Income Tax Rules by TAXMANN’S [61st Edition 2024]

Taxmann’s Income Tax Rules Edition July 2024 Taxmann’s Income Tax Rules Edition July 2024 Description 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: are as follows: Insertion of 9+ New Rules Changes in 30+ Existing Rules are as follows: Insertion of 6+ New Forms Changes in 35+ Existing 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 assesses 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 assesses claiming deductions under Section 35D Rule 21AGA and Form 10-IEA – For opting into the Old Tax Regime The Present Publication is the 61st 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: Detailed coverage of amendments made in the Income-tax Rules in 2023-2024 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 Explanation of relevant provisions and the filing process for each form Taxmann’s series of Bestseller Books for more than Five Decades 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 Equalization Levy Rules, 2016 Prohibition of benami Property Transaction Rules, 2016 Centralized Verification Scheme, 2019 Centralized 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 Centralized Processing of Equalization 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 | 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 ITR-4 | 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 | ITR-V | Verification Form & Acknowledgment ITR-A | Return Form – For successor entities to furnish a return of income under section 170A consequent to business.