Rules, 2009
Authority for Advance Rulings (Procedure) Rules, 1996
Centralized Verification Scheme, 2019
Centralised Processing of Returns Scheme, 2011, with the text of the Application of provisions of the Act relating to the processing of Returns
e-Settlement Scheme, 2021
e-Verification Scheme, 2021 with FAQs on e-Verification Scheme, 2021
e-Advance Rulings Scheme, 2022
Capital Gains Accounts Scheme, 1988
Reverse Mortgage Scheme, 2008
Reduction of Wavier of Interest under Section 234A/234B/234C with CBDT’s Instructions for waiver or reduction of interest
Delay in Filing Refund Claim with condonation of delay in filing refund claim and claim of carry forward of losses under section 119(2)(b) of the Income-tax Act
Relaxation of Validation (Section 119 of the Finance Act 2012) Rules, 2021
Faceless Jurisdiction of Income-tax Authorities Scheme, 2022
e-Assessment of Income Escaping Assessment Scheme, 2022
Faceless Inquiry or Valuation Scheme, 2022
e-Disputes Resolution Scheme, 2022
Centralised Processing of Equalisation Levy Statement Scheme, 2023
Return Forms
ITR-1 | SAHAJ – Individual Income Tax Return
ITR-2 | Return of Income – For Individuals and HUFs not having income from profits and gains of business or profession
ITR-2A | [Omitted by the IT (Fourth Amdt.) Rules, 2017, w.e.f. 1-4-2017] ITR-3 | Return of Income – For Individuals and HUFs having income from profits and gains of business or profession
ITR-4 | SUGAM – Form Individuals, HUFs and Firms (other than LLP) being a resident having total income up to Rs. 50 lakh and having income from business and profession, which is computed under section 44AD, 44ADA or 44AE [Not for an individual who is either Director in a company or has invested in unlisted equity shares or if income-tax is deferred on ESOP or has agricultural income more than Rs. 5000] ITR-4 | [Omitted by the IT (Fourth Amdt.) Rules, 2017, w.e.f. 1-4-2017] ITR-5 | Return of Income – For persons other than — (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7
ITR-6 | Return of Income – For Companies other than companies claiming exemption under section 11
ITR-7 | Return of Income – For persons including companies required to furnish returns under sections 139(4A) or 139(4B) or 139(4C), or 139(4D) only
ITR-8 | [Omitted by the IT (Twenty-First Amdt.) Rules, 2021, w.e.f. 29-7-2021] ITR-V | Verification Form & Acknowledgment
Other Rules and Schemes
Income-tax (Certificate Proceedings) Rules, 1962
Income-tax Settlement Commission (Procedure) Rules, 1997
Tax Return Preparer Scheme, 2006
Bank Term Deposit Scheme, 2006
Sukanya Samriddhi Account Scheme, 2019
Senior Citizen’s Savings Scheme, 2019
Kisan Vikas Patra Scheme, 2019
Public Provident Fund Scheme, 2019
National Savings Certificates (VIII Issue) Scheme, 2019