Income Tax Rules2024

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