Taxmann Income Tax Rules By Taxmann’s Editorial Board Edition July 2024

This book provides the amended, updated, and annotated text of the Income-tax Rules, 1962, along with 25+ allied rules, schemes, and return forms for the Assessment Year 2024-25.

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

• [Insertion/Changes in Rules] are as follows:
  • Insertion of 9+ New Rules
  • Changes in 30+ Existing Rules
• [Insertion/Changes in Forms] are as follows:
  • Insertion of 6+ New Forms
  • Changes in 35+ Existing Forms
• [New Rules & Forms] are as follows:
  • New Rule for Net Winnings from Online Games – Specifies how to compute ‘Net Winnings’ under Sections 115BBJ & 194BA
  • Form No. 56F – To be submitted by assessees claiming deductions under Section 10AA
  • Form 15CD – Introduced for IFSC to provide a quarterly statement of all remittances to non-residents or foreign companies
  • Form 71 – Allows TDS credit for income disclosed in previously filed ITRs
  • Rules 13 & 13A – Implement Finance Act 2023 amendments related to search and seizure
  • Rule 11UACA – Computes taxable income from sums received under life insurance policies
  • Form 3AF – For assessees claiming deductions under Section 35D
  • Rule 21AGA and Form 10-IEA – For opting into the Old Tax Regime

The Present Publication is the 61^st Edition | 2024, and all available amendments notified up to Income Tax (Sixth Amendment) Rules, 2024, have been incorporated. This book is edited/authored by Taxmann’s Editorial Board, with the following noteworthy features:

• [Comprehensive Guide to Amendments] Detailed coverage of amendments made in the Income-tax Rules in 2023-2024
• [Coverage] of this book includes:
• All Rules, Schemes, etc., which are either notified under the Income-tax Act, 1961 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 2024-25
• Landmark Judgements & CBDT Circulars
• [Action Points for Forms] Explanation of relevant provisions and the filing process for each form
• [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
• e-Appeals Scheme along with Order under sub-section (6) of section246 of the Income-tax Act, 1961 for specifying the scope of e-Appeals Scheme under the Act
• 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
• Equalisation Levy Rules, 2016
• Prohibition of Benami Property Transaction Rules, 2016
• Centralised 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, Time-limit for verification of return of income after uploading and Reduction of time-limit for verification of Income-tax Return (ITR) form within 120 days to 30 days of transmitting the data of ITR electronically
• e-Settlement Scheme, 2021
• e-Verification Scheme, 2021 with FAQs on e-Verification Scheme, 2021 and Promoting voluntary compliance through e-Verification Scheme, 2021
• e-Advance Rulings Scheme, 2022
• Faceless Jurisdiction of Income-tax Authorities Scheme, 2022
• e-Assessment of Income Escaping Assessment Scheme
• Faceless Inquiry or Valuation Scheme, 2022
• e-Dispute 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 a 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
  • ITR-A | Return Form – For successor entities to furnish a return of income under section 170A consequent to business reorganisation
  • ITR-U | Return Form – For persons to update income within twenty-four months from the end of the relevant assessment year
• Other Rules and Schemes
  • Income-tax (Certificate Proceedings) Rules, 1962
  • Bank Term Deposit Scheme, 2006
  • Senior Citizens’ Savings Scheme, 2019
  • National Savings Certificates (VIII Issue) Scheme, 2019
  • Income-tax (Appellate Tribunal) Rules, 1963

About the author

Taxmann

Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of Editor In-Chief Mr. Rakesh Bhargava.
The Research and Editorial Team is responsible to develop the reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in our publications and research platform. The team ensures that the following publication guidelines are thoroughly followed while developing the content:

• The statutory material is obtained only from the authorized and reliable sources
• Keep the readers abreast with the latest developments in the judicial and legislative fields
• Prepare the analytical write-ups on recent, controversial and contagious issues to help the readers to understand the event and its implications
• Every content being published by Taxmann should be complete, accurate and lucid
• All evidence-based statements must be supported with proper reference of Section, Circular No., Notification No. or citations
• The golden rules of grammar, style and consistency are thoroughly followed
• Choose a font and size that’s easy to read, and remain consistent across all imprint and digital publications