Forum
Read and express views
× Latest Press Notes

These are the latest press releases.

PRESS RELEASE, DATED: 21-05-2019

  • amit
  • amit's Avatar Topic Author
  • Offline
  • Administrator
  • Administrator
More
2 months 3 weeks ago - 2 months 3 weeks ago #9541 by amit
PRESS RELEASE, DATED: 21-05-2019 was created by amit
PRESS RELEASE, DATED: 21-05-2019

May 21, 2019

CBDT issues draft notification for amendment of Form No 10B of the Incometax Rules, 1962

Section 12A of the Income-tax Act, 1961 (the Act) provides for conditions for applicability of sections 11 and 12 of the Act. One such condition under clause (b) of sub-section (1) thereof is that where the total income of the trust or institution computed without giving effect to section 11 and 12 exceeds the maximum amount not chargeable to income-tax in any previous year, its accounts for that year have been audited by an accountant as defined in the Explanation below sub-section (2) of section 288.

It further provides that the person in receipt of the said income, furnishes alongwith the return of income for the relevant assessment year, the report of such audit in the prescribed form duly signed and verified by such accountant and setting forth such particulars as may be prescribed

Accordingly, vide Income-tax (2nd Amendment) Rules, 1973 wef April 1, 1973 Rule 17B and Form 10B were inserted in the Income-tax Rules, 1962 (the Rules) for this purpose. Rule 17B of the Rules provide that said report of audit of the accounts of a trust or institution shall be in Form No. 10B. The Form No 10B besides providing the Audit Report, also provides for filing of “Statement of particulars” as Annexure. As the rule and form were notified long ago, there is a need to rationalise them to align with the requirements of the present times.

In view of the above, the rule and form are proposed to be amended by way of substituting,-

(a) Rule 17B with a new Rule 17B; and

(b) Form No 10B with a new Form No 10B.

The draft notification proposing the above amendments has been formulated and uploaded on www.incometaxindia.gov.in for inputs from stakeholders and general public. The inputs on the draft rules may be sent electronically at the email address, This email address is being protected from spambots. You need JavaScript enabled to view it., latest by June 5, 2019.
(Surabhi Ahluwalia)
Commissioner of Income Tax
(Media & Technical Policy)
Official Spokesperson, CBDT.



Last edit: 2 months 3 weeks ago by amit.

Please Log in or Create an account to join the conversation.

Time to create page: 0.086 seconds

If You Appreciate What We Do Here On TaxPundit, You Should Consider:

We are thankful for your never ending support.

Latest Analysis - High Courts

PCIT vs KESORAM INDUSTRIES LTD.

PCIT vs KESORAM INDUSTRIES LTD.

PCIT vs KESORAM INDUSTRIES LTD. Read More
CHETAN SABHARWAL vs. ACIT

CHETAN SABHARWAL vs. ACIT

CHETAN SABHARWAL vs. ACIT Read More
CIT vs. RAJIV GUPTA

CIT vs. RAJIV GUPTA

CIT vs. RAJIV GUPTA Read More
DABUR INVEST CORP vs. ACIT

DABUR INVEST CORP vs. ACIT

DABUR INVEST CORP vs. ACIT Read More
  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39

Forum Features

Latest Case Laws
Latest Case Laws are instantly updated in the Forum into their respective section
Latest from CBDT
Latest Circulars, Notifications, Orders etc. from CBDT is updated in the Forum
Ask Experts
You can ask questions to the community
Support
Support queries are either replied via mail or in the Forum so that others can be benefited
Press Releases
Latest Press Notes and Press Releases are updated in the Forum
Connect with Members
You can connect with our community members by replying to their queries

Recommended Articles

 

SITE INFORMATION

All content herein is the copyright of Taxpundit. No images, text, or any other content may be, reproduced or redistributed without the express written consent of Taxpundit.

All Rights Reserved. All Content Copyright.

Newsletter

Subscribe to our newsletter and stay updated on the latest developments and special offers!

Company Master Data Since 1900. More than 1.75 Million Records. Register/Login to get FREE access. Read more
Toggle Bar