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The Central Board of Direct Taxes amends the Income-tax Rules, 1962, to exempt specific government entities from certain reporting rules under rule 114BB. The exemption applies when the Central Government, the State Government or the Consular Office deposits money, withdraws money, or opens a current account or a cash credit account. These rules are deemed to come into force from the 9th day of July, 2022.
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MINISTRY OF FINANCE (department of revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, 1st September, 2022 INCOME-TAX
G.S.R. 677(E).—In exercise of the powers conferred by section 139A read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules,1962, namely:––
"Provided that the provisions of this sub-rule shall not apply in a case where the person, depositing the money as per Sl. No. 1 of column (2) or withdrawing money as per Sl. No. 2 of column (2) or opening a current account or cash credit account as per Sl. No. 3 of column (2) of the Table above, is the Central Government, the State Government or the Consular Office.".
[Notification No. 105/2022/F. No. 370142/38/2022-TPL-Part-I] SHEFALI SINGH, Under Secy.
Explanatory Memorandum : It is hereby certified that by giving retrospective effect to the present notification, no person will be adversely affected in this regard.
Note : The principal rules were published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii) vide number S.O. 969 (E), dated the 26th March, 1962 and last amended vide notification number G.S.R. 647 (E) dated 26th August, 2022.
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