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The Central Board of Direct Taxes amends the Income-tax Rules, 1962 to apply safe harbour provisions for the assessment year 2020-21. The rules apply from the first day of April, 2020. The amendments state that sub-rules (1) and (2A) of rule 10TD apply for the assessment year 2020-21. The amendments also exclude the safe harbour option exercised under sub-rule (3B) of rule 10TD from specific time restrictions in rule 10TE. Form No 3CEFA in Appendix II undergoes a correction in its heading to reference rule 10TE instead of rule 10.
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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 20th May, 2020 INCOME-TAX G.S.R. 304(E).— In exercise of the powers conferred by section 295 read with sub-section (2) of section 92CB 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:___
[भाग II—खण् ड 3(i)] भारत का रािपत्र : असाधारण 3 Explanatory Memorandum: It is hereby certified that no person is being adversely affected by giving retrospective effect to these rules. 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 were last amended vide notification number GSR No. 282(E), dated the 06th May, 2020.
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